Revenue Cycle challenges (and solutions) from HFMA meeting – Part 2

Guest blog contribution by Jonathan King, 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

Why isn’t Healthcare rethinking how they manage their Revenue Cycle?

A few weeks ago, I had the pleasure of attending a local HFMA conference with topics ranging from Retail Healthcare, ACO & Reimbursement, and Revenue Cycle. There were many key takeaways, but one that particularly stood out was a quote by a CFO at a large Healthcare System, “Access to data is key, but comes in, usually not user friendly and needs to be scrubbed and converted into a readable form. Finance always needs to be able to link the patient to the provider”.

I never understood why linking patient and provider data was so critical until I found out the importance of HIPAA Compliance and the role it played. Poor data quality can not only affect hospital revenue and the number of denied claims, but a HIPAA violation can also cost up to $50,000 to $250,000 in fines. So why do healthcare organizations still ignore the importance of having timely access to clean, reliable, and structured data?

Successfully managing a revenue cycle means quality data entry, superb communication, streamlined workflow, and most importantly, proficiency. This can occur when operations and finance work together to incorporate and share BI solutions, so there’s always access to actionable data for reporting. BI solutions such as Automated & Self-Service Data Preparation tools have been coined by Gartner as the next market disruption. However, after speaking to more and more CFOs, Rev Cycle Directors, and Controllers in healthcare, maybe the industry as a whole is where this disruption starts.

Altair for Revenue Cycle Management

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