3 Ways Signature Performance Assists Healthcare Providers
When it comes to providers, Signature Performance works with hospitals and clinics of all sizes. Our team is passionate about implementing cost-effective revenue cycle support. As a full-service revenue cycle business administration partner, we offer a wide variety of provider-based services that will get insurance claims processed accurately and in a timely manner. Our custom solutions and state-of-the-art processes will ensure that providers are paid properly for the care that was administered. Read on to learn how our team can help streamline some of the most complex processes in healthcare.
Reducing High Administrative Costs
The rising costs of administrative tasks is a burden the healthcare industry has been battling for a long time. In 2017, healthcare administrative costs were estimated to be 34% of total healthcare expenses in the United States, according to a study published earlier this year by Annals of Internal Medicine. In the various studies that track healthcare administration costs, it is common to see that the United States spends almost double in this area when compared to other high-income countries on medical care. These essential, but costly, administrative tasks include all activities related to coordinating health and medical services, such as scheduling, billing, medical record transfers and claims processing. Besides improving the overall healthcare experience from scheduling an appointment to paying for the treatment, lowering administrative healthcare costs would provide the opportunity for additional funds to be used for innovative research and technology in the medical field. With new medical innovation and IT advancements, the quality of care that patients receive would greatly increase, and with the United States still navigating the COVID-19 pandemic, that carries an importance like never before.
Our team at Signature Performance has unmatched expertise in streamlining healthcare administrative demands such as medical billing and coding. Our team makes it a top priority to stay informed, especially during the most unusual times in healthcare such as the spread of COVID-19. Understanding the ins and outs of the medical billing and coding process enhances the overall experience and satisfaction for those who are in need of assistance and allows providers to be paid in a timely manner.
Preventing Fraud and Abuse
Much like healthcare administrative costs, fraud and abuse are areas that can quickly cause financial stress for providers. Providers who even inadvertently submit false or misrepresented claims for healthcare services are subject for investigation. These investigations can have a long-term, negative impact on the provider’s reputation and future revenue opportunities. Fraud and abuse investigations can occur at the local, state and federal level. In order to prevent fraud and abuse from occurring, providers must implement a compliance program that tracks regulations and streamlines the medical coding and billing process.
This can not only be a daunting task for some providers, but there are a lot of misconceptions about outsourcing this kind of work. Outsourcing such tasks can be imperative to a provider's success and the best way to turn around a stressed financial situation. It’s not uncommon to be concerned about how outsourcing your revenue cycle management (RCM) demands can impact your current staff or overall communication efforts within your team. Our team has found that this is rarely the case. In fact, oftentimes communication efforts are improved and current employees can be reallocated to areas of the business that require more attention in order to improve the healthcare experience.
Navigating New Technology and Data
When it comes to healthcare, the more you can simplify any process, the better the experience is for providers, payers and patients. When claims and coding are completed or resolved as efficiently as possible, providers are able to be paid on time and patients can avoid the stress of medical bill confusion. Investing in a partnership that uses the latest RCM technology can help minimize errors in the billing process and can increase the rate at which claims are being filed. This leads to overall financial improvement for the provider. According to a 2017 Becker’s CFO Report, another area in which new RCM technologies are providing tremendous value is within data analytics. The insight that data analytics provides can have a significant influence on future strategy development in care and billing processes based on industry trends.
Providers who can connect profit and loss trends directly to factors such as medical coding accuracy, health services provided, and overall patient outcomes, clinical and financial success can be improved. Signature Performance is improving not only our clients’ business but the entire healthcare industry by finding better ways to leverage technology and industry-leading processes which lower the cost of healthcare administration.
To learn more about how Signature Performance can help you or to request a revenue cycle assessment, contact our team today or follow along on our Facebook and Instagram pages to learn more about Signature Performance’s vision.