Veradigm Revenue Cycle Services Improves Financial Health: A Real-World Success Story of a Veradigm Client
Featured Client Story
Revenue cycle management plays a crucial role in helping practices stay financially healthy. Effective revenue cycle management helps ensure collection of accurate and complete patient information, preventing claims denials due to missing information or improper coding. Doing so can lead to fewer denials and speed up the collection process, maximizing collections and revenue. However, those are not the only roles of revenue cycle management. Successful revenue cycle management also helps simplify front-desk and back-office processes and eliminate redundant operations. It reduces the overall administrative burden, freeing staff from administrative tasks such as resource management, billing, coding, claims preparation, and managing the reimbursement process. This, in turn, can improve the patient experience by enabling both staff and clinicians to focus more on delivering quality care services.
However, revenue cycle management is becoming increasingly complex, now including health information management services, coding, case management, clinical documentation improvement, and patient access, in addition to standard business office operations. According to the American Academy of Family Physicians, there has been a recent growth in the rate of claim denials. They report that practices face rejection rates between 5% and 10%, and each denial costs practices approximately an additional $25 to reprocess. At the same time, today’s practices face staffing challenges and rising operations costs, which can make it more difficult than ever to navigate the end-to-end revenue cycle.
Healthcare practices face numerous challenges maintaining a healthy revenue cycle without compromising their ability to provide quality patient care. Keep reading to learn how the UAB Selma Family Medicine Center overcame its buffet of challenges to strengthen its revenue cycle management and improve the practice’s financial health.
UAB Selma Family Medicine Center is the primary clinic for the UAB Health System in the central Alabama region. They serve a broad patient demographic with 4 board-certified faculty physicians and provide the primary training site for 18 family medicine resident physicians. This paper tells the story of their success dealing with staffing shortages and needing help with billing while working with limited resources—success achieved through collaboration with Veradigm. The paper provides insight into how Veradigm and UAB Selma collaborated to achieve multiple successes, including:
- Overall reduction in denied claims
- Increase in collections
- As well as other indirect benefits, such as a reduction in overtime and happier staff
Learn how UAB Selma achieved an exponential turnaround in their billing operations since implementation of Veradigm Revenue Cycle Services in 2022, not only solving their immediate problem but also enabling staff to better navigate the future.