As the healthcare industry transitions from fee-for-service models to value based approaches to tackling rising costs, revenue cycle management takes on much greater significance. From pre-registration to collections, the dynamics of your revenue cycle depend on a myriad of key factors. Your hospital or healthcare institution may be dealing with largely external forces including patient debt, decreased cash flow, and increased claim denials from a volatile health insurance market.
Without cutting corners and affecting care quality, how can you improve your RCM in the ever-evolving healthcare universe? Don’t miss these 9 tactical and effective solutions:
Use Revenue Cycle Management (RCM) Software
Digital RCM solutions can streamline and automate processes, maximize profits, and even provide insights into patient populations including rates of illness and chronic disease, frequency of visits, ability to pay, etc. Integrated into other health IT systems including medical records and billing, effective RCM software shortens the window of time between providing service and receiving payment. It can also assist with tasks like scheduling appointments, reminding patients of outstanding balances, and even automatically responding to payer claims denials with questions and appeals. Continue reading