How Revenue Cycle Management Software Helps the Healthcare Industry
With the recent shift from fee-for-service to value-based care, healthcare providers are starting to realize the benefits of implementing healthcare revenue cycle management software in their operations. Healthcare revenue cycle management supervises the financial processes related to healthcare organizations, from registrations to filing and processing claims to analyzing the overall revenue growth and so on.
With the Quality Payment Program, healthcare providers have to implement smart solutions to boost their organizations’ collections, patient engagement and communication capabilities so as to stay competitive in the market. When planning to switch to a healthcare revenue cycle management solution, the following are important advantages to consider:
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Hospitals and healthcare providers now have more focus on comining the revenue cycle management processes of their organization. Over the last ten years, the healthcare industry has been among the slowest industries to implement to healthcare innovation and technology, making it outdated in terms of communication, technology, and response time. Problems with Health and Insurance Portability and Accountability Act (HIPAA) compliance may impact the industry as well, making hospital facilities more careful with technology upgrades.
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On the other hand, there is an advantage to modernizing the healthcare industry. A recent industry report showed that the global revenue cycle management market is forecast to reach $7 billion in the year 2020 as an effect of increased healthcare IT investments. Healthcare providers are only beginning to understand the advantages of adopting new technologies, such as better patient experience, greater revenue and less time and cash spent on administrative functions.
Because of the nature of the healthcare industry, providers have been lagging in time management and productivity due to factors such as stability, security and workflow. Healthcare organizations should work on reducing administrative tasks which are time-consuming. According to a Black Book Market Research report, a good number of healthcare providers are intent on replacing resource-intensive medical billing processes with new technology solutions that will cut down manual data entry error and time, hence further strengthening recording processes, external patient communication and internal staff coordination. Healthcare revenue cycle management solutions help by automating processes and thus increasing the amount of relevant claims submitted to a facility and reducing the time required to organize payment collection and billing.
Adopting an Analytical Frame of Mind
These days, healthcare providers must invest in solutions offering analytical data, to equip them with useful insight that lets them compete with regional healthcare providers and medical facilities. It’s just as important for healthcare organizations to capture and leverage data analytics and insights for proper staff training and sounder real-time business decisions. With correct implementation, healthcare executives can comprehensively absorb data and turn their newly acquired knowledge into actionable hospital improvements.