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5 Keys to Revolutionize Healthcare with Charge Reconciliation Automation
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Welcome to episode two of the RevTech Rx Podcast- Your prescription for a healthy revenue cycle!
The panel from episode one continues their discussion on charge capture by breaking into the charge reconciliation process. Charge reconciliation is the process of comparing charges to the prices patients are billed.
Not every healthcare organization implements a charge reconciliation process, and if they do the process is often a manual for most organizations, takes hours, can still lead to missing charges, and patient accounting errors. Additionally, clinical departments could be missing revenue for services provided when documentation gaps exist. When accurate charge capture and using a strong automated charge reconciliation process are in place on the back end, revenue integrity increases and revenue loss decreases.
Advances with automation technology have helped many hospital clinical departments implement improved new processes, spend less time on manual charge reconciliation, and ensure consistently accurate patient billing in a timely manner.
In this episode, we discuss why the charge reconciliation process is important and clear up myths surrounding charge reconciliation. Some of the points brought up are:
✅ Charge reconciliation process automation is possible- It’s not, according to Avelead
✅ Correctly identifying semi vs truly automated charge reconciliation processes
✅ Why healthcare organizations are resistant to automated charge reconciliation processes
✅ How to charge reconciliation improves a healthcare organization's revenue cycle at the department level for charges rendered
✅ Ensuring responsible teams make corrections vs hoping changes happen
Our panel is made up of experts from Avelead, a company that specializes in revenue cycle automation.
Today, we are joined by revenue cycle leaders from Avelead, a company that specializes in revenue cycle automation software. Our panel consists of:
David Kosloski- Host
https://www.linkedin.com/in/dkosloski/
Jawad Shaikh- CEO and President of Avelead
https://www.linkedin.com/in/jwshaikh/
Laura Fox- Delivery- Solution Director at Avelead
Greg Forshey- VP of Client Success at Avelead
https://www.linkedin.com/in/greg-forshey/
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