Rapid solutions enable medical practices to emerge from crisis even better than they were before through improved cash-flow, enhanced operational efficiency, lower AR, and patient care improvements.
SHERIDAN, WY, USA, March 10, 2024 — PracticePath, a leader in healthcare innovation is leveraging its Business Process Intelligence (BPI) service to aid healthcare companies and medical practices that are struggling with the ongoing Change Healthcare crisis. By optimizing operations, enhancing cash flow management, and improving patient care, PracticePath’s BPI service provides a critical solution for organizations impacted by industry disruptions.
Addressing the Change Healthcare Crisis – The Awakening for Medical Practices
The Change Healthcare crisis has created unprecedented challenges for healthcare providers, including delays in insurance payments, high patient balances, uncompensated care, and rising administrative costs. These issues have led to cash flow problems, operational inefficiencies, and decreased patient satisfaction. PracticePath’s BPI service directly addresses these pain points, offering a comprehensive approach to intelligently transform healthcare operations. Practices now know they must evolve to continue in the modern healthcare landscape.
Key Features and Benefits of PracticePath’s BPI Service
Immediate Cash Flow Management – Maximizing Cash Collection and Stopping Leakage
PracticePath’s BPI service helps healthcare providers develop sound cash flow crisis management strategies. By streamlining administrative processes and leveraging technology, healthcare providers can uncover leakage, better manage cash flow issues to reduce AR, and provide high-quality care to patients. Key areas of focus include:
- Optimized Upfront Patient Fee Collections: Maximizing collections for copayments, coinsurance, and deductibles to minimize accounts receivable and improve cash flow.
- Accelerated Claim Submissions: Speeding up claim submissions and rebills to reduce delays in insurance payments and enhance revenue cycles.
- Automated Processes: Replacing manual work with lower-cost automation to increase profitability and operational efficiency.
Comprehensive Data Analysis
PracticePath’s BPI service utilizes advanced analytics to provide a deep dive into an organization’s operational, clinical, and financial data. This helps identify inefficiencies and areas for improvement, allowing healthcare providers to use actionable data analytics to make data-driven decisions that enhance productivity and reduce costs.
Streamlined Workflows
By examining current workflows, the BPI service implements streamlined processes that eliminate bottlenecks and redundancies. This ensures that administrative tasks are handled efficiently, allowing healthcare professionals to focus more on patient care.
Financial Performance Improvement
The BPI service helps identify financial inefficiencies and revenue leakage, providing actionable insights to recover lost revenues and improve the bottom line. By optimizing billing processes and ensuring accurate reimbursements, practices can achieve financial stability and growth.
Better Revenue Cycle Management
Process Intelligence can discover and document revenue cycle processes up to 90% faster. This enables improvements in administrative and clinical workflows, optimizing the end-to-end revenue cycle and operational tasks like entering patient information for health insurance coverage.
Automation and Reduced Administrative Costs
Manual accounts payable (AP) processes are a costly line item for healthcare companies. PracticePath’s AP automation solutions streamline and automate invoice processing, from capture to payment. This allows healthcare organizations to schedule payments and authorize invoice approvals on time, every time. Automation speeds up invoice processes, helps avoid late fees, and frees up capital previously tied up in manual tasks.
Improved Support Staff Workflows
Process intelligence maps the workflow of every process, including tasks like transferring patient data between systems, patient record updates, and insurance claim processing. This reveals inefficiencies and bottlenecks, paving the way to streamline and automate support tasks.
Increased Patient-Practitioner Time
Process intelligence captures 100% of processes and variants, reducing time to automation and enabling healthcare staff to recover bandwidth. This allows for more one-on-one time with patients from reception to follow-up, enhancing patient engagement and health outcomes.
Reduced Clinician Stress
With the added pressures from the pandemic, clinicians are asked to do more with less. Rapid automation with process intelligence removes monotonous and tedious tasks, allowing clinicians to spend more time with patients, improving care and outcomes.
Enhanced Patient Experience
Optimizing administrative processes and reducing wait times significantly improve the patient experience. Satisfied patients are more likely to return for future care and recommend the practice to others, driving patient retention and growth.
Seamless Data Management
Process intelligence uncovers how work unfolds across multiple systems, mapping the flow of information throughout the healthcare organization. Continuous process insights assist with monitoring workflows for irregularities, enabling teams to pinpoint and address inconsistencies enterprise-wide.
Quote from PracticePath CEO
“Our Business Process Intelligence service is a game-changer for healthcare providers struggling with the impacts of the Change Healthcare crisis,” said Brian Tucker, Managing Partner of PracticePath. “By leveraging advanced analytics and process optimization, we empower healthcare organizations to overcome operational challenges, improve patient care, and achieve financial stability.”
About PracticePath
PracticePath is a pioneer in healthcare technology solutions, dedicated to driving growth and efficiency in medical practices. With a focus on innovation, PracticePath offers scalable, finance-friendly solutions that address the unique challenges of modern healthcare. Their mission is to empower healthcare providers with the tools they need to navigate complex landscapes and deliver exceptional patient care.
Contact Information
For more information on how PracticePath’s Business Process Intelligence service can transform your healthcare organization, contact us.