When it came time to improve CareMedic Systems’ revenue cycle management platform for hospitals, company officials decided to consult the experts in the field.
The result: CareMedic’s Patient Access Management solution, launched at last month’s Healthcare Financial Management Association ANI conference in Seattle with Financial Admissions Clearance Tracking Software (FACTS) from the nationally-renowned Cleveland Clinic. The solution adds registration guidance capabilities to existing CareMedic products to help hospitals ensure all patient information is captured and verified during the registration process, then matches that data with financial guidance software to handle self-pay, charity care and consumer healthcare issues.
“We take it beyond just our selfish financial experience,” said Lyman Sornberger, director of patient financial services at the Cleveland Clinic.
According to Sheila Schweitzer, chairperson and CEO of St. Petersburg, Fla.-based CareMedic, Patient Access Management is designed to take back-end financial operations and marry them to the registration process at the front end, giving hospital administrators and patients a better idea of how a bill can or will be paid prior to the patient entering the hospital.
“(W)e’ve designed our Patient Access Management solution to address the fundamental fact that the vast majority of data needed for effective billing is captured at or before patient registration, yet 30 percent of the time there are errors in the collection of the data, which later cause billing delays and downstream issues,” she said in a press release announcing the product. “At the same time, high-deductible health plans, health savings accounts and the proliferation of the under- and uninsured have caused a surge in patients’ out-of-pocket expenses, which has only exacerbated collection challenges. More than ever, we see market demand for a single comprehensive solution that supports registration staff and is efficient and effective in handling the front-end process flow to provide a clear and actionable view of a patient’s financial profile. It’s truly become essential to the financial health of the organization.”
The idea, she added during an interview at the ANI conference, is to train hospitals to move from denial management to denial avoidance.