ATLANTA–(BUSINESS WIRE)–Azalea Healtha leading provider of fully integrated cloud-based healthcare solutions and services, today released the results of its internal customer survey, highlighting how providers are leveraging patient management services. revenue cycle (RCM) of the company throughout the year.
The Azalea RCM performance analysis was conducted in late 2021 and collected data from over 500 healthcare providers using Azalea Health’s RCM and billing services.
“There is a widespread myth among community medical practices that a robust billing and RCM solution has to be expensive or require a large billing staff,” said Doug Swords, vice president of RCM and co-founder of Azalea Health. “The reality is that by using our RCM services, our clients increase cash flow, reduce accounts receivable (A/R), and free up staff to focus on other areas of the business. When suppliers have access to the latest RCM technologies, regardless of size or specialty, the right billing solution has an immediate impact on a supplier’s business.
Healthcare costs have risen significantly in 2021. Coupled with staffing shortages, inflation, market consolidation and the shift to value-based reimbursement, community providers are particularly challenged to ensure a stable cash flow to remain independent and financially stable.
Azalea’s analysis showed that its billing services were found to increase reimbursement for its outpatient providers, and after analyzing over 1.1 million claim providers, they reported:
an average of 37 days return, compared to the industry average of 45-60 days, as quoted by the MGMA;
an average claims rejection rate of 1.6%, half the industry standard (statistic published by TriZetto); and
an average of 11% of total customer accounts over 120 days compared to an industry average of around 15% to 25% depending on specialty, according to the MGMA.
an independent study conducted by Hobson & Company, a leading research firm focused on return on investment (ROI) studies, found that customers using Azalea Health’s RCM solution were able to significantly reduce the time spent managing the invoicing, A/R days and refusals. One physician owner noted in this study, “Our accounts receivable went from 202 days to an average of 38 days with Azalea RCM.”
Azalea Health’s billing solution covers every step of the revenue cycle workflow, from electronic claims submission and denial management to performance analysis and patient billing. With a dedicated staff with expertise in nearly 30 specialties, clients have reported the friendly, easy approach and always timely responses they have experienced with their Azalea Health consultant.
Azalea keeps vendors informed of changes in regulatory compliance, coding, and reimbursement. Azalea Health’s analysis captured the results of practices using RCM services in 2021.
To learn more about Azalea Health’s comprehensive billing solution, visit www.azaleahealth.com.
About Azalea Health
Azalea Health is changing the way healthcare IT platforms connect community healthcare providers and patients across the care lifecycle. Offering a 100% cloud-based integrated solution, Azalea provides electronic health records, revenue cycle management, and telehealth services designed for rural and community practices and hospitals. Quick to deploy and intuitive to use, Azalea solutions ensure better coordination of care and better communication, enabling better results and a significant competitive advantage. The Azalea Platform also provides tools and resources to help customers meet their meaningful use requirements, as well as strategies for navigating responsible care and alternative payment models. www.AzaleaHealth.com