Revenue Cycle Management (RCM)
Providing the entire gamut of services underpinned by the power of
Hyperautomation technologies for an efficient Revenue Cycle Management.
Simplifying patient experience on the front end, expediting back-end processes, and guaranteeing adherence to industry standards and best practices by combining the power of hyperautomation with significant knowledge and experience.
Revenue Cycle Management (RCM) forms the backbone of a profitable medical practice and plays a pivotal role in assuring the profitability and sustenance of any healthcare provider. Claim submissions account for $4.5 billion of the total healthcare spending in the US which is 13% of the entire administrative transactions.
Optimizing RCM is a key concern for healthcare providers to remain profitable, provide high-quality patient care, and deliver positive patient health outcomes.
The process starts from patient registration, billing, and medical coding to payment posting. Our solutions combine the power of hyperautomation combined with extensive expertise and experience to simplify the patient experience on the front end, streamline back-end operations, and ensure compliance with industry standards and best practices.
Hospitals and medical practices can profit from faster cash flow for charge posting with a clean claim record of about ~90%.
Automating payment posting can increase gross recovery and net collection rates by 25%.
Revenue cycle management (RCM) in healthcare is a process in which healthcare providers undertake various claims, payments, and revenue generation functions. It comprises identifying, managing, and collecting patient service-related revenue. The financial process is crucial for the healthcare sector as it helps them in day-to-day activities related to administrative and clinical functions. RCM helps healthcare organizations to maintain profitability by increasing efficiency and reducing costs.
Due to the complexities in the operations of the healthcare sector, there are chances of errors at multiple levels. Thus, the Revenue Cycle Management system is divided into various steps.
Although the RCM system is designed to offer convenience to Healthcare providers by easing operational efforts, the process can be improved with the advent of new technologies. Hyperautomation helps to increase the automation of various business functions. In RCM, Hyperautomation can prove to be a boon as it employs AI & Analytics, process mining, cognitive bot automation, AI rules engine, and Real-time analytics to prevent, detect and eliminate errors in the system. This is aimed to make the RCM more efficient in the long run.
JK Tech provides an end-to-end innovative RCM solution to identify and eliminate administrative inefficiencies in the healthcare processes and reducing costs, while increasing revenue and improving processes. We deliver the latest innovative solutions in the hyperautomation-enabled RCM space by collaborating with best-in-class solution partners in the ecosystem.
Use the form below to get in touch