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Encoda Innovates Financial Management for Healthcare Practices

In today's healthcare landscape, a strikingly low percentage—only 25%—of practice leaders feel assured they are collecting every dollar earned from payers. Encoda is stepping up to change this trend, focusing on illuminating the financial health of physician practices through advanced technology and strategic initiatives.

Transforming Revenue Cycle Management

Encoda, recognized as a leader in actionable revenue cycle management (RCM), recently announced significant enhancements to its platform. This initiative aims to empower healthcare practices to not only optimize their financial standing but also to overcome some of the industry's urgent financial challenges. With this rollout, Encoda is at the forefront of pushing boundaries in RCM.

New Features on the Horizon

The newly launched enhancements are designed to tackle the complexities of revenue cycle management head-on. Among the notable features are:

• - Automated Reporting and Dashboards: Utilizing Maestro Power BI, these enhanced reporting capabilities amalgamate data from various sources—clearinghouses, payers, and practice management systems—into a single, user-friendly interface. This allows healthcare teams to streamline workflows and base decisions on timely data insights.
• - Contract Reimbursement Analytics Tool: This groundbreaking addition analyzes payer contracts to identify discrepancies such as underpayments or inaccuracies. By illuminating gaps between the revenue that practice leaders believe they should earn versus what they actually receive, Encoda enables practices to rectify these inconsistencies and better project their financial viability.

Lisa Taylor, CEO of Encoda, emphasizes the necessity of these innovations: "With billions of dollars unrealized due to fragmented systems, our commitment is to provide clear revenue transparency for physician practices. This way, practice leaders can direct their focus on delivering exceptional patient care."

Responding to Growing Demand

The demand for streamlined RCM solutions is evident, as shown by Encoda's impressive 167% surge in SaaS platform adoption in 2024. This influx reflects a clear industry need for cohesive systems that can effectively eliminate operational inefficiencies that typically affect practice management.

To meet this demand, Encoda has transformed into a fully SaaS-oriented organization, aligning its resources to reach more practices across the nation. The transition includes the integration of Encoda Billing Services with Sustainable Medical Billing—an effort that promises to leverage Encoda's innovative technology to enhance the service level provided to clients.

Navigating Industry Pressures

The healthcare sector is currently navigating a myriad of economic uncertainties and shifting payer requirements. Amid these challenges, Encoda delivers invaluable insights that enhance financial health and practice valuation.

Laurie Keesler, Practice Administrator for ENT Associates, expressed enthusiasm for the platform's enhancements: “Since partnering with Encoda, our revenue collection has improved by an average of 7.5%. The insights we gain allow our leaders to make informed decisions that were previously difficult to extract from our management software alone.”

Through the integration of various platforms—clearinghouses, payers, and practice management systems—Encoda is effectively transforming revenue cycle management, ensuring that every dollar earned is collected in a manner that supports profitability.

About Encoda

Encoda is a pivotal force in the landscape of healthcare revenue cycle management, providing unparalleled data visibility and automating workflows through a state-of-the-art interface. By bridging existing gaps between various management systems, Encoda not only optimizes billing processes but ensures healthcare practices can fully realize the financial value of their services.

For more information, visit www.encoda.com.