Month: October 2020

How a Great RCM Team Improves Clinical Documentation

Clinical documentation is an integral part of patient care. With this, a thorough record of the diagnoses made, symptoms observed, and services provided on a patient is created. In short, this is the foundation of a patient’s medical record. When done precisely, it can be used to submit valid claims for reimbursement, but on the flip side, incomplete and inaccurate documentation on patient care or those that do not support the billing codes may result in denial of claims. 

To prevent this from happening, Clinical Documentation Improvement (CDI) must be done to ensure that the events of the patient encounter are captured accurately and the electronic health record (EHR) properly reflects the services that were provided.

Ultimately, it is focused on two things:

1. improving the quality and value of clinical documentation to improve patient care

2. maximizing revenue and reducing medical coding and billing errors

When it comes to conducting CDI, it is beneficial to have a dedicated team of Revenue Cycle Management (RCM) specialists on your operations.

This team consists of:

  • Medical coders and billers – who have the role of translating a patient encounter into the languages used from claims submission and reimbursement
  • Clinical documentation specialists – who review medical records, ensure medical codes have been inputted correctly

Below are 4 reasons how a great team of RCM experts improves your Clinical Documentation process:

  1. They have expert knowledge on ICD-10 and CPT coding

Diagnosis codes play an important part in clinical documentation. These are used to describe a patient’s condition or injury, as well as social determinants of health and other patient characteristics. To capture diagnosis codes for billing purposes, the industry uses the  International Statistical Classification of Diseases and Related Health Problems, Tenth Revision (ICD-10).

Procedure codes, on the other hand, complement diagnosis codes by indicating what providers did during an encounter. The two main procedure coding systems are the Current Procedural Terminology (CPT) codes and the Healthcare Common Procedure Coding System (HCPCS). 

The Center for Medicare and Medicaid Services (CMS) determines the ICD-10 coding guidelines that affect the reimbursement rate for health systems, which have the tendency to change every year. Outsourced medical coders and billers, especially those who are certified by accredited organizations, have extensive and current knowledge of these codes given that they have to undergo an annual recertification exam to keep their credentials. This is especially useful in the process of improving clinical documentation.

  1. They submit accurate claims that improve revenue

Given that your RCM team are experts on diagnosis and procedure codes, you are assured that they are to make accurate claims submission that can positively impact revenue cycle. It has been proven that through CDI, revenue can be maximized. To support this, a 2016 Black Book Market Research survey found that nearly 90 percent of hospitals that used CDI solutions earned at least $1.5 million more in healthcare revenue and claims reimbursement.

RevCyle Intelligence, a leading online resource for the latest news and product information about the healthcare revenue cycle, claims reimbursement, and medical billing for providers, also reported that the Summit Healthcare Regional Medical Center in Arizona achieved a 20 percent increase in its case mix index after implementing a CDI program. Altogether, the case mix index improvement resulted in nearly $560,000 in additional revenue in less than a year.

  1. They allow physicians to focus on patient care

A 2016 AMA study reports that only 27% of their work time is spent on the patient, while 49% is consumed just for EHR documentation. In addition to more time being spent on records alone, they input an additional average of two hours after their work time for EHR data entry. Doctors spend more time inputting the information rather than observing the proper approach and discussing the treatment with the patients.

  1. They are certified with data privacy compliance

Because clinical documentation is often scanned into an electronic system and often interactive and viewed by simultaneously different healthcare providers, it is vital that patient’s records are kept safe and secured.

Although a patient’s record and chart belongs to the facility or healthcare organization, according to the Office of the National Coordinator for Health Information Technology the health record is “not just a collection of data that you are guarding—it’s a life”. Hence, there are three major ethical priorities for electronic health records: privacy and confidentiality, security, and data integrity and availability.

A great team of RCM are often HIPAA and DPA20212 compliant because they value privacy and confidentiality and understand that patient information should be released to others only with the patient’s permission or as allowed by law despite having all access to these records for the clinical documentation process.

