As a provider of care services for the I/DD community, your priority is to the individuals that need your services.
Your mission: To help individuals of all ages live joyful lives of their choosing, regardless of the many challenges they may face.
But let’s face it… To fulfill your altruistic mission requires resources. LOTS of resources. And if you’re unable to maintain the necessary resources to provide the care your clients so desperately need, you can’t keep your doors open. And as the saying goes: “No Margin, No Mission.”
That’s why efficiently managing your billing and revenue is of paramount importance.
Here’s the problem, though:
You already have your hands full doing what you do best — providing exceptional care to the I/DD community. So overseeing the mundane (but critical) details of managing your ongoing billing & revenue cycle presents a significant challenge. This is especially true if you’re trying to do it all on your own.
Perhaps you already realize this challenge, and you’re taking steps to unload this task to a trusted partner. If so, that’s a great step! But that presents yet another potential challenge.
You see, most of the solutions that you come across, while well-intentioned, don’t specifically serve the I/DD community. While searching for outside help with your billing and revenue cycle management, you may have already noticed that.
The fact is, most solutions you come across have to force the proverbial square peg in a round hole to meet your specific needs. They can achieve this in a couple of different ways, such as retrofitting their current solutions to meet some of your needs. They also may piece together multiple software packages to address your needs or issues that arise.
The result here? A poor user experience and potential delay in realizing revenue — which ultimately takes you away from your primary objective, and negatively impacts the bottom line. Of course, that defeats the purpose of partnering with an outside resource to manage this important aspect of your business operations. Frustrating, indeed!
So what do you do? How do you “crack the code” of this challenge? You find a partner that has a solution specific to YOUR needs—A partner that can meet all your needs in ONE place.
Does it REALLY make that big of a difference to use a single solution that’s specific to the I/DD community? It’s a fair question! And the short answer is: YES!!
For a more detailed response, though, let’s discuss some key benefits of finding a partner with a unified, I/DD-specific solution for your billing and revenue cycle management needs.
1. Accelerate Your Claims Submission.
One of your most valuable assets is data when it comes to claims submission. One key benefit of using a single unified platform is capturing data with maximum efficiency. That’s because the service data can be captured and stored on the same platform.
What does it mean to have service data capture and stored on the same platform?
It effectively means that claim creation, submission, and approval can all happen on the same day of service delivery — accelerating your revenue cycle process without adding additional steps.
2. Get Paid Faster.
The advantages don’t just stop at fast-tracking claim submissions. A streamlined claim submission process can help lead to another key benefit.
That benefit? You can realize revenue sooner.
How? You see, if you have to capture service data from multiple outside EHR systems, this exponentially skyrockets the chance for delays to occur during the process — meaning you see a delay in generating actual revenue.
A unified platform addresses this issue by capturing all the required service data points in one place. This eliminates all the moving parts associated with consolidating data from various outside sources — which is a huge win for your business operations!
3. Reduce Your Costs.
So far, we’ve covered ways a unified platform can boost your billing efficiency and how fast you get paid. But the benefits don’t end there.
A unified platform can also help SAVE you money.
That’s because, with a unified platform, you can avoid all the fees associated with 3rd-party providers and clearinghouses. You can also prevent the cost related to manual verification checks, management of denied claims, and creating reports. This puts money right back in your pocket each month.
4. Maximize Your Claim Accuracy.
To maximize your revenue cycle management, another critical step is ensuring your claims are pristine. After all, error-free claim submissions play a significant role in the efficiency of your billing process.
When using a unified platform, you can efficiently validate all the data in one place. This allows you to verify Medicaid eligibility and ensure each claim is coded correctly — maximizing the accuracy of all your claims before submission.
5. Ensure Your Audit Readiness.
Addressing the efficiency of your billing processes is essential. So is your cash flow and bottom line. But, while important, they aren’t the only issues you have to address.
As providers for the I/DD community, you understand you’re in a highly regulated environment. This means it’s crucial to have all your ducks in a row if/when the regulatory folks come knocking.
Audits can be scary, but they really don’t have to be. That’s why preparedness is essential. Using a unified platform for your billing and revenue cycle management can help you be prepared!
How so? It’s because a unified platform will have access to all the actual service records. This provides easy access to supporting documentation in the event of an audit — simplifying the entire audit process.
You’ll also have peace of mind knowing you’re fully prepared.
Today, we’ve discussed a handful of benefits of using a unified platform for your billing and revenue cycle management needs. There are still many other potential benefits of using a unified platform, but we hope this post has given you a glimpse of what’s possible.
We also hope it’s shown you the importance of choosing the right revenue cycle management partner. At eVero, our comprehensive billing, payment, and revenue management solution, gives you full control of your Medicaid, State-Paid, Self-Paid, and MCO directly from the eVero platform. Learn more about how eVero can ACCELERATE™ your entire revenue cycle.