Revenue Cycle Optimization: Prioritizing ROI with Charge Capture Technology
Many technology buyers are ROI in ROI. They’re “really only interested” if there’s demonstrable “return on investment” associated with whatever purchase they’re considering.
When it comes to revenue cycle optimization at healthcare provider organizations, electronic charge capture is one technology that offers both hard-dollar and soft-dollar ROI. Which makes moving from traditional paper charge slips and superbills to an electronic system for capturing complete and accurate physician charges – especially with ICD-10 on the horizon – a virtual “no brainer” for many hospitals and practice groups.
A recent study of charge capture performance at Stony Brook University Physicians (SBUP), a multi-specialty academic medical practice in Long Island, New York, offers a new ROI data point for electronic charge capture. An independent consultant found that physicians at SBUP billed 99.98 percent of their patient encounters. That’s compared to an industry average of 95-97 percent*. The consulting firm said Stony Brook’s performance “was as close to perfection as we have seen across our entire customer base of physician and hospital organizations.”
What is Stony Brook’s secret? Consistent adherence to best practices in billing and practice management – and, oh yes, they use PatientKeeper Charge Capture software, integrated with their Cerner EMR and GE Centricity billing system.For healthcare billing and finance managers who are ROI in ROI, the case for electronic charge capture is strong indeed.
[* Healthcare Financial Management Association estimates]