Hospitals Improve Revenue by Integrating EHR & RCM
Why Integrate EHR and RCM Systems?
Electronic health records (EHRs) have become widespread in healthcare systems and hospitals, with adoption increasing over the past 18 years. In 2017, 86% of hospital-based physicians were using an EHR. EHRs are vital for managing patient care, allowing for efficient communication and record-keeping for consistent, high-quality treatment.
But it’s also important for hospitals to consider the relationship between their EHR and revenue cycle management (RCM). Integrating these systems can improve efficiency and increase revenue opportunities, allowing healthcare providers to focus more on patient care.
What is the Significance of Combining Your EHR and RCM Systems?
Combining EHR and RCM systems results in smooth and efficient communication between the two platforms. In simpler terms, it creates a unified system for managing patient records and billing.
By integrating EHR and RCM, vital information from the EHR like patient demographics and appointment details are seamlessly transferred to the RCM platform, enabling the RCM to generate claims for payers with ease.
An actual case of a Hospital Improving Revenue Cycle Efficiency through EHR-RCM Integration:
Collaborating with a vendor offering both EHR and RCM capabilities enabled one healthcare organization to enhance communication and streamline revenue cycle management for 150 care centers.
By using automation in its revenue cycle management (RCM) processes, Advocare, an sports medicine and wellness organization, has achieved $1 billion in patient collections in three years, thanks to its partnership with eClincalWorks (eCW), an EHR vendor. By integrating eCW with its revenue cycle management (RCM) processes.
Advocare has been able to improve efficiencies, increase revenue opportunities and grow 20% bigger than it was at the start of the COVID-19 pandemic. eCW has helped Advocare with EHR responsibilities such as scheduling patients, providing care, and documenting care, along with day-to-day RCM tasks such as claim submissions, denials, appeals, and cash collections.
The partnership has also led to the development of new tools and offerings such as electronic statements, mobile check-in, e-signatures, and completing consent forms before appointments. Advocare is now focused on its e-statement rollout, data optimization, and streamlining patients’ responsibilities at check-in.
Advantages of Combining EHR and RCM Systems:
As a hospital, it is essential to be judicious with time and finances. So, why waste resources on maintaining two separate systems when you can integrate your EHR with other RCM systems?
One of the main advantages is the reduction of administrative burden and inefficiency, a significant issue in the healthcare industry today. According to a 2020 study in JAMA, the healthcare industry loses an estimated $266 billion annually due to administrative costs.
However, by integrating EHR and RCM, you can enhance productivity throughout your billing and revenue cycle. Successful integration can provide:
- Retrieve accurate patient and appointment information to guarantee precision in verifying insurance eligibility and submitting claims.
- Automate the process of editing and submitting claims.
- Automate payment posting and patient billing process.
- Provide clear visibility of claim status, denials, and rejections.
- Provide complete insight into the billing process.
- Enhance communication between payers and providers.
It’s important to keep in mind that by using a specific RCM platform, you are investing in a tool that concentrates on a single area: ensuring reimbursement. Typically, all-in-one platforms do not have the capacity to develop a top-notch tool for every aspect of Hospital management. While your EHR may be the best choice for managing patient data and communication, it may not have the most advanced tools for handling RCM.
The Impact of a Combined Revenue Cycle System on Your Hospital:
The central idea behind an integrated revenue cycle and EHR system is streamlined processes. But what implications does it have for your practice?
Improve collections by minimizing errors:
By integrating EHR and RCM platforms, there will be a smooth flow of data between the clinical tool and billing system. This will decrease the probability of errors from manual data transfer. Lower errors result in more accurate claims, and fewer rejections and denials, which means less time spent on following up on accounts receivable and faster payment.
Additionally, the RCM platform can create automated workflows that edit and correct claims based on certain rules. These capabilities will also aid in reducing errors in the billing process, leading to more revenue for the practice.
Increase Productivity and Save Time:
The integrated revenue cycle and EHR systems also save your team time by allowing a seamless flow of patient demographic and appointment data between the two platforms, making it easier to verify insurance or check claim status.
If your billing team is small or your practice is busy, having automated workflows within the RCM tool can also reduce the administrative burden. These workflows can automate the process of editing claims, posting payments, and sending patient billing reminders, providing your team more time to concentrate on patient care.
Enhances the Patient Experience:
Integrating EHR and the revenue cycle management platform can have a direct impact on your practice’s revenue. However, this integration will also benefit patients, which can result in higher patient retention and more referrals.
Minimizing errors in the claims process means patients are less likely to face frustration or confusion during the billing process. By allowing a seamless flow of patient demographic data from EHR to the billing platform, your team can more accurately verify insurance and provide patient cost estimates. Accurate cost estimates can foster patient loyalty and boost upfront collections.
The time-saving benefits of integrating EHR and RCM also have a positive impact on your patients. With less time spent on administrative tasks, your team can focus more on providing a better patient experience.
In The End, Select a High-Quality Integration:
With fewer claim errors, less administrative stress and burnout, and satisfied patients, integrating EHR and RCM can bring substantial benefits to your practice. Additionally, the integration will provide more transparency into your billing process, enabling you to identify opportunities to enhance your reimbursement process.
If you’re considering integrating EHR and RCM, BillingParadise offers integration with some of the most widely used EHR/PM systems used by private practices today. Our fully-managed RCM solution utilizes AI-driven workflows to automate eligibility checks, claim editing, patient billing, and more. Furthermore, when you work with BillingParadise, you have access to a team of revenue cycle experts that collaborate with you to discover ways to optimize reimbursements and increase revenue.
Want to learn more about our EHR integrations and advanced RCM tools? Contact one of our RCM integration specialists today.
Frequently Asked Questions
Integrating EHR and RCM systems streamlines communication between platforms, reduces administrative burden, and minimizes billing errors, leading to increased efficiency and revenue.
By automating workflows, the integration ensures accurate data transfer, reduces claim rejections, and speeds up the billing process, improving cash flow and collections.
Integration reduces errors in billing, provides accurate cost estimates, and streamlines the check-in process, creating a smoother experience for patients and boosting satisfaction.
Yes, by automating processes like claim submission, payment posting, and patient reminders, staff can focus more on patient care and less on administrative tasks.
Advocare, a sports medicine and wellness organization, partnered with eClinicalWorks to integrate EHR and RCM, achieving $1 billion in collections in three years and reducing administrative burdens.
