Revenue Cycle Management (RCM) is facing a transition phase with the increase in patients, by taking cash from hand, and due to the bad debt write-offs within the medical practices. To get ahead of the curve, many practices start to explore health care technology solutions that provide better financial performance insights. In the year 2021, patients are changing and they expect a better financial experience as important as the care they receive.
So, how all these influences the medical practices in the upcoming months? To answer that let’s analyze it by considering the revenue recovery strategies and payment trends.
Embracing automation in billing
The medical billing process could be automated. The upcoming robotic process automation technologies along with artificial intelligence (AI) help you with it. But for a success, we must support the patient from the registration process to the payment. For that, a patient-focused revenue cycle must be created.
Financial Clearance in Revenue Cycle Management
It is always better to collect what financial balance patients have with them for the healthcare costs. Thus achieving better financial clearance. The pre-registration process is also well to be carried out. This process includes all the steps a practice must take before a patient enters the office. Through this, the patient will be aware of his financial responsibility and commitment.
Healthcare providers are consolidating
With increasing consumerism, physician practices are merging to a large brand including hospitals, health systems, and physician groups. This helps them to provide better services and health plans. As the consolidation happens, the outsourcing models of large entities are different from the traditional physicians’ revenue cycle model. For success, the medical billing companies should work on the workers, resources, and technology with less investment.
Check out Growth hurdles in Revenue Cycle Management
Cloud-based RCM software and its service providers are growing fast in the revenue cycle space. Even though, the medical billing companies could offer their services, the change brought by large aggregators has put their business at a risk.
The below points would help to overcome the growth hurdles:
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- Invest in getting high-level resources.
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- Reposition your billing company while building your services portfolio.
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- Use automation to perform the functionalities.
Manage costs and reduce revenue leakage
Increased regulatory compliance, rising consumerism, reducing reimbursements are causing healthcare professionals to come up with strategies to contain costs. To reduce revenue leakage, medical billing companies must use key performance indicators and benchmarks to create better performance measures.
Patients Want Price Flexibility, Transparency, and overall experience
More price transparency and flexibility are expected by the patient when it comes to healthcare. Before the visit, the patient must be made aware of the benefits and the financing options to create a good experience.
Medical Claim Processing & Revenue Cycle Management
Medical billing and coding are the important functions in RCM. This is because accuracy in these areas would predict whether or not a claim is reimbursed for the first time or not. Claims get denied due to errors in them. Thus creating holes in the revenue cycle and putting practices at risk. To meet this, either do any of the processes like accept the claim, deny the claim or reject the claim completely.
Conclusion
While entering into 2021, patient care is the most important thing with higher priority. For long term sustainability, better business and operations and fine relationship with patients is essential.
Medibilling Experts is a healthcare BPO service provider providing you with services related to medical billing, revenue cycle management, medical claim processing, and health care analytic. For more information about our services mail us at [email protected]
