Fast-growing digital capabilities can help healthcare organizations improve their revenue-cycle management, enhance their knowledge of patients' coverage and maximize payment, according to a report on electronic business transformation.
HIMSS: IT critical to transform health finance
Released by the HIMSS G7 Roundtable Series, a revolving seven-member expert panel that produces reports on healthcare finance, the latest report (PDF) explores the details and the potential impacts of improved electronic standards and automated health data transactions.
"This evolving paradigm 'e-shift,' and its resulting opportunities to create significant value in workflow automation and business analytics, is creating diverse opportunities for operational improvement for the healthcare provider," the panel said in the report. "Healthcare is entering a new era where digitized business data can replace repetitive workflow tasks that today require intense manual entry (for example, cash posting, contract management or denial management and other areas)."
The report provided several examples of electronic business transformation, including the growth of point-of-service transaction processing, or paying at the time when care is delivered. Although real-time claims processing is not always possible, according to the report, "the ability to develop a "retail experience' with IT can address the needs of the provider to improve operational and revenue performance. Patient balances can be collected and any remaining third party liability can be electronically facilitated to speed reimbursement."
Past HIMSS G7 reports have examined the potential effects of the ICD-10 transition, as well as the impact that accountable care organizations may have on the healthcare financial network.
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