It’s clear that with more and more medical/healthcare payments being remitted by the patient rather than via insurance providers, tracking and leveraging data derived from all payments is harder than ever. However, as Health System Management notes in a new article, it’s imperative to take a “3-D” — “Data Driven Decisions” – – approach to modern revenue cycle management.
Patient payments and insurance payments are comprised of electronic, credit card, and paper-originated checks. Health systems, lock box processors, and RCM companies need to efficiently support all payment types and aggregate data across all workflows.
40%+ of all remittances are still paper from payers, making EOBs and patient payments using checks crucial data elements to a data driven approach. OrboGraph’s Healthcare Payments Automation Center (HPAC) is an excellent example of how providers can extract remittance data automatically from remaining paper to complement a data-driven philosophy.
Our friends at South Nassau Communities Hospital provide a good example of extracting data from a variety of paper sources providing them with a data-gathering edge: