March 10, 2022 - Parul Saini, Webmedy Team
Healthcare revenue cycle management is experiencing some new trends, including remote work, new consumer debt rules, and increased patient financial responsibility. The world is changing and the activities behind medical care repayment are changing with it. Medical care associations are recovering from a phenomenal general wellbeing emergency during which whole-assistance lines shut down so suppliers could concentrate on halting the spread of a dangerous virus.
A digital revolution has been taking place in healthcare. Due to the shift in clinical adoption of EMRs to comply with Meaningful Use, the business side of healthcare has become even more complex. The manual processes have historically had a great impact, and now healthcare providers are actively looking for ways to streamline processes and boost performance. Combined, these trends will bring a new normal to revenue cycle management (RCM). Optimizing financial performance will depend on how healthcare organizations respond to these trends.
While COVID-19 devastatingly affected medical care repayment with service lines closing down, the pandemic likewise set off another significant change - remote work. In the same way as other organizations across the world, medical organizations sent quite a bit of their staff home to limit the spread of COVID-19. For quite a long time, RCM colleagues have been working from a distance with the utilization of advanced solutions that empower workers to sign in remotely. The work-from-home trend brought many difficulties, including fast execution of computerized work arrangements, expanded needs for security and consistency controls, and usefulness concerns. Yet, it could turn into the new typical for clinical A/R management since organizations have dealt with the difficulties.
Wait, because the patient as the new payer is gaining traction and is here to stay. It's not only about streamlining a business process. It's all about figuring out who's likely to pay and when and how to communicate with them to assure payment. In fact, according to studies, healthcare providers are having difficulty collecting patient financial responsibilities on time, with around 74 percent of providers requiring more than a month to collect. Furthermore, two-thirds of providers stated that this delay has made patient receivables a top revenue concern for their businesses. As a result, organizations must create solutions that address patient financial responsibility while also speeding up the collection process.
Perhaps citing technology as a trend seems odd. Businesses and organizations have jumped on the "digital transformation" bandwagon a few years ago. When it comes to adopting digital tools, healthcare entities encounter a greater number of obstacles. Changing from paper records to electronic ones basically can't occur all of a sudden. Likewise, numerous medical services organizations face obsolete frameworks that require broad upgrades before sending off advanced arrangements. Existing and new guidelines likewise limit their decision of innovation merchants, as does their requirement for platforms that incorporate an assortment of capacities. They require arrangements that dovetail things like installments, claims entries, patient documentation, and patient consideration.
The healthcare industry has been a primary target for hackers and others. Nevertheless, health data security breaches have been on the rise lately, and new regulations around consumer collection and data security are affecting RCM operations. According to IBM's latest Cost of a Data Breach report, healthcare was the hardest hit sector by dollar amount by data breaches. Across all sectors analyzed, health data breaches averaged 329 days. To minimize the risks associated with cyberattacks and other vulnerabilities, digital solutions and sensitive patient and financial data are being adopted and vetted by RCM teams. To protect your organization from security breaches and keep up with these regulatory changes, you will need to integrate tech solutions and processes.
In healthcare, revenue cycle management and follow-up are still largely manual. As providers gain the advantages of digital, streamlined processes, the adoption of RCM automation has increased. As medical reimbursement evolves, RCM automation will be able to help organizations address the challenges arising from the pandemic in addition to those outlined earlier. By finding solutions with automation that is driven by intelligence, machine learning, and RPA, manual maintenance can be eliminated and productivity will be boosted faster than ever.
Health organizations are entering a new era characterized by remote work, patient financial responsibility, increased compliance and security, and automation. Healthcare organizations can make sure they stay on top of this evolution while ensuring maximum revenue collection by using revenue cycle technology solutions. Streamlining and supporting effective claims follow-up with intelligent solutions can keep organizations running no matter the challenges.
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