Yes, Forms Automation Does Impact Your Revenue Cycle

Today’s healthcare providers are facing growing financial pressures that can affect the delivery of quality patient care. As a result, hospitals and ambulatory facilities are continuously seeking innovative new solutions to improve revenue. Advanced forms automation can play a vital role in helping hospitals optimize the revenue cycle and cut costs.

A recent report illustrated that 54% of hospitals reported a negative total margin during the first quarter of 2009, including 80% of hospitals with 500+ beds. Studies have also shown that the quality of data entered into hospital systems is an important factor in whether a claim is paid or denied. In fact, published statistics support that healthcare providers lose $60 billion each year just due to registration errors. Furthermore, correcting errors in the patient record is reported to cost large hospitals more than $1 million annually.

Given factors such as these, providers should be looking to take advantage of the tools and technologies available today that can improve the timeliness and accuracy of capture patient data, thereby helping to optimize revenue cycles. Forms automation (eForms) technology can play a critical role in improving a providers revenue cycle. This eForms technology can assist with ensuring data integrity across clinical, financial, and administrative systems. The ability to validate data at the point of care or capture, and ensuring that all forms, consents, and required information are correct, complete, and available immediately helps to produce cleaner claims in the revenue downstream of patient billing.

This white paper will help to outline the potential results to be realized through the use of a strong eForms strategy, including faster claims processing, reducing the number of denied claims, and less time spent in accounts receivable.