The Revenue Cycle Needs Surgery, Not Band-Aids
As we see companies release more solutions targeting the revenue cycle, it’s time to distinguish excitement from impact.
As we see companies release more solutions targeting the revenue cycle, it’s time to distinguish excitement from impact.
By insisting on coding-aware AI solutions, health systems can ensure that these technologies fulfill their transformative promise, reducing clinician burnout and administrative burden, improving patient care and communication, and accurately capturing what occurred during an encounter.
Besides the impact to physician satisfaction, the cost of this administrative burden is staggering: Organizations spend $82.7 billion annually on documentation, coding, and other administrative tasks, straining both budgets and staff.
SmarterDx — an AI startup that provides clinical review and quality audits for medical claims — closed a $50 million Series B funding round, bringing its total funding to date to $71 million.
Organizations must take a proactive approach by implementing a comprehensive education program, internal audits, and automation technology.
Historically, providers had to meet certain criteria and address three key areas in the patient’s progress notes: patient history, physical exam and medical decision making. CMS has eliminated the history and exam components as required elements for billing purposes, so medical decision making is now the sole driver of the level-of-service.