Perfecting the RCM process utilizing automation, insights and analytics in an outsourced solution
Long has the complexity of Revenue Cycle Management (RCM) created friction upon working capital and the ability to control, maintain, and generate predictable cash flow. VWi has the benefit of enabling technologies, insights and analytics, and the experts to drive toward a frictionless process and containment of revenue leakage in the payer and patient pay streams of RCM. The approach toward transformation is taken with several pillars to the CFO enabled. As an outsource partner, these pillars become the vision, mission, and targeted outcomes.
Improved Revenue Cycle Management:
Denial management solutions help identify and address issues in the billing process, reducing the number of claim denials. This, in turn, improves the overall revenue cycle, reduces DSO, and puts working capital back to work. VWi’s focus in this area as well as our end-to-end solution of RCM is the velocity of cash
Increased Efficiency through Data Analytics and Visualized Insights:
Automation and streamlined workflows can enhance the efficiency of the denial management process, reducing the time and resources required to resolve denials. This identification and trending validation is based upon using advanced data insights to target areas of revenue leakage, root causes, and targeted areas for innovation + transformation
Reduced Manual Errors:
VWi's leading approach, Experts and Automation can minimize manual errors in the billing and claims process, leading to more accurate claims and a lower likelihood of denials. Our capabilities in this area are designed by practitioners and our consultancy group who deliver the right technology and automated by client engagement.
Compliance with Regulations:
All RCM management solutions incorporate features to help organizations stay compliant with industry regulations and standards, reducing risk. This also pertains to reputation. By way of our end-to-end RCM solutions patient financial services are driven by support of understanding. No time limit, no complexity, and onshore experts help your patients.
Data Analytics and Reporting:
Advanced denial management solutions provide analytics and insights opening trend analysis, patterns, and root causes of denials. This data is used to make data-driven decisions for process improvement and upstream course corrections. These custom tool sets are proprietary to VWi and created for each client engagement using custom requirements to visualize the health of the financial, quality audit, patient experience, and overall success.
Proactive Denial Prevention:
Some solutions include predictive analytics to identify potential issues before they result in denials, allowing organizations to take proactive measures to prevent them.
Enhanced Communication and Collaboration:
Collaboration tools within denial management solutions can facilitate communication between different departments involved in the revenue cycle, fostering a more cohesive and coordinated approach to denial resolution. VWi provides these tool sets which are also enabled for escalation, resolution tracking, and planning within our data and analytics platform for client visibility to transformation.
Scalability:
This is an incredible value to an outsourced relationship, Solutions designed to scale with the growth of an organization. Recruiting, HR, and Management can adapt to changing volumes of claims and evolving business needs without impacting your organization.
Patient Experience:
By resolving denials more efficiently and effectively, organizations enhance their relationships with patients and payers, contributing to overall customer experience improvements without an elongated adjudication process which only creates a buildup of balances and untimely budget issues for the patient. Take a financial education approach to support patient contact and resolution of balances. This will pay dividends for the relationship between provider and patient and the value of care we all strive toward.
Each organization has a different specific set of requirements but the commonality in payor behaviors, standardization of process, deployment of cost-containing technology, and experts to remove risk are the foundation on which the success of financial outcomes needs to reside. The benefits of outsourcing provide this broader experience and the investment already made in enabling technologies. The question is, which partner provides the greatest value and protection to your organization? It should be a partner leading with an insights and analytics-driven approach.
Kim Hardin – Senior Director of RCM Solutions
VWi, Inc. Revenue Cycle Management Business Unit
About:
Kim Hardin is a distinguished industry leader in healthcare with over 30 years of expertise in process optimization. At VWi Kim brings a wealth of experience, knowledge, and strategic vision to our client’s organizations. With a remarkable career in healthcare consulting, leadership, and executive roles, Kim has consistently demonstrated a vast and intuitive understanding of revenue cycle management process improvement. Kim’s unmatched insights and transformative approach drives VWi’s RCM division with outcomes focused on client value.