10 Dec 2018 Trends in Revenue Cycle Management
With the new year quickly approaching, healthcare teams are in a unique situation when it comes to setting goals for 2018 and defining 2018 trends in revenue cycle management. Healthcare providers have to know how to balance the need to stay profitable with the need to provide the best quality of care to their patients.
Unlike other fields, the choices and decisions made could very well make the difference between a positive or negative life outcome.
Hospitals and healthcare providers across the country must have a good plan and budget. A solid plan and a budget will help them in managing their finances when the new year comes. In order to help with that, we have compiled a list of the latest trends in Revenue Cycle Management.
Every year it seems like more and more consumer bills go to collections. Much of this can be traced back to the changes in health coverage that have been occurring. Patients simply don’t know what they are required to pay and what they aren’t. With the new year on the horizon, there is no insight that shows 2018 will be any different. It is important to work closely with patients to find out what would help the most with getting payments on time. This will also increase patient happiness and improve your hospital’s profitability.
2. Optimize Revenue Cycle Technology
The key to optimizing revenue technology is most often middleware. For those who are not tech-oriented, according to Tech Target middleware is a “term for software that serves to glue together separate, often complex and already existing programs. Some software components that are frequently connected with middleware include enterprise applications and web-based services”. Middleware essentially cuts out the middle vendors, saving your team time and money. It will create a more productive and efficient system. Take a look at PaperTracer!
3. Enhance Revenue Integrity Efforts
Some examples of revenue integrity efforts are talking about revenue outflow up front, negotiating all contracts on a consistent basis to make sure you are receiving the best you can get, check for accuracy in charge capture and coding and make sure your reimbursements are correct and up to date. Having an outside independent review can identify any missing links.
4. Predictive Analytics
Collecting data, or even using information that you have already received, is a good start to predict trends. Predictions can help you improve patient care while growing your revenues.
With the new year on the horizon, many