With surgery being a major revenue generator for most hospitals, it's critical to get surgical billings out the door quickly. Otherwise, hospitals face a cash-flow bottleneck that nobody can afford. So investing in tools that speed the filing of surgical claims can make a big difference for hospitals' liquidity and cash flow.
That, at least, has been the experience of Froedtert & The Medical College of Wisconsin, where they've managed to dramatically speed up the rate at which surgical claims get to health plans. After adopting new software tools, the hospital has gone from 43 percent of charges being sent out more than four days after a surgery to only 1.1 percent.
To make this happen, the hospital invested in a software suite from Surgical Information Systems, which helps managers collect key information on surgeries and turn that data into claims. The software also helps the facility bill for devices, like implants, which might be used during surgeries.
The system has also helped managers support doctors. The software allows the hospital to keep track of specific doctors' preferred supplies for surgery, as well as directions for particular procedures.
To learn more about this case study:
- read this InformationWeek article