Partnering with an RCM company can streamline operations and improve financial stability.
In 2023, health systems are expected to continue facing financial challenges, with staffing issues being a top concern. This was revealed in a survey conducted by Deloitte, which showed that 85% of health system leaders believed staffing challenges would have a major impact on their strategy, while 76% cited inflation as a significant factor. These challenges, combined with affordability issues for patients, shrinking margins, and ongoing supply chain disruptions, create a tough environment for health systems to navigate.
In addition to these challenges, the "Great Resignation" is still a concern, but economic forecasts point to a plateau, a sign that labor shortages are starting to slowly abate. However, organizations will now need to double down on their efforts to retain and attract talent with employee programs and benefits. This means that for health systems the need to focus on retaining their skilled employees and finding new ways to manage their workforce is not over.
These challenges are not unique to the healthcare industry, but they have certainly hit it hard. That's why it's more important than ever for health systems to partner with revenue cycle management (RCM) companies that can help them navigate these headwinds.
By partnering with an RCM company, health systems can improve their financial stability and streamline their operations. Quadax offers a suite of products designed to help health systems succeed, to help organizations take a closer look and leverage our suite of products to see where they can bolster internal operations and reimbursement.
For laboratories and durable medical equipment (DME) providers seeking to innovate, shift, and streamline operations, the complete Quadax RCM solution empowers clients with full control of claims management, reimbursement, denials, appeals, audits, improved patient access and more.
- Quadax developed and maintains its own clearinghouse and EDI editing engine for industry leading clean claims performance. This ‘Best in KLAS’ EDI clearinghouse service allows for a seamless view into the revenue cycle and a single point of contact for managing the critical components of the cycle.
- RemitMax can be leveraged to digitize the office and index, translate, and convert images of paper remittances, correspondence, and patient payments to 835s, thereby eliminating the need to deal with hardcopies.
- Additionally, Quadax's state-of-the-art Decision Intelligence tool serves up insights with visualization software, client-specific analysis of appropriate KPI’s, and the ability to easily drill-down into detail.
For hospitals and physician groups, changing their main practice management systems can be costly. One way to make a change to speed up reimbursement without interrupting the organization’s patient accounting system is to partner with a clearinghouse solution who can help streamline and customize workflow to focus on claims that need attention. With Quadax’s claims management user interface, provider billing offices can focus on claims that need attention and help streamline and customize workflow to best meet the needs of the organization. Additional ways that the solution can handle staffing challenges are:
- Use Advanced Claims Status to gain insight into where claims are in the adjudication cycle at the payer level, avoiding hours spent by staff members following up on claims manually.
- Utilize Denial Management Workflow to organize and categorize actionable denials.
- Leverage Decision Intelligence dashboard reporting to help understand the root cause of denials and error sources to streamline processes farther upstream.
- Add RemitMax to streamline billing office workflow and save hard-earned dollars by eliminating paper. A remittance management strategy allows health systems to take control of all their remittance and correspondence documents, including patient payments, that they or their lockbox now receive on paper.
In conclusion, financial challenges will likely persist for health organizations in 2023. But partnering with Quadax can help navigate these obstacles. By taking advantage of our suite of revenue cycle management and clearinghouse services, organizations can streamline their workflow and improve their financial status. To learn more about how Quadax can help your health system succeed, click here.
