Automate billing to reduce costs and support ambulatory practice growth

Nearly 90 percent of healthcare is currently delivered outside of the hospital in outpatient settings via primary and specialty physician practices. But with record growth, rapid consolidation, and rising patient expectations, ambulatory practices need new levels of efficiency and automation to improve both business results and the patient experience.

Integrating automation into the remittance management process is one of the most effective ways to reduce administrative costs. With MediStreams managing payment posting and reconciliation, payment timelines are shortened, which reduces costs for the practice and improves the patient experience.

The MediStreams Cascade Product Suite offers adaptable integrations that meet ambulatory practices where they are, with the technology that they have. They seamlessly synchronize with existing billing software, electronic health records, and document management systems. The suite’s outsourced services are entirely scalable and customizable, ready to accommodate existing processes, multiple legacy systems and future business growth via new practice establishment or acquisition.

AMBULATORY PRACTICES

What automation can do for the billing teams

It’s vital for patients to be delighted by their provider experience given their increasing options and demand for immediate care. Successful ambulatory clinics are also efficient. Automation greatly improves efficiency by handling more tedious tasks.

Without automation in the revenue cycle, an ambulatory practice can experience:

Increased administrative costs
Payment discrepancies and chargebacks
Unidentified or partial payments
Delays in payment posting or inaccuracies
Lack of transparency and accountability in audits and payment activity
Rise in denials
Reduced patient satisfaction, leading to fewer referrals and return visits
Difficulty managing multiple different legacy systems
Challenges associated with rapid growth and expansion to new locations

MediStreams collaborates regularly with ambulatory practices to optimize payment processing efficiency while elevating the overall patient journey. Our approach focuses on error reduction in billing processes through automation. In the realm of sensitive healthcare data and financial transactions, achieving a delicate equilibrium between automation and data security is paramount for providers.

KEY BENEFITS:

Reduce errors that lead to discrepancies in financial records and delayed revenue recognition
Process payments more quickly
Improve cash flow
Reduce manual labor, leading to cost savings in staff and resources
Project revenue more accurately and reallocate resources accordingly
Enhance compliance and adhere to billing and reconciliation regulations
Improve patient satisfaction and public perception, fueling your organization’s organic growth
Increased opportunity for growth, with a solution that easily scales as practices expand