With an outsourced team of RCM experts, clinical physicians will have more time in their hands to spend on patient interaction rather than on EHR and clinical documentation. Your RCM team can also work remotely with the following workout results:

  • 95% coding, billing and documentation accuracy
  • 1 hour turnaround time
  • Improved denial management rate
  • ISO 27001 and 9001, GDPR, HIPAA and DPA-20212 compliant

The right outsourcing partner not only ensure building a great and high-performing RCM team mentioned above but also ensure:

  • Operational savings of up to 70%
  • Clinical Documentation Improvement (CDI) and efficient process
  • Information Security
  • Maximize revenue

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performance Revenue Cycle Management team composed of:

Patient Support Services

  • Patient Concierge Specialist
  •  Insurance Verification Specialist
  • Collections Specialist
  • A/R Specialist

Provider Management Services

  • Medical Coders
  • Medical Billers
  • Claims Processors
  • Enrollment Processors
  • Denial Management Specialist

Health Analytics and Risk Management Services

  • Healthcare Analyst

Others

Let’s work together to build a great  RCM Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

4 days ago No Comments Views

How a Dedicated RCM Team Lightens Frontliner’s Workload

On a daily basis, an average healthcare professional is loaded with core tasks such as assessing the patient, plan treatment course, execute tests and diagnostic procedures all the while documenting every step provided and performed to the patient. Simply put, their workload is never light. When administrative tasks such as coding, billing, patient concierge and claims processing add to their existing work, it may distract them from their core responsibilities.

And with the increase in workload demands and a significant decrease in healthcare workforce and resources, medical professionals need the back-up support they can get from Revenue Cycle Management (RCM). This article will showcase 3 ways a dedicated RCM team helps lighten the burden from healthcare providers.

  1. Correct billing and collection errors freeing healthcare providers from administrative tasks

Medical billing and collection errors account for 80% of problems for healthcare revenue management. Examples of these are;

  • Upcoding: where entering the code of a more serious medical condition than what was treated inflates the bill
  • leftover billing
  • duplicate billing
  • incorrect patient information
  • mismatched diagnosis codes

These errors make it difficult to ensure collections from patients. If your primary healthcare team has to handle these administrative tasks, they would need to spend more time completing paperworks and trying to adjust to the latest changes in medical billing than actually performing care and treatment related responsibilities. But having a dedicated RCM team will help your business overcome these challenges, not only because they are trained with the latest billing and coding standards such as the ICD-10,  they also focus solely on getting these tasks done right with quality and proficiency (i.e. <1hour turnaround time and zero coding errors). In return, this will lead to an increase in the level of patient care and thus make practices more patient-centric.

  1. Improve business revenue and practice profitability

According to the Medical Group Management Association (MGMA), 50-65% of denials go unworked. It means that healthcare businesses are missing out on revenue and on the opportunity to detect denial trends to prevent future occurrences if there is no dedicated team to perform revenue management tasks. 

While this can happen at various points in the revenue cycle, denial management is a common weak spot for many practices. That is why outsourcing an RCM team that can solely perform tasks from claims submission to payer collections to a trusted partner can help you avoid revenue slipping through the cracks. As they focus on RCM cycle processes, there will be increased cash flow and more prospects for optimization. On the other hand, this promotes clarity between responsibilities from your in-house healthcare team by allowing them to devote their time and energy on patient care.

  1. Business recovery support allowing patient-centric efforts from healthcare team

A trusted partner who can build you a great, high-performing RCM team will be your additional support during business recovery because they help you overcome the limited supply of workforce which not only lighten your in-house healthcare team’s workload but also allows you to save 70% on operation cost, innovate care technologies to ease manual labor and process improvement for your healthcare business, and ensure patient data security with an established Information and Cybersecurity processes.

A reliable partner and RCM team mitigates disruption from major industry changes. Not only would the right partner help you manage ICD-10 updates in coding, they are more likely to generate and complete higher volume of denials at a required turnaround time and also share industry expertise to help you navigate through any industry transition more easily. Whether it’s ICD-10 or another monumental shift, outsourcing to a trusted partner can be a great way to mitigate disruption during times of change.

Building Top RCM Teams

Building the right team creates a well-oiled RCM process. In return it can result in:

  • 95% coding, billing and documentation accuracy
  • 1 hour turnaround time
  • Improved denial management rate
  •  HIPAA and DPA-20212 compliant

And turning to a trusted outsourcing company to help you build this team gives you access to a world-class pool of talent all the while saving up to 70% operational cost without compromising quality of work and maintaining operational excellence. The right partner also has an established Information Security in place to ensure patient data confidentiality regardless if working on site or remotely. 

