Billing workflows, payment processing, and Revenue Cycle Management (RCM) are closely interconnected components of healthcare financial operations. An EHR that integrates these components can significantly improve cash flow and reduce administrative burdens.
Finance-Optimized EHR Systems – A Series
Upcoming articles will include key finance features to look for in an EHR, how to assess your organization’s EHR-related finance requirements, and implementation considerations that impact financial functions.
Why Focus on Finance Features in Your EHR Selection?
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Plus, that figure doesn’t take into account the cost of claims which were first denied but later resolved. The estimated cost for an organization to revise and resubmit a claim averages $25-30. The costs of that rework add up quickly and it consumes time that could be better spent on care.
The Benefits of a Finance-Optimized EHR
A finance-optimized EHR system addresses the challenges and costs associated with claim denials by streamlining processes, improving accuracy, and accelerating payment cycles. By focusing on financial capabilities such as integrated billing workflows, efficient payment processing, and comprehensive revenue cycle management, you can reduce administrative burdens while improving cash flow.
Your EHR – Beyond Clinical Needs
By carefully assessing your financial requirements, involving key stakeholders, and planning for a smooth implementation, you can ensure that your EHR selection leads to improved financial outcomes for your healthcare organization. Stay tuned for the remaining articles in this financed-focused series, where we’ll cover these concepts and more!