CareMedic Systems

For most organizations, today’s revenue cycle is characterized by increasing complexity compounded by the sheer volume of claims to be managed. Information regarding accounts is contained in multiple disparate systems that may not talk to one another. Electronic information must often be matched to paper documents stored in a variety of departments.

Looming over this chaotic environment is the constant threat of timely filing deadlines.

A global tracking solution gathers information from the variety of disparate systems containing claims data at all points in the revenue cycle. An effective tracking system routinely monitors the data to provide timely filing alerts and valuable management reporting tools that improve the organization’s financial effectiveness.

An intelligent global tracking system helps you to:

• Meet filing deadlines
• Reduce manual processes
• Quantify the dollars tied up in each stage of the revenue cycle

So that you can:

• Pinpoint problems
• Take timely action
• Improve processes
• Measure individual/departmental effectiveness
• Establish accountability
• Improve revenue recovery
• Shorten the A/R cycle
• Measure staff productivity

Tracking claim progress (or the lack thereof) can be a virtually impossible task, particularly in an environment that includes manual processes. While legacy systems all provide an Aged Trial Balance (ATB) that shows the aging of outstanding cash in the post-billing state as a key management tool, the information in the reports is often defined by financial class and age rather than the precise location of claims in the revenue cycle.

Why is it important to know the exact status of claims throughout the revenue cycle? Any Patient Financial Services manager whose performance is judged on A/R days outstanding understands the pain of a backlog in the coding department. And when A/R days begin to rise as a result of bottlenecks in departments that they do not control, those very same managers hear the same refrain: "That’s a patient accounting problem."

You need a simple, accurate and efficient way to know the exact status of every claim in your system—even when they’ve been sent out to an intermediary. If a simple report could tell you the precise location of every claim, who is responsible for it, what actions have been or are being taken or need to be taken, how long it has been in its current location, and the time remaining to the filing deadline, you would know exactly where to focus your energy.

An intelligent global tracking system creates ATBs and other reports by revenue cycle milestones to report the amount of cash tied up in each stage of the claims process—so your efforts are focused where they are needed, when they are needed.

Wouldn’t it be interesting if the next time you heard, "That’s a patient accounting problem," you were able to produce a report that showed the total number of claims and dollars that had been delayed or denied by errors in the patient access process or in your charge description master? Of course, if you really wanted to show off, you could track and trend the types of errors and their impact.

Here’s the good news: with our solutions, you’ll have the robust tracking and reporting tools you need. CareMedic’s eFR enables you to track all claims from inception to resolution. Like an air traffic controller, you will be able to monitor every claim as it moves through your organization. You’ll know what, where, why, how and when every claim-related event occurred. You’ll be able to measure performance in objective terms to assist you in refining and streamlining your processes.

An effective global tracking system becomes even more powerful when it’s backed by event-driven logic—a system of built-in business rules that automatically monitor and route your claim data. Like a "virtual business office manager," the event-driven logic acts to ensure that each claim is automatically directed to the appropriate person at the appropriate time for the appropriate activity— allowing staff to focus on the most productive tasks.

CareMedic’s eFR uses event-driven logic to automate workflow and enable more effective—and less costly—tracking and denial management. It’s a solution with proven results.

Understanding the value of global tracking brings you one step closer to improved cash collections, shorter A/R cycles, and fewer financial headaches.

We’d love to help you make a difference in your bottom line.

For more information about how CareMedic products can help you, please contact us by completing our information request form.