St. Louis, MO (PRWEB) June 03, 2011
High-performing physician practices that have successfully adopted revenue cycle management tools boast higher revenue and collect more patient payments at the time of service, according to LarsonAllen LLP’s Physician Revenue Cycle Gold Standard Study (http://www.gatewayedi.com/goldstandard/). The report analyzed the impact of technology on physician revenue cycles through independent research on the performance of health care providers, including clients of Gateway EDI, an integrated health care solutions provider.
With the growing demands of health care reform, increasing complexities of claims processing and dwindling administrative resources, the high-performer model provides a look into how practices need to evolve to keep pace with the changes in the health care industry. Top physician practices are achieving success, capturing more revenue and collecting payments more efficiently with revenue cycle management technology.
“Revenue cycle management technology enables practices to process revenue in the most efficient and cost-effective method possible, and when technology is integrated successfully, the end result is a significant improvement in revenue collection,” says Charlotte Martin, president and CEO of Gateway EDI. “High-performing health care providers trust technology companies like Gateway EDI to improve cash flow and take the worry out of bills and claims management, so they can focus on patient care.” Martin provides additional tips for successful technology integration online at http://www.gatewayedi.com/goldstandard/.
In the study, medical practices were divided into high and low performers based on accounts receivable days and the percentage of revenue collected within 15 days. Revenue cycle management tools helped practices resolve denials, collect patient payments, and monitor reimbursement levels and contract management.
- High-performing practices collected 58 percent of outstanding receivables in 15 days or less, compared to 9 percent for low-performing practices.
- High-performing practices experienced 39 percent faster collection, with claims in accounts receivable for an average of 27 days, compared to 44 days for low performers.
- Among high-performing practices, 85 percent were more likely to require payment at time of service, while only 75 percent of low performers had this same requirement.
“Health care providers should look at three main components: how well technology integrates into your work flow, ease of use and the degree to which new tools build upon your existing abilities,” explains Martin. “As technology providers, we supply core services so practices can evolve and move beyond the challenges of getting paid.”
Gateway EDI helps medical practices get paid and adopt new technology by working with the practice’s current vendors to integrate tools within the existing system without disruption to the practice’s work flow. A technology provider’s track record, such as Gateway EDI’s over 96 percent customer retention and average claim rejection rate well below the industry average, is a valuable indicator of the user-friendliness of the solutions it provides.
As health care providers focus on the future, many rely on technology solutions to keep pace with market changes. Gateway EDI has led the way in adapting proven expertise to meet new and evolving facets of the market. Its track record in providing payment support to practices led the organization to develop capabilities to confirm insurance payment accuracy through its Reimbursement Manager tool.
In addition, the new Patient Exchange tool equips providers to offer patients the option of online payments – improving convenience for patients, as well as payment accuracy. The tool builds on Gateway EDI’s expertise in delivering fast, accurate, clean payments from health care insurers and payer organizations to providers.
In today’s stressed economy, many patients carry less insurance coverage or have changed insurance providers, making eligibility verification and payment collection more challenging.
“Checking eligibility is vital to the revenue cycle, and a practice’s technology should enable them to do this efficiently,” explains Martin. “Our technology has allowed users to check patient eligibility at the time of service for years. Now our integrated tool enables practices to verify eligibility directly from their appointment schedule prior to check-in. This updated product takes the next logical step, increasing utilization of the tool and providing cleaner claims.”
Of those surveyed in the study, 79 percent of practices reported checking eligibility but only 24 percent checked eligibility at every patient visit. High-performing practices are more likely to use these types of systems to check patient eligibility at every patient visit, and innovative tools like Integrated Eligibility can support practices as they improve eligibility verification processes.
About the Study
Revenue cycle management data discussed is based on the Physician Revenue Cycle Gold Standard Study, published in October 2010 and funded by Gateway EDI. LarsonAllen LLP analyzed data from 528 physician practices of all sizes and leading health care technology partners, and from in-depth interviews with 25 select technology partners. The impact of revenue cycle management technology was measured by days in accounts receivable, percentage of aging accounts receivable, denial rates and error-free claims submissions. Gateway EDI provided research and analysis for the study.
About Gateway EDI
Based in St. Louis, Mo., Gateway EDI was founded almost 30 years ago by a physician who was unsatisfied with the claims processing tools available at the time and created new solutions focused on better managing the revenue cycle for medical practices. Today, Gateway EDI serves more than 85,000 physicians with a fully integrated suite of advanced tools and proactive service team to monitor, catch and fix claims issues before they can impact a practice. For more information, visit http://www.gatewayedi.com.
About LarsonAllen LLP
LarsonAllen LLP (LarsonAllen) is a professional service firm that provides assurance, accounting, tax, consulting and advisory services to organizations and individuals managing business ventures and finance. Founded in 1953, LarsonAllen’s certified public accountants, consultants and advisors are dedicated to providing quality results to clients. LarsonAllen has approximately 1,800 people and $280 million in annual revenues. Offices are located in Arizona; Florida; Idaho; Illinois; Massachusetts; Minnesota; Missouri; North Carolina; Pennsylvania; Texas; Washington; Washington, D.C.; and Wisconsin. LarsonAllen is an independent member of Nexia International, a top 10 worldwide organization providing global connections.
# # #