MEDBTS ensures the full interaction with a patient from initial inquiry through final payment is effectively managed.
One of the greatest challenges providers encounter relates to evolving clinical solutions. Providers’ practices are evolving at a very rapid rate and in working to keep up with the growth and evolution of the practice operations, the finance and revenue cycle management (RCM) often lags behind. As a result, staffing issues may arise, accounts receivable do not keep pace with the rate of generated billing and eventually, errors in billing and coding processes often increase.
Consider these types of questions:
- Have you experienced or are you experiencing staffing issues?
- Is your billing process as efficient and effective as it could or should be?
- Is your workload growing but at a more rapid pace than your ability to collect on accounts receivable?
- How easy is it for your practice to obtain contracts?
- Do you believe your contracted insurance rates could or should be higher?
MedBTS employs effective revenue cycle management processes ensuring there is transparency for each patient engagement, from the initial scheduling inquiry through the final receipt and or collection of final payment.
At the very core of MedBTS revenue cycle management lies a complex business interaction with patients that entails a multitude of touchpoints. Mismanagement of any one of these steps in the RCM process can lower patient and clinical satisfaction scores and damage the reputation of a practice and practitioner through avoidable denials and unnecessary collection efforts targeting the patients.
The newest addition to MedBTS RCM operations has been the employment state-of-the-art technology in its revenue cycle management PPT integration. Keep in mind that the solution for increasing revenue and minimizing the associated expense of doing so does not lie solely in the human resource that we employ. Our success with RCM has stemmed from a very delicate integration of our people, our processes and our technology.
Thanks to the recent MedBTS deployment of artificial intelligence-driven (AI) automation, it is now feasible to foresee rejections and automatically classify claims based on clinical notes provided by physicians. It is important to be able to predict, and avoid, rejections. Where excessive and unnecessary data entry exists for each new patient added to the system, the likelihood of data mistakes and omissions in practitioner offices grows. It is impossible to overestimate the value of automation and predictive denial avoidance.
Some of the benefits we have realized by introducing AI into our people, process and technology integration:
- Build and maintain a core revenue cycle management team
- Control labor expenses
- Increase the effectiveness of talent reallocation
- Strengthen the consistency of income
- Level RCM resource in a way that has never been accomplished before
The level of efficiency and effectiveness each benefit can yield is much higher with MedBTS as an outsourced RCM vendor than it would be if handled by the provider.