In today’s healthcare environment, hospitals are facing immense pressure to maximize revenue while managing costs effectively. One critical area where hospitals often struggle is in capturing the full potential of revenue per procedure. Research indicates that the average 350-bed hospital may be missing out on as much as $22 million in revenue capture opportunities annually. This substantial gap underscores the importance of optimizing revenue streams for sustainable healthcare operations.
The Vital Role of Documentation in Revenue Optimization
Accurate and comprehensive documentation is a cornerstone in maximizing revenue per procedure. Here’s why it matters:
- Medical Device Reimbursement: Each medical device used in a procedure can be billable, but proper documentation in the electronic medical record (EMR) is essential for reimbursement.
- Case Complexity: The complexity of a case can significantly impact reimbursement. Hospitals strive to document and code cases accurately to ensure optimal reimbursement.
- Case Mix Index (CMI): CMI reflects the average severity level of a hospital’s procedures and directly impacts reimbursement rates. Accurate documentation is crucial for maximizing CMI.
Overcoming Documentation Challenges
Despite its importance, documentation can be challenging for hospitals. Common challenges include:
- Manual Processes: Many hospitals still rely on manual tracking methods, which are prone to errors and inefficiencies.
- Data Leakage: Clinical staff may overlook documenting supply usage, leading to lost revenue opportunities.
- Inaccurate Documentation: Billing departments may submit claims based on incomplete or inaccurate documentation, resulting in underpayment.
Leveraging AI and Automation for Revenue Maximization
Hospitals are increasingly turning to AI and automation to address documentation challenges. Advanced software systems, powered by AI and RFID technology, can track supply usage in real-time, ensuring accurate documentation. These systems streamline processes, reduce errors, and improve efficiency.
Mobile Aspects: Revolutionizing Revenue Capture with AI-Powered Solutions
Mobile Aspects’ iRISupply is a groundbreaking software tool that seamlessly integrates with your Electronic Medical Record (EMR) and materials management software systems, automating the capture of implant and supply usage. The system not only streamlines documentation but also offers clinicians valuable analytics and AI-driven recommendations to enhance efficiency in surgical and interventional suites.
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Set PAR Levels: iRISupply allows you to set optimal PAR (Periodic Automatic Replenishment) levels, ensuring maximum efficiency in inventory management.
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Real-time Expiration Alerts: Receive instant alerts about expiring supplies, helping you manage inventory effectively and reduce waste.
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AI-Powered Inventory Re-balancing: Utilizing AI technology, iRISupply automatically re-balances your inventory across departments, optimizing your owned/consigned mix and ensuring you have the right supplies when you need them.
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Simplified Product Recalls: With real-time search capabilities, iRISupply simplifies product recalls, allowing you to quickly identify affected items and take appropriate action.
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Automated Re-ordering: Minimize manual order entry by leveraging iRISupply’s AI, which automatically re-orders items based on usage patterns, ensuring you never run out of essential supplies.
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Real-time Product Search: Search for needed products and locate them in real-time across your hospital or Integrated Delivery Network (IDN), enhancing efficiency in locating and utilizing supplies.
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Elimination of Charge Stickers and “Tick Sheets”: iRISupply eliminates the need for traditional charge stickers and manual recording methods, streamlining the documentation process and reducing errors.
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Real-time Expiration Alerts: Receive real-time alerts about expiring supplies, enabling proactive management and reducing waste.
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Bill-only Item Tracking and Reconciliation: Track and reconcile bill-only items using iRISupply’s built-in workflows, ensuring accurate documentation and billing.
Conclusion
Maximizing revenue per procedure is paramount for hospitals seeking financial sustainability. By prioritizing accurate documentation and embracing AI-powered automation solutions like iRISupply from Mobile Aspects, hospitals can unlock additional revenue opportunities and improve financial health.