In preparation for Revenue Technology Week, HealthLeader’s editorial team hosted a Q+A for several of the industry's leading experts.
Travis Fawver, Solutions Architect at Inovalon was asked several questions about the largest challenges facing Revenue Cycle to date.
Q: What are the top two challenges revenue cycle leaders face when trying to implement new technology and how can they solve them?
Travis Fawver: Allocating resources and managing the technical lift required to get new solutions up and running.
Especially in smaller organizations, the revenue cycle leader must look at all the resources available to them – time, money, and staff time – and make decisions on what to tackle. Is it getting the new technology up and running? Is it managing a backlog of claims or getting new claims out the door? For small teams, not everything can be done.
Revenue cycle leaders can and should prioritize their time investing in integrated platforms. Despite the technical lift this can often require upfront, the sooner they are able to implement the tool and empower their team, they can maximize the value they can get from that software. This allows them to keep providers in their EHR and focused on their patients – not juggling a number of systems or struggling to create one single source of truth.
Q: What technology solutions does your company offer to revenue cycle leaders looking to streamline possesses and efficiency?
Travis Fawver: We deliver front-end and back-end RCM solutions to empower providers to streamline their workflows and improve accuracy. Powered by the Inovalon ONE® Platform, our RCM solutions enhance revenue cycle operations, help ensure accurate and timely payer reimbursements, and boost cash flow. Our data-driven solutions simplify every step of the revenue cycle, from patient access and eligibility verification, to claims submission and tracking, all the way to patient payment – with analytics available to help RCM leaders pinpoint and address weaknesses in their revenue cycle.
Most recently, we introduced a new all-payer eligibility integration to our customers, empowering them to reduce manual work when verifying patient coverage by normalizing the data going into their EHR. This means the patient information lives alongside the transactions for them, now allowing providers to have one single source of truth in one, integrated solution. This reduces friction for their front-end RCM, setting up their claims for success and improving the patient experience as well.
Q: What revenue cycle technology trends do you see emerging over the next few years and why?
Travis Fawver: I think we’ll continue to see a rise in AI and predictive analytics, particularly in helping confirm patient information and streamlining processes. There are many details that fall on RCM staff to get right on every claim, every time.
Even with the best tools available to them, something is bound to be missed – which is why we have pre-submission auto-scrubbing to help catch and correct claims errors. AI and predictive analytics are allowing us to take this one step further. I think in the future, we won’t be as focused on flagging a correction needed, but instead, perhaps, identifying the error and making the correction for the user.