Never before has efficiency and management of the revenue cycle and clinical processes been more vital to patient care and the patient experience. For organizational health, revenue cycle and financial processes must co-exist with patient-centric processes and systems without jeopardizing the first priority: safe, high-quality patient care.
Core competencies for revenue cycle typically and necessarily focus on activities such as eligibility verification, coding, billing and collections. The end game is to get paid for services rendered, accurately and in a timely fashion. In a healthcare organization, many processes directly impact the speed and efficiency of the revenue cycle. For example:
- Erroneous or incomplete data collected at points of care can impact coding and billing accuracy
- Delays in payment, denials and/or underpaid claims are often driven from incomplete information
- Multiple banking relationships complicate the management and reporting of revenues in and payments out
These are just a few examples of potential “gaps” in the classic revenue cycle through which time and profitability can be lost without notice. In contrast, accurate data stemming from a fully-integrated discrete data capture solution would enable claims to be paid and reconciled more effectively and efficiently
Bottomline has a unique, rich history that melds a clear understanding of healthcare business challenges with an equally deep breadth of knowledge in enterprise payments, cash management and the evolution to a paper-less, data-driven workplace. With Bottomline’s solutions, a healthcare organization can close these often invisible gaps, tighten the revenue cycle, and effectively accelerate time to cash.
Bottomline customers have been able to achieve stronger overall organizational health through:
- Increased visibility into cash positions across multiple systems and banking relationships
- Optimized working capital
- Accelerated billing and claims process
- Reduced financial and compliance risks