Solution for effective revenue cycle management
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The document discusses a solution from Washington Consulting and EMC for improving healthcare providers' revenue cycle management. The solution aims to streamline billing processes, reduce errors and denials, and improve cash flow. It leverages EMC's Documentum xCP platform to automate workflows and integrate content across systems. Key benefits include expediting content development, decreasing administrative costs, and empowering managers to allocate resources more efficiently. The solution provides a comprehensive approach to managing accounts receivable from start to finish.
Solution for effective revenue cycle management
- 1. Solutions for Effective Revenue Cycle Management Streamline the revenue cycle while improving cash flow and customer service with the help of Washington Consulting and EMC Essentials • Improve cash flow with fewer denials and write-offs • Streamline the revenue cycle and eliminate process bottlenecks • Accommodate release of information requests without impacting core A/R activities • Boost productivity through more effective work queue management Despite the adoption of electronic health records (EHRs) and “bolt on” systems that improve performance in areas such as preadmissions, insurance verification, and collections, the ability to effectively manage cash flow still eludes many healthcare providers. According to the Center for Policy and Research at American’s Health Insurance Plans, nearly half of all hospital claims (48 percent) are pended1. These situations can stem from innocuous clerical errors at the beginning of the claims process – such as incorrect, or outdated information at the time of encounter – as well as other administrative errors. The results – lost personnel time spent tracking down correct information, slower reimbursements, increased costs and lower margins, and decreased customer satisfaction. Reduce outstanding A/R and boost the bottom line The Washington Consulting, Inc. (WCI) and EMC revenue cycle management solution delivers the technology and expertise necessary to reduce outstanding A/R and improve the bottom line. It is a flexible, scalable solution that augments investments made in existing clinical care and patient financial management systems. Integrating our solution as part of the revenue cycle management strategy enables providers to streamline the claims process from start to finish, improving the accuracy of collected information and submitted claims. Errors are reduced from the onset, reducing claim denials and improving collections. Our solution also creates more efficient information flow during the patient care process with the following benefits: • Enhances information currency Current information at encounter creation improves the patient experience—and the efficiency of A/R. We identify process choke points and use configurable workflows to automate key patient encounter processes. This improves information currency and helps staff make correct decisions the first time—eliminating time consuming rework while reducing denials, write offs, and customer service demands. Workflows are highly adaptable to departmental requirements and can scale to additional offices across the organization. • Improves customer experience Our system will exchange billing information during a hospital stay with existing clinical and patient financial systems to ensure that accurate and reasonable charges are captured to minimize disputes, re-billing and enhance the customer experience. American’s Health Insurance Plans (AHIP), Center for Policy and Research, A Survey of Health Care Claims Receipt and Processing Times, May 2006. 1 solution overview
- 2. • Empowers managers to allocate resources more effectively In addition to streamlining and automating processes that impact the revenue cycle, the Washington Consulting solution integrates with existing systems to help dynamically manage workloads. Flexible work queues can be modified in real time to shift staff resources— efficiently addressing backlogs and spikes in demand without degrading overall A/R processing performance. Documentum xCP—integrating information and process through a unified case management platform Documentum xCelerated Composition Platform (xCP) delivers a case-based approach to solution development for the challenges faced in revenue cycle management. The platform enables organizations to leverage a template-based approach to expedite the development and organization of patient financial content with the following features: • Easy to use capabilities for design and configuration of processes without coding, enabling organizations to build their own templates • Full work queue support depending on rules and workflows • Flexibility to change the system as processes are discovered, designed, and understood • Dashboards for easy tracking of review status • Possibility for API integration with external systems, applications, and data sources • Robust user search options through achieve and search filters • Maximized reuse of content and approaches The case management model: initiate, gather information, evaluate and assess, communicate, and close, describes a work process that exists in virtually every industry including healthcare. With Documentum xCP, its case structure combines the documents and content files found in traditional paper-based folders with all the related data, rules, policies, processes, and discussion threads that are relevant to that specific case instance in an aggregated and organized format. Executing a comprehensive revenue cycle management strategy using Documentum’s xCP platform enables healthcare providers to streamline the claims process from start to finish with: • Intelligent capture: Transform business-critical paper, fax, and electronic data sources into business-ready content • Content management and repository services: Manage information and content with enterprise-grade security, scalability, reliability, and a common set of policies for all content assets across the organization • Business process management: Automate critical business processes to support workflows and reduce the time required to maintain content. Support transaction-based content such as scanning and forms so that content and workflow are managed as part of a unified model. Processing an A/R denial, rebilling, or ROI inquiry is a case that encompasses a variety of tasks or activities, such as review, adjudication, and document authentication. Through reusable components, Documentum xCP provides a complete range of dynamic case management capabilities, which is configured into reliable solutions that support, control, and streamline the revenue collection process.
- 3. WCI solutions deliver solid business benefits The WCI solution for revenue cycle management leverages the value of Documentum xCP to manage content and automate processes in A/R. With a WCI solution, healthcare providers can: • Expedite content development using a fully templated approach built on the Documentum xCP platform • Reduce outstanding A/R and improve the bottom line • Decrease administrative errors, rebilling, denials, and write offs • Automate the fulfillment of ROI requests while remaining compliant with applicable regulations • Eliminate manual, ad hoc processes and the need to rekey data into multiple systems • Deliver greater patient satisfaction while lowering customer service costs About WCI Washington Consulting, Inc. (WCI), an Alion Science and Technology Company, is a management and information technology consulting organization. Headquartered in the Washington Metropolitan region, our staff is experienced at providing high quality consulting services to premier clients in the commercial and public sectors. We leverage our experience and expertise across the commercial and public sectors to deploy the best resources and solutions for our clients. We view each client as a strategic partner because our success is measured through the achievements of our clients. More information about WCI’s services can be found at www.washingtonconsulting.com About EMC Documentum solutions This solution is one of many content management solutions offered by EMC and partners. EMC and partners deliver content management solutions that help organizations to solve business problems specific to their function or industry. Built on the EMC Documentum platform, and combining EMC and partner technologies and services, these solutions help organizations to streamline and automate processes, increase productivity of teams and individuals, address their information compliance and retention requirements, foster creative work, and lower the cost of operations. About EMC EMC Corporation (NYSE: EMC) is the world’s leading developer and provider of information infrastructure technology and solutions that enable organizations of all sizes to transform the way they compete and create value from their information,. Information about EMC’s products and services can be found at www.EMC.com Contact Us To learn more about the WCI solution for revenue cycle management, contact your local EMC sales representative, or visit our website at www.EMC.com. EMC2, EMC, the EMC logo, and where information lives are registered trademarks or trademarks of EMC Corporation in the United States and other countries. All other trademarks used herein are the property of their respective owners. © Copyright 2011 EMC Corporation. All rights reserved. Published in the USA. 3/11 Solution Overview h4921 EMC Corporation Hopkinton, Massachusetts 01748-9103 1-508-435-1000 In North America 1-866-464-7381 www.EMC.com