Why is a 24-hour turnaround period essential to the healthcare industry’s revenue cycle

Maintaining financial stability and guaranteeing the ongoing provision of high-quality patient care depend heavily on timely payment. Manual coding may delay payments and upset healthcare professionals. XpertCoding, an AI-powered medical coding system with a 24-hour turnaround time, has transformed the industry and accelerated the revenue cycle. This article discusses why the healthcare revenue cycle requires a 24-hour turnaround time and how XpertCoding is changing the scene.

The Effects of Quickly Handling Claims

Medical codes must be completed within 24 hours in order for claims to be processed and filed on time. In order to shorten the time, it takes for healthcare professionals to be paid for the services they deliver, this speed is crucial. Claim processing might take days or weeks with manual coding, delaying the revenue cycle. In contrast, providers may get payments much more quickly thanks to XpertCoding’s automated system, which speeds up the revenue cycle. Maintaining cash flow and financial stability within healthcare companies depends on this rapid turnaround.

The likelihood of mistakes and ensuing rejections increases with the length of time a claim is submitted. The possibility of claim rejections rises when old or erroneous data is provided as a result of coding process delays. With over 98% coding accuracy, XpertCoding’s AI-powered approach dramatically lowers mistakes and the possibility of claim rejections. Claims are processed and rectified within 24 hours, guaranteeing their accuracy and completeness prior to submission. A smoother revenue cycle and fewer rejected claims are the outcomes of this efficiency.

Improving The Stability of Finances

Cash flow is immediately impacted by medical coding AI that responds quickly. Insurance companies pay claims more rapidly when they are handled in less than a day. Medical providers need timely payments to cover staff wages, medical supplies, and facility upkeep. Increased cash flow allows healthcare institutions to invest in new technology and enhance patient care, improving efficiency and patient happiness.

XpertCoding charges a fixed price per claim and provides a variable pricing structure that adjusts to patient flow. Healthcare providers especially benefit from this flexibility since it enables them to adjust expenses in accordance with patient volume. With a 24-hour turnaround time, this strategy protects providers from high expenses during low patient flow, ensuring financial stability year-round.

Maintaining Conformity and Mitigating Hazards

In the healthcare industry, adherence to laws like HIPAA is mandatory. With an audit trail and performance indicators, XpertCoding’s HIPAA-compliant dashboard secures patient data. Processing and securing sensitive patient data in 24 hours reduces data breaches and ensures regulatory compliance.

A new medical coding system’s installation may be intimidating, but XpertCoding’s risk-free implementation procedure lessens this. Healthcare providers may use this innovative system without risk with no setup costs and free coding for the first month. The 24-hour turnaround time allows a smooth transition from human to automated coding without impacting income.

Conclusion

Keeping a quick and effective revenue cycle is crucial in the cutthroat and hectic healthcare sector. Timely payments, fewer claim rejections, and financial stability depend on 24-hour medical coding systems like XpertCoding. AI Powered medical billing and coding solutions speed the revenue cycle, assure accuracy, compliance, and long-term financial health for healthcare companies. By using Medical Coding AI, healthcare practitioners may concentrate on patient treatment without worrying about delayed reimbursements.

FAQs

Why are claim denials detrimental to healthcare organizations?
They delay revenue and increase administrative burden.

What role does coding accuracy play in claim submissions?
Reduces errors and minimizes claim rejections.

How does HIPAA compliance impact medical coding systems?
Ensures secure handling of patient information.

Why is a flexible cost structure beneficial for providers?
Allows scaling costs based on patient volume.

What risks are associated with manual coding processes?
Higher error rates and slower claims processing.

How does automated coding improve operational efficiency?
Streamlines processes and reduces administrative workload.