Thinking Inside the (Lock)Box: Using Banking Technology to Improve the Revenue Cycle

Bank on this: Medical practices are ideal for pioneering programs in paperless data and financial management.

Ongoing industrywide challenges in the management of healthcare information are acute; some providers, insurers, and practice managers find them overwhelming. In fact, operational difficulties in processing and managing medical records and billing information have only intensified in the current environment of managed healthcare reimbursement, complex claims processing, and compliance with the Health Insurance Portability and Accountability Act of 1996.

Common Challenges for Providers and Physicians

Today, staff at many healthcare organizations, including medical practices and medical management firms, still manually extract data from complicated explanation of benefits forms. This is an increasingly time-consuming task in the current managed care environment. Rekeyingthis information into IT systems often introduces clerical errors, especially when staff is working with numerous nonstandard forms from several insurance payers..... for more of the story from RedNova