One-quarter of over 150 senior executives in hospitals and health systems stated that their organization has no target for decreasing costs. Single hospitals were most likely to have no healthcare cost reduction goal, with over 40 percent stating that this was the case. According to the report, 25 percent of executives said they have no cost reduction goals for the next five years, while an additional 26 percent have a goal to reduce costs by 1 percent to 5 percent – a range that is far below what is required to transform cost structures, and is unlikely even to keep pace with inflation.
This, despite the fact, that a recent Black Book Market Research survey showed that revenue cycle management upgrades have jumped to a top hospital priority in the last quarter of 2017. Hospitals leaders are pushing revenue cycle management to the top of their priority lists. Almost three-quarters of struggling hospitals are prioritizing revenue cycle management over a number of other initiatives.
There are so many ways that healthcare providers can immediately implement cost saving solutions, such as advanced medical coding services that guarantee accuracy levels and turnaround time, which are easy to implement for practice managers, revenue cycle and HIM executives, physicians, hospitals, and other providers. These solutions can quickly reduce coding backlogs and significantly improve a healthcare organization’s revenue stream.
Aviacode has over 500 certified medical coders who are versed with our proprietary coding platform, ProCoder®, which was built from the ground up. We utilize this software application to provide our coders with tools to improve their productivity and enhance their workflow. Alternatively, we can VPN into your EMR system. Faster coding means faster reimbursements.
Denied claims are lost money, especially when claims never get resubmitted. Sifting through the thousands of denial reasons to identify and correct errors is time consuming and costly. Administrative staffs are often ill-equipped or lack the time to tackle this monumental task. Aviacode’s coding denial management services provide a cost-effective solution for revenue recovery and ensure that appropriate payment is received for services provided. The cost reductions from outsourcing coding denials can contribute with positive revenue on approved claims.
These are just a few of the services that are immediately available to help any healthcare organization implement a cost transformation program that will significantly improve its revenue cycle.
