Hospitals adopting Epic’s new patient accounting platform are turning to banks with healthcare experience to help smooth integration, and make the most of this innovative technology. Finance executives from two major health systems shared their integration strategies.
Q: WHAT KEY TRENDS ARE INFLUENCING HOSPITAL BILLING-SYSTEM AND REVENUE CYCLE STRATEGIES?
As a result of the Affordable Care Act, the healthcare industry has had to reconstruct its cost curve. Top line revenue is impacted by so many things now, including quality measures and the shift from inpatient to outpatient care. We have to be able to get every dollar we can out of our cost curve.
Q: HOW DOES EPIC’S SINGLE BILLING OFFICE INTERFACE WITH BANKING PROGRAMS TO INCREASE BILLING EFFICIENCY AND ACCURACY?
When the patients write checks to pay their bill, it goes through the bank lockbox. When paying through our portal, patient payments are deposited electronically to our account. The bank creates a file for us, based on the guarantor number that’s on the statement, so it knows where to post.
Q: WHAT SHOULD HEALTHCARE ORGANIZATIONS LOOK FOR IN A BANKING PARTNER WITH RESPECT TO EPIC?
A strong command of Epic capabilities is critical to a banking partner’s ability to deliver fluid points of integration with banking platforms and complementary revenue cycle solutions. A bank’s revenue cycle solutions can enhance a client’s Epic platform investment.
HOW EPIC IS DISRUPTING BILLING PROCESSES
Automates more in key areas: Epic reconciles payer payments and remittances in an electronic format. Working with their banks, providers can refine this process through customized data feeds and digital deposit records.
Centralizes critical billing processes: Consolidation is friendlier to the patient, but may produce a more complicated receivable with several accounts represented on a single statement. A bank lockbox can facilitate more accurate patient payments.
Harnesses more working capital. When banks intersect with Epic Cash Management, hospitals gain automated lockbox data at the most granular level, which provides a clearer view of cash balances and can enhance AR days, cash flow, and working capital.
- Epic’s new patient-accounting platform can disrupt hospital billing systems, but also deliver tangible benefits
- More hospitals are using Epic to heighten revenue cycle efficiency
- Working with a bank that has extensive healthcare expertise can help enhance integration, from point of service to payment collection