When people think of healthcare, providers and patient experience tend to float to the top of their minds, but there are many backstage actors contributing to every step of each patient encounter. Unseen by the patient, Revenue Cycle Management (RCM) is a core function of what enables providers to continue serving their communities.
Encompassing a myriad of roles between coding, billing, and patient financial services, RCM is much more complex than simply billing and collecting payment, and has many areas where it can improve efficiency.
Low patient volume stemming from COVID-19 places pressure on providers to find ways to optimize the revenue cycle and be reimbursed faster from payers. As an administratively-heavy function, health systems face the additional burden of associated costs required to meet their contractual payer obligations.
Learning to digitize Release of Information (ROI) with payers can have a significant impact for healthcare systems who face heavy volumes of chart requests. With so much inherent administrative waste, chart retrieval can cost a health system far more than it needs to.
Moxe helps improve revenue cycle management in three key areas:
1. Better reimbursement from payers
Digitizing ROI with Moxe helps you receive payment faster from payers and ensure you capture the full reimbursement amount. With a 98% patient match rate, the data Moxe sends to payers is complete, accurate, and timely so they can turn the claims around as quickly as possible.
2. Reallocation of RCM Resources
Automated chart retrieval doesn’t mean you will be cutting jobs. Rather than dedicating resources to time-consuming manual chart retrieval, your team’s time can be reallocated to focus on more patient-centric, high value tasks instead of mining through paperwork and going back-and-forth with payers.
Moxe is seamless and runs securely in the background of your EHR. It does not require any personnel resources upon implementation to complete your chart requests, regardless of how large the chase list is.
3. Eliminates the hard costs of chart retrieval
Postage is expensive (and can also be unreliable). With a 100% digital ROI solution, you can eliminate those costs immediately. You can also say goodbye to stacks of paper, faxes, discs, thick envelopes, and postmarked deadlines. And did we mention you will also eliminate the need for overtime, weekend work, and pulling in additional resources when there are spikes in volume?
Recently, Atrium Health, a network of 40+ hospitals, implemented Moxe’s Digital ROI™ solution to process over 70,000 of their HEDIS® and MRA chart requests. Read more about the benefits they’ve seen by reading the case study.