Receiving timely and accurate payment for services is even more crucial at hospitals today as they face increased financial pressures. Given this importance, revenue cycle management leadership often asks, "Where's my remit?" according to Eric Nilsson, chief technology officer of SSI Group.
"This inquiry can be answered with greater precision via predictive analytics using machine learning. Machine learning utilizes algorithms to predict future payments based on when past remits were paid. The algorithms use payments made by payer, claim type and a number of other factors that, when combined, create a historical pattern to predict future payments," he shared with Becker's Hospital Review.
"How precise are these algorithms? Confidence levels, or the probability of the expected payment, are also calculated and can be as high as 90 percent or greater in many cases. Being able to answer when your remit is to be paid can be particularly helpful when trying to forecast end-of-month revenue for your organization."
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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RCM tip of the day: Get patient insurance information or payment up front