Focusing on what they call the “financial health” of your bottom line, Allscripts Revenue Cycle Management solution delivers great value for medical practices. It is an end-to-end solution that uses the latest technology to automate and create a high-quality workflow that minimizes operating costs and increases net revenue. Unlike many other RCM solutions, Allscripts RCM goes an extra step forward and has a module that focuses on denial analysis, which helps practices figure out why their claims are getting denied. The cloud-based solution can be put to use immediately and does not require any additional hardware.
Allscripts Revenue Cycle Management (RCM) has come out with a comprehensive, cloud-based tool that handles all aspects of the billing cycle to give medical practices a hassle-free claim management experience. The company claims that its solution results in a collection rate of 99%. As many as 98% of claims generated through the system have a clean first-pass success rate, and only 17% of claims extend past 90 days. The company also claims that in the first year of use, practices see an average increase of 5% in their collections. Customer testimonials on the company websites tend to bear out these claims.
Allscripts offers two levels of service: a shared service and full services. It is not very clear from the website why the first is called shared service – but you can think of this as a low-cost option with limited capability. While the features may be limited, the essentials are here and it is an easy way for a practice to get introduced to RCM.
An important feature offered by Allscripts is the capability to analyze and manage denials. As the solution analyzes denials, it is able to improve the quality of subsequent claims. This results in improving claim approval rates over time. The solution also ensures compliance with all regulations that impact billing and revenue and keeps the practice efficient and effective.
Allscripts has been shown to be effective in improving cash flow, revenues and profit and reducing the numbers of days accounts stay receivable. Clinics that use the solution also tend to see reduced numbers of write offs and an overall improved recovery rate.