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

Infinit-O Key Benefits:

We can build you a great, high-performance Revenue Cycle Management team composed of:

Patient Support Services

  • Patient Concierge Specialist
  •  Insurance Verification Specialist
  • Collections Specialist
  • A/R Specialist

Provider Management Services

  • Medical Coders
  • Medical Billers
  • Claims Processors
  • Enrollment Processors
  • Denial Management Specialist

Health Analytics and Risk Management Services

  • Healthcare Analyst

Others

Let’s work together to build a great  RCM Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

1 week ago No Comments Views

Customer Experience: Best Way to Attract Loyal Customers

Findings of the Customer Experience Tipping Point survey conducted by Medallia, Inc., a global leader in customer experience management, back in 2018 showed that the main reason consumers choose a particular brand when making a purchase or availing a service is customer experience. In fact, 77 percent of respondents claim to have chosen a product or service from a company because of good experiences they had with it, while 64 percent of respondents said they have avoided a brand because of a bad experience they had within the last year.

To fully understand the value of good customer experience, one has to know what comprises it. In a nutshell, customer experience (CX) is your customers’ holistic perception of their experience with your business or brand. Every interaction a customer has with your business plays a part in their overall CX. This encompasses the moment they checkout your online store, for example, inquiring through your customer service and finally receiving the product/service.

Customer Service Speaker and Expert Shep Hyken in his article on Forbes even said customer experience is the new brand. “Everything a brand does – the way it does its marketing, research, advertising and more – all play a role in shaping the customer’s experience,” he wrote.

As such, here are the advantages of ensuring a positive consumer experience in your business.

Customer loyalty

The benefits of a good consumer experience for your business is rooted with customer loyalty. Just like what’s mentioned above, customers will support brands that provided them good experiences rather than those that did not. This will result in a number of positive outcomes for your company such as increased sales and recommendations.

Increased sales

As customer loyalty drives more patrons to choose your brand, sales will definitely increase as well. Focus on creating lifelong clients as 20% of a business’s customers base generate about 80% of sales, according to Penefit. These people will also be most likely interested to try other products/services that you offer given that they already have experienced good service from your brand and are the first ones to recommend you to their circles.

Better reviews

Reviews, may it be by word-of-mouth or online, can make or break your business that’s why your customer service should always be at its best. In their Local Consumer Review Survey, BrightLocal found out that the average consumer reads 10 reviews before feeling able to trust a business and only 53% of people would consider using a business with less than 4 stars. Another key takeaway from the survey results is a negative review can potentially drive away 40% of potential customers.

With continued excellent customer experience, your patrons will also hold you to a high standard and expect more from your each time. This is why it’s crucial to build the right CX team that will help you put your customers first all the time. As the people who take care of the customers, they are the ones who know them the most—their buying habits, likes, and dislikes—and can provide valuable input in improving your services. More importantly, your CX team will help you employ the latest tools and technology that you need to optimize your brand’s customer service.

Building a Great CX Team

Building your own in-house customer service team, especially for small and medium businesses, may be taxing on the budget, resources, and time. Thankfully, customer support outsourcing is available at an affordable cost for every business. With the right partner, you will not only save money but they can also hire the best people for you. You won’t have to hire and/or train new staff because their A+ recruitment team and process will handle that for you. 

The decision to outsource your customer service is an integral one. You want to hire a capable and trusted outsourcing company that is able to meet your unique needs and understands the demands of your brand.

The right partner can gather inbound and outbound solutions, CMS, social media, and back-office services. They can provide your own dedicated team within 30 days and is at your service 24/7, with cost savings of up to 70%. Make sure that they are also ISO-certified and GDPR-compliant, so your company and client data are safe.

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing CX team:

  • Social Media Managers 
  • Online Community Managers
  • Customer Care Representatives (Omni-channel)
  • Chat / Email Support Representatives
  • Technical Support Representatives
  • Website and App Developers
  • Graphic Designers
  • Market Research Analysts
  • Bookkeepers
  • Others

Let’s work together to build a great Customer Care Support Team

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 weeks ago No Comments Views

In-house vs. Outsourced Market Research Team

Making business decisions without substantial research is like playing a guessing game. Companies that bypass research tend to perform less than their competition because they are not well versed with the business movement in their industry. It is why market research is one of the crucial things a company should invest.

