The common bottlenecks which might slow down your business growth
The traditional approach to healthcare payment has always been to hire more people to intensify the efficiency of the process, adding to costs.
Continual monitoring and evaluations are not a feasible or even practical expectation from human involvement.
The traditional process is tedious and prone to errors, commonly made by human entries.
Payment processing in healthcare, when manually undertaken, involves a large amount of paperwork.
With a focus on patient convenience, the current reimbursement models take on more of the risk.
The payment and claims processing in healthcare is restricted by strict timelines, which adds to the likelihood of errors.
Automated solutions with the capability of increased efficiency, faster turnouts, thereby reducing overall costs
Our solutions work through the creation of models that use algorithms to determine a certain set of data. The models create discoveries by analyzing large chunks of data and are created in a way that can lend themselves to various sets of data and also is customized based on selective data that fuel efficiency into the payment system.
The discoveries that these models offer, extend into future predictions, which may include predictive incomes, revenues, sales, etc. The probability factor of these predictions is also easily gaugeable through advanced predictive analysis technology. Healthcare payment companies greatly benefit through future predictions as they mitigate rejected claims and frauds to a large extent.
Through the process of grouping the data into meaningful sections, data mining is able to offer a summarized view of information that can be actionable. Healthcare payment companies can use these suggestions to further their processes and align them to address the gaps of their particular organization.
This feature is a must-have and eliminates the requirement for manual intervention of data re-entries. The system is geared to automatically generate the data based on initial entries. Thus, the data is organically created and generated and programmed efficiently, reducing the burden on manual work
This is an excellent way to cut down on delays wherein the eligibility of the patient’s coverage can be confirmed electronically and payment recovery processes can be immediately started. This eliminates the frustrating time lag owed to inactive coverage causing denials and payment denials related to missed deadlines.
The automated software should be able to identify errors during claim submission and payment processes, thereby offering suggestions for rectifications. These errors can then be eliminated before submission with the aid of automated suggestions. These solutions go a long way in increasing overall revenue through reduced errors.
We have leveraged analytics within our software platform with a focused goal to optimize the time payment on account, measured against Accounts Receivable (AR) days through a data-driven approach. Among others, the goal is to promptly access critical financial metrics and assist with quick problem-solving.
Our high-performance automation payment and claims management software provides the capability of real-time access to current and past claims, along with areas that need to be checked. It also reduces the need for manual processing. Finally, professional claims can be adjudicated in real-time through interactive transactional experiences for immediate addressing of problematic areas and delays.
OSP Labs offers s healthcare payment solution that is capable of highlighting claims that are likely to be rejected or refused. This will enable faster problem-solving and the efficiency thereby increased. Based on past inputs, the software can predict claims that are potentially those which could be denied. Prioritization becomes much easier through this feature, with attention demanded towards areas of immediate attention, such as pending matters.
This platform is specifically geared to address revenue cycle management through increased data validity, easier access to data points and availability of relevant financial information. Analytics are procured much faster and efficiently, without inter-department dependence. The data insights and analytics aid in better decision making, with insights to provide and predict the ongoing and upcoming trends of the industry.
We follow every government's regulatory mandate and create solutions that adhere to strict protocols.
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