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Benefits of Revenue Cycle Management Software to Healthcare
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. While planning a switch to a healthcare revenue cycle management solution, these are the most important advantages for consideration:
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Hospitals and healthcare providers are now more focused on consolidating their organization’s revenue cycle management processes. In recent years, the healthcare industry has been one of the slowest industries to use healthcare innovation and technology, making it obsolete when it comes to advanced technology, response time and communication. 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. According to a recent industry report, the global revenue cycle management market may well reach $7 billion in 2020, owing to an increase in 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.
Due to the very nature of the healthcare industry, healthcare providers have been lagging in time management and productivity because of factors such as security, workflow and stability. Healthcare organizations should pay more attention to the reduction administrative tasks that are unnecessarily 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. Just as important for healthcare organizations is to capture and take advantage of data analytics and insights to improve staff training and real-time business decisions. With proper implementation, healthcare executives can effectively digest data and turn them into concrete and actionable hospital improvements.