mailed, because payers are not yet producing these transac- tions in the X12 835 format. With traditional paper EOBs, the payment-processing entity must gather them from the payer and then sort through the EOBs in order to reconcile the payment and manually process the check. This process is a line-by-line ordeal that introduces a massive risk for error
After careful review of next-gen solution providers and implementation, one should be selected that will present several core benefi ts to the practice. A substantial reduction in staff should be quickly realized, as mail handling and the posting and reconciliation of deposits will all be automated.
and simply requires too much time. With paper EOBs, there is no chance for analysis of the practice as a whole because the data is not electronic, and therefore can’t be aggregated into a larger piece of sortable information. After careful review of next-gen solution providers and implementation, one should be selected that will present several core benefi ts to the practice. A substantial reduction in
staff should be quickly realized, as mail handling and the posting and reconciliation of deposits will all be automated. Various overhead costs will decrease, including physical space to archive EOBs and other correspondence, offi ce supplies and, of course, the salaries and benefi ts cost savings of fewer employees. More effi cient processes will positively change the practice’s entire revenue cycle, with faster and more accurate reconciliations. A savings of $2 to $3 per check is reasonable. For a smaller practice with 500 payer checks a month, this translates into upwards of $18,000 per year in direct savings. There are some caveats for practices that are looking to integrate a next-generation lockbox solution. It’s vital to do a thorough review of the software vendor to be sure the system will be a real step forward for the practice and that it actu- ally produces the desired results. Some solution providers have stated they can easily convert paper EOBs and other documentation to electronic versions, but they are buggy and might not offer all of the required functionalities. It’s vital to review the solution provider’s technology that converts paper to electronic EOBs and how they relate those remittances back to the claims and bank deposits. This needs to be a seamless loop in order for the practice to realize the maximum gains from a next-gen payment collection solution that improves effi ciency and boosts the revenue cycle.
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A/Rchitect™ Part of SSI’s 10Smart™
Basing your revenue cycle decisions on factual, real-world analysis is always a smart move. With data-driven analytic insight from A/Rchitect,™
you can keep
your enterprise on the right track now and as ICD-10 gets closer. Its cloud-based components will provide the direction you need, whichever path you choose.
SSI to the Power of 10. Learn more at www.10SmartSolution.com or call 1.800.881.2739.
10Smart™ Solution • ClaimSmart Suite™ Leverage SSI’s fully-integrated, workflow-driven, ICD-10-ready RCM solution.
• A/Rchitect™ - Analytics Suite: Baseline operational performance for your entire revenue cycle. - ICD-10 Assessment Tool: Prioritize ICD-10 conversion efforts using historical data and latest mappings. - Claims Management: Optimize tracking and workflow, while preparing for increased ICD-10 complexity. - Contract Administration: Model current and proposed ICD-10-based contracts and track payment accuracy.
• ClearView ICD-10 Test newly coded claims against ICD-10 edits to ensure compliance. © 2012 SSI. All rights reserved. A/Rchitect and its components are products of MedWorth, a wholly owned subsidiary of SSI.
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HFMA ANI Booth #1143 May 2012 11