How Revenue Cycle Management Software Helps the Healthcare Industry With the recent shift from fee-for-service care to value-based care, healthcare providers are now starting to see the benefits offered by healthcare revenue cycle management software to their operations. Healthcare revenue cycle management administers the financial processes used in healthcare organizations, like registrations, payment collections, overall revenue growth analysis and the rest. With the Quality Payment Program, healthcare providers need to employ calculated solutions to improve their collections, communications, and patient engagement capabilities to remain competitive in the market. While planning a switch to a healthcare revenue cycle management solution, these are the most important advantages for consideration: New Technology Investments for Long Term Success
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Hospitals and healthcare providers are now more focused on consolidating their organization’s revenue cycle management processes. In the last decade, the healthcare industry has been lagging behind in terms of healthcare innovation and technology, rendering it outdated in the areas of communication, response time and technology. Difficulties with Health and Insurance Portability and Accountability Act (HIPAA) compliance can also affect the industry, making hospital facilities more cautious when upgrading technologies.
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In contrast, there is an upside to healthcare industry modernization. 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. Greater Efficiency 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. In a report issued by Black Book Market Research, it was learned that several healthcare providers intend to replace traditional resource-intensive medical billing processes with high tech solutions to control manual time and data entry error, thus strengthening further recording processes, internal staff communications, and external patient communication. With healthcare revenue cycle management solutions, processes can be automated, leading to more relevant claims submitted to a facility and less time spent on billing and payment collections. Adopting an Analytical Frame of Mind Nowadays, healthcare providers have to invest in solutions that provide analytical data to give them knowledgeable insight and let 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. When implemented right, healthcare executives can digest data comprehensively and convert their findings into actionable improvements.