Revenue Cycle challenges (and solutions) from HFMA meeting – Part 1

Guest blog contribution by Christopher Seymore, Healthcare Solutions

Altair Monarch is has become a standard for desktop ETL and self-service data preparation for Healthcare Revenue Cycle Management. With Monarch, healthcare organizations and hospitals can:

  • Improve Revenue Cycle Operations
  • Unlock 835 Remittance Files for Increased Revenue
  • Enable Healthcare Analytics
  • Improve Claim Denial Management
  • Streamline Electronic Medical Record (EMR) Migration
  • Convert Static EMR Outputs into Dynamic Workspaces

Is Data Preparation Software the Answer to your RCM woes?

After attending an HFMA conference recently it became clear that many of the common problems faced by Healthcare Financial Management professionals can be addressed, and in many cases completely solved by implementing data preparation software that is versatile enough to be easily adapted to the various tasks that must be performed on a daily basis.  Tasks ranging from 835/837 remittance file reconciliation, to scrubbing patient and provider data can be streamlined and automated, significantly improving the efficiency of your revenue cycle.  As an RCM professional, the KPI dashboard helps you focus on areas that require immediate/additional attention (which you know the RCM committee is paying close attention to).  Many RCM teams spend endless, tedious hours in excel hell which reduces the amount of time that they could spend on more important things (like managing the KPIs that are in the red).

According to ACO Reimbursement Directors, a major challenge is timely, actionable data and reporting, which must also incorporate EHR data.  In order to strike the necessary balance, where total medical expense equals reimbursement, Healthcare Financial Management professionals must be equipped with the proper tools that enhance their ability to seamlessly access the required data, scrub it, combine it and transform it into actionable information that reduces AR days outstanding, and translates to more reimbursement dollars, faster.

Altair for Revenue Cycle Management

To learn more about how Altair can accelerate and streamline your revenue cycle processes, visit our RCM Solution Center.