But the question is, what is the best way to generate more information in the most effective yet economical way?

There are two ways to consider and assess which is best for your company; develop an in-house research team or outsource the process to a trusted third party provider?

In this article, we’ve laid out useful information about in-house and outsourced teams to help you decide which is best for your company. But first, let us understand the difference between the two.

What is In-house Market Research?

This is when you create your own team and conduct a study within your own business structure and internal resource. Simply put, an organization has a person or team, usually within the marketing department, that is dedicated to doing research for the company. This approach is more common in larger corporations that have enough financial resources to scout, create and can afford an entire team of market research experts.

What is an Outsourced Market Research?

This approach on the other hand means reaching out to a trusted market research company to conduct studies on your behalf. Your partner will build your own dedicated high-performing team in a more cost-effective way. Most outsourcing companies also have access to world-class professionals despite the limitations in the talent pool.

Benefit Table

Below is a table of the benefits of in-house versus outsourced to assist you in your decision making once you decide to incorporate market research into your business.

In-houseBenefit
Knowledged in products and service

Since most company has its own process, terminologies and system, your in-house staff are well-verse with these internal know-hows
Luxury for constant assessment You can easily schedule a calendar of research projects and have real team assessment of the study results
Data securityNon-disclosure agreements are all well and good, but in-house team lessens risk of information leakage unlike when organisations share it with outside parties
OutsourcedBenefit
Cost savingsOn the surface it may seem that in-house teams might be more affordable because you don’t need to pay a third party provider but keep in mind, however, in-house teams are often less efficient than an outside market research company. Meaning, the total cost savings may not be as significant in the end.
In addition, an outsourced team can be more affordable (up to 70% cost-savings) especially if your partner has access to an affordable pool of experts.
Swiftly building teams of experts The right partner devotes all extra effort to build a great team of experts within 30 days. Their A+ recruitment teams and process have access to world-class talents, making sure that they gather individuals with the right expertise and a knowledge base in market research.
Running Business 24X7Offshore outsourcing to a country with a different time zone, allows an advantage of 24×7 operations. Outsourcing partners can take over and continue work even after in-house employees go home. They can complete critical tasks and send it back for review the next morning.

With their years of experience  the outsourced team can easily adapt to your company’s internal processes and integrate strategic research design that best fits you unique needs.

Which option is best for your business?

After knowing the perks of in-house and outsource market research teams, these 2 things should be put into consideration before making a decision.

  1. Your company’s business model

You need to be aware of your company’s business model to know what type of market research you need because ultimately the decision comes down to what works best for your business. Understanding this is your leverage to rightfully assess whether an in-house can sufficiently provide the necessary research output you need or whether to outsource a team for a more wide stretch of research strategies.

  1. Operational capability

This is often overlooked, but being aware of your company’s capability to create your own team is crucial. You have to know if you have the time to manage your research team, the space and office infrastructure to house additional staff along with a good remote-working system, resources for research tools and applications, and lastly the money to your team according to their skills and fund any necessary marketing training.

Great Partner, Great team

Find the right outsourcing partner who has access to world-class market research talents through their A+ recruitment team and process who can ensure building a great, high-performing research team for you. The right partner provides a projected savings of up to 70% on operational costs, yet assuring your team’s efficiency and productivity. Lastly, look for an ISO 27001 and 9001 certified and GDPR-compliant outsourcing company, so your company and client’s data are always safe. 

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize its full potential.

We can build you a great, high-performing R&D team:

  • Research Analyst
  • Account Research Specialist
  • Business Analyst
  • Database Maintenance Specialist
  • Product Ops Developer
  • Cybersecurity Specialist
  • Systems Integration Developer
  • Threat Intelligence Analyst
  • Threat Landscape Analyst
  • Systems Administrator
  • Other R&D Experts

Let’s work together to build a great Research and Data Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

2 weeks ago No Comments Views

Skills and Competencies of a Great Cybersecurity Team

In the 21st century, building a cybersecurity team can sometimes feel daunting because cyber defense can be expensive and it would take a 145% increase in the number of cybersecurity professionals just to match the cybersecurity needs around the globe. 

In today’s climate, more and more businesses are transitioning to online platforms, but this could also mean plenty of hiccups when it comes to online security. Just recently, the World Health Organization reported a significant swell in the number of cyberattacks since the remote work transition, through email scams targeting the general public. This demonstrates that the more you go online, the more vulnerable you become to online attacks. Therefore, having a team of cybersecurity experts in your company creates an additional layer of security for your business and the clients you’re supporting.

In a rapidly evolving technological landscape, what makes a great cybersecurity team?

If you’re looking to form your own team of cybersecurity specialists, here are some essential skills to look for:

Extensive knowledge and adaptability when it comes to emerging IT tools and trends

Technology is a rapidly evolving industry, and it’s useful to have a team that knows a lot about the latest and most advanced tools and that actively explores emerging industry trends. Not only does this ensure that your company is always on top of possible security risks, but it’s also useful in designing and monitoring the security of the company and its business systems, according to Utica  College. Additionally, it enables the team to quickly spot  the  company’s  weak points and find solutions even before a cybersecurity issue comes up.

Technical expertise

When it comes to skills, a recent study from the Department  for  Digital,  Culture,  Media  &  Sport  (DMCS)  states that the most common technical qualification in the UK is the Certified Information Systems  Security  Professional  (CISSP)  accreditation. CISSP accreditation is vendor-neutral and renowned worldwide as the first Information Security certification to meet the rigorous requirements of ISO/IEC Standard 17024. 

Problem-solving and Creativity

The Cybersecurity Workforce Development Toolkit developed by the  US  Department  of Homeland  Security  highlights that an effective cybersecurity team must also be agile in finding  solutions  to  complex  challenges  and  flexible  enough  to  come  up  with unique approaches depending on the type of problem that occurs. As cybersecurity issues often hit companies on their blind side, the team must be able to think on their feet and plan incident response actions rapidly, as cyberattacks could quickly escalate if left unresolved. 

Collaboration and Teamwork

As with any other team, a core skill required in a cybersecurity team is teamwork or the ability  to effectively collaborate and work toward accomplishing shared goals. A study published by  Frontiers  in  Psychology  titled, “Cyber Teaming and Role Specialization in a Cyber  Security  Defense  Competition”  states  that  most  high-performing  cybersecurity teams have team members that know that ins and outs of their role in a specific team and  that  understand  the  specific  tasks  and  expertise  of  the rest of the team. This means that for group dynamics to work, team members must be able to anticipate one another, coordinate, and ultimately achieve effective and efficient workflows.

Teamwork ensures not only the team’s effectiveness when it comes to solving issues, but also the team’s—and in turn, the company’s—overall sustainability. Knowing the specific pain points of a team and having the dedication to work toward addressing these pain points together are the key to moving a team forward.

Build a Great Cybersecurity Team

As more and more companies look toward prioritizing cybersecurity, outsourcing has become in demand in recent years as it is more cost-effective, especially for smaller companies that do not have the resources to hire their own teams. Moreover, firms in the IT industry have started to specialize in different IT fields such as technical support for customers and even AI-capable software. This makes outsourcing even more beneficial for companies. 

The right outsourcing partner can offer data  and back office support that can help you build a great and high-performing cybersecurity team.  At the same time, they can create endless  opportunities  for  your company to realize your full potential. Look for a partner with the following:

  • Comprehensive security measures to protect data, hardware, networks, virus/malware, physical protections
  • Remote management and continuous security awareness
  • Globally recognized security certifications: ISO9001, ISO27001
  • Adherence to privacy laws: GDPR, DPA2012, HIPAA compliance

Partnership with Infinit-O

Infinit-O’s mission is to create endless opportunities for your company to realize your full potential.

Infinit-O Key Benefits:

We can build you a great, high-performing Cybersecurity team:

  • Threat Intelligence Analyst
  •  Systems/Cloud Administrator
  • AWS and Azure DevOps Engineer
  • IT Technical Assistant
  • Information Technology Team
  • IT Operation Analyst
  • IT Operation Engineer
  • Others

Let’s work together to build a great Cybersecurity Team.

Start small. Exceed expectations. Think infinitely. Think Infinit-O.

3 weeks ago No Comments Views

Newsletter

Subscribe to our emailing list and get notified of the top stories on the web.

Scroll to top