Data Capture Tech Improves Revenue Cycle Management
Healthcare Finance News recently published an article on revenue cycle management featuring Texas Health Resources and how they use technology to help capture each step of the patient encounter. That technology – namely the Trace® solution from Vyne Medical – provides the following important benefits that Texas Health Resources along with hundreds of other innovative hospitals and health systems are actively leveraging.
Centralize data collection and access
- At Vyne, our tagline is Connecting Disconnected Data® and our solution does just that by enabling providers to capture and integrate patient data from disparate sources – voice, fax and images – thereby forming a more comprehensive view of patient information. Captured files are tied to the patient record and can be retrieved through a web-based portal or promptly exported to the electronic medical record.
- Centralized, electronic access gives authorized employees the ability to retrieve the information contained in those records – both from the office and in work-from-home settings. This broad yet secure access helps eliminate redundant efforts and streamline workflows. Also, each file is dated, time-stamped, and access-logged which creates a digital audit trail.
Reduce claim denials
- As with any service, there is a cost associated with our solution. That said, most clients report a favorable and tangible return on their investment through a reduction of claims denials. The Trace solution can capture pre-authorization phone calls, emails, faxes, and documentation exchanged with insurance companies. Collecting and organizing this information on the front end helps to streamline the reimbursement process down the road.
Improve point-of-service collections
- The Trace solution helps create a more efficient authorization process with individual payers by enabling hospitals to provide a more complete upfront estimate of services, costs, and the patient’s obligation. Attempting to collect payment prior to care delivery is one way that providers are working to improve POS collections. Recording these conversations can help providers teach and reinforce the appropriate times and methods to request upfront payments, as well as measure the impact of various approaches.
Reinforce best practices
- Recording and maintaining searchable interaction records allows for the establishment of best practices and the ability to audit and train patient-facing staff. The resulting feedback loop creates improved consistency, performance, and coaching opportunities. This sets staff up for success by defining and reinforcing critical keywords, workflows, questions and reminders – all of which combine to create a better patient experience.
You can read the Healthcare Financial News article in its entirety here.
For more information about Vyne Medical’s innovative revenue cycle management solutions, contact us to schedule a call with one of our healthcare solution experts today.