Is your organization holding onto legacy revenue management systems because they contain information on outstanding patient accounts? Or have you undergone a merger or acquisition that has caused you to consolidate your revenue management systems?
If so, you can decommission your legacy systems and move the patient account data to a cost-effective archive that provides lightweight accounts receivable burndown capabilities. This helps you to eliminate maintenance and support fees associated with the outdated or duplicative systems and simplify your application portfolio. At the same time, you can meet data retention requirements, more easily respond to requests for information or audits, and facilitate closure of outstanding accounts.
Holding onto aging or duplicative revenue lifecycle management systems can be both costly and risky. It’s also not necessary. Through Revenue Cycle Archiving, you can migrate data from legacy systems to Flatirons Digital Hub for Healthcare, applying appropriate access and retention rules. The solution also lets you easily search for patient account data or respond to Requests for Information or audits.
Unlike other archiving systems, the Flatirons Digital Hub for Heatlhcare includes a separate data store for holding annotations and updated account balances for patient accounts. This lets you decommission accounts receivable systems with open receivables while providing basic burndown capabilities through the archive.
Revenue Cycle Archiving captures information about events (payments, refunds, write-offs, etc.) that need to be entered into the general ledger or other systems by the user. The archive provides reports on notes for account changes to enable manual entry of information into other systems.
While legacy systems no longer create new patient accounts, events occur that require accounts to be annotated. Using notes, you can capture information about key events such as payments, adjustments, and write offs. The annotations for notes include changes to the account balance in note form. The balance is not posted to any other applications.
Revenue Cycle Archiving provides the capability to outsource debt collection to revenue cycle partners, or RCPs. RCPs can post payment notes to the archive in batch so that certain events and current account balances can be updated.
