5 Keys to Revolutionize Healthcare with Charge Reconciliation Automation
02/15/22 • 28 min
Welcome to episode two of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle!
The panel from episode one continues their discussion on charge capture by breaking into the charge reconciliation process. Charge reconciliation is the process of comparing charges to the prices patients are billed.
Not every healthcare organization implements a charge reconciliation process, and if they do the process is often a manual for most organizations, takes hours, can still lead to missing charges, and patient accounting errors. Additionally, clinical departments could be missing revenue for services provided when documentation gaps exist. When accurate charge capture and using a strong automated charge reconciliation process are in place on the back end, revenue integrity increases and revenue loss decreases.
Advances with automation technology have helped many hospital clinical departments implement improved new processes, spend less time on manual charge reconciliation, and ensure consistently accurate patient billing in a timely manner.
In this episode, we discuss why the charge reconciliation process is important and clear up myths surrounding charge reconciliation. Some of the points brought up are:
✅ Charge reconciliation process automation is possible- It’s not, according to Avelead
✅ Correctly identifying semi vs truly automated charge reconciliation processes
✅ Why healthcare organizations are resistant to automated charge reconciliation processes
✅ How to charge reconciliation improves a healthcare organization's revenue cycle at the department level for charges rendered
✅ Ensuring responsible teams make corrections vs hoping changes happen
Our panel is made up of experts from Avelead, a company that specializes in revenue cycle automation.
Today, we are joined by revenue cycle leaders from Avelead, a company that specializes in revenue cycle automation software. Our panel consists of:
David Kosloski- Host
https://www.linkedin.com/in/dkosloski/
Jawad Shaikh- CEO and President of Avelead
https://www.linkedin.com/in/jwshaikh/
Laura Fox- Delivery- Solution Director at Avelead
Greg Forshey- VP of Client Success at Avelead
https://www.linkedin.com/in/greg-forshey/
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Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.
Welcome to episode two of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle!
The panel from episode one continues their discussion on charge capture by breaking into the charge reconciliation process. Charge reconciliation is the process of comparing charges to the prices patients are billed.
Not every healthcare organization implements a charge reconciliation process, and if they do the process is often a manual for most organizations, takes hours, can still lead to missing charges, and patient accounting errors. Additionally, clinical departments could be missing revenue for services provided when documentation gaps exist. When accurate charge capture and using a strong automated charge reconciliation process are in place on the back end, revenue integrity increases and revenue loss decreases.
Advances with automation technology have helped many hospital clinical departments implement improved new processes, spend less time on manual charge reconciliation, and ensure consistently accurate patient billing in a timely manner.
In this episode, we discuss why the charge reconciliation process is important and clear up myths surrounding charge reconciliation. Some of the points brought up are:
✅ Charge reconciliation process automation is possible- It’s not, according to Avelead
✅ Correctly identifying semi vs truly automated charge reconciliation processes
✅ Why healthcare organizations are resistant to automated charge reconciliation processes
✅ How to charge reconciliation improves a healthcare organization's revenue cycle at the department level for charges rendered
✅ Ensuring responsible teams make corrections vs hoping changes happen
Our panel is made up of experts from Avelead, a company that specializes in revenue cycle automation.
Today, we are joined by revenue cycle leaders from Avelead, a company that specializes in revenue cycle automation software. Our panel consists of:
David Kosloski- Host
https://www.linkedin.com/in/dkosloski/
Jawad Shaikh- CEO and President of Avelead
https://www.linkedin.com/in/jwshaikh/
Laura Fox- Delivery- Solution Director at Avelead
Greg Forshey- VP of Client Success at Avelead
https://www.linkedin.com/in/greg-forshey/
-------
NEW TO THE SHOW?
- Browse through all our episodes (complete with transcripts) here.
Follow RevTech Rx wherever you listen to audio!
- Follow via Apple Podcasts
- Follow via Youtube (HD Video)
- Follow via Spotify
- Follow via Spotify (HD Video)
- Follow via Google Podcasts
- Follow via Stitcher
- Follow via Amazon Music/Audible
- Follow via iHeartRadio
Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.
Previous Episode
The 5 Biggest Issues Facing Hospital Charge Capture
Welcome to episode one of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle!
The topic of the day: Charge capture, which is the process of recording services performed during a patient encounter.
This panel of experts recounts their experience of implementing charge capture to support healthcare organizations and their mission of helping their communities. Charge capture is the process of recording services rendered for patients. While the charge capture process seems easy enough, there are many caveats to ensure patient encounters are recorded to ensure there are limited billing errors, bills are created in a timely manner, and charge capture happens at the point of care on a regular basis.
The biggest challenges include:
✅ Team alignment
✅ Proper documentation of services
✅ Fully understanding the clinical and financial systems of the hospital
✅ What charges should providers be capturing
✅ How an automated charge capture solution can aid the charge capture process
Ensuring accurate charge capture practices at the hospital department level is essential to ensure missing charges are captured and lost charges become a thing of the past, support greater billing accuracy, and uphold accurate medical record keeping.
Today, we are joined by revenue cycle leaders from Avelead, a company that specializes in revenue cycle automation software. Our panel consists of:
David Kosloski- Host
https://www.linkedin.com/in/dkosloski/
Jawad Shaikh- CEO and President of Avelead
https://www.linkedin.com/in/jwshaikh/
Laura Fox- Delivery- Solution Director at Avelead
Greg Forshey- VP of Client Success at Avelead
https://www.linkedin.com/in/greg-forshey/
-------
NEW TO THE SHOW?
- Browse through all our episodes (complete with transcripts) here.
Follow RevTech Rx wherever you listen to audio!
- Follow via Apple Podcasts
- Follow via Youtube (HD Video)
- Follow via Spotify
- Follow via Spotify (HD Video)
- Follow via Google Podcasts
- Follow via Stitcher
- Follow via Amazon Music/Audible
- Follow via iHeartRadio
Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.
Next Episode
Missing or Delayed Charges: Beating the Clock
Welcome to episode three of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle!
The panel from episodes one and two returns to episode three to talk about missing and delayed charges for services rendered. A missing charge is a charge that wasn't captured by the time the patient bill or claim was sent. When a missing charge is captured, a delayed charge generates a new bill, which is sent to the patient.
CFOs are aware of missing and delayed charges, but, in a manual process, it's not easy to identify the causes. The issue is when delayed charges occur, you need to generate a new invoice, revised claims, and spend more money addressing the error. The key to the problem exists within the timely filing limits of insurance companies. Once the invoice is submitted after the timely filing limit, the invoice will not be paid out. The entire process becomes a cost to get paid properly which affects the bottom line of hospitals.
Implementing proper charge capture and revenue reconciliation process through automation, can reduce the number of late payments, improve income flow, and create a better experience for hospital clients.
Our panel is made up of experts from Avelead, a company that specializes in revenue cycle automation.
David Kosloski- Host
https://www.linkedin.com/in/dkosloski/
Jawad Shaikh- CEO and President of Avelead
https://www.linkedin.com/in/jwshaikh/
Laura Fox- Delivery- Solution Director at Avelead
Greg Forshey- VP of Client Success at Avelead
https://www.linkedin.com/in/greg-forshey/
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Supervision of your hospital’s revenue integrity can be complex and time-consuming. With an ever-shifting landscape of rules and regulations, it can be difficult to keep up with the world of revenue cycle management. Welcome to RevTech Rx, a podcast designed to educate and inform about revenue integrity and revenue cycle management strategies. Kickstart (or restart) your revenue cycle tactics with tips from industry thought leaders and revenue experts on a wide range of valuable and specific topics.
NEW TO THE SHOW?
- Browse through all our episodes (complete with transcripts) here.
Follow RevTech Rx wherever you listen to audio!
- Follow via Apple Podcasts
- Follow via Youtube (HD Video)
- Follow via Spotify
- Follow via Spotify (HD Video)
- Follow via Google Podcasts
- Follow via Stitcher
- Follow via Amazon Music/Audible
- Follow via iHeartRadio
Healthcare leaders, want more groundbreaking content? Be sure to follow our LinkedIn page for the latest topics to get your hospital in the most efficient form possible.
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