RCM Automation Boosts Practice’s Accounts Receivable Efficiency

In an increasingly complex healthcare environment—and one in which financial responsibility is shifting to the patient—keeping track of how long it takes to collect healthcare revenue that practice has billed but has yet to receive from payers and patients is key.

The lower the number of days, the more cash practice has on hand, which has become increasingly important as margins have tightened and the healthcare industry recovers from the economic troubles brought on by the COVID-19 pandemic.

With the practice growing, though, leaders at Key-Whitman Eye Center decided to invest in revenue cycle management (RCM) automation to reduce manual A/R workflows and improve efficiency. And that decision helped to decrease accounts receivable over 60 days by 38 percent within three months.

A/R efficiency also improved since staff didn’t have to spend time switching between health IT systems to manage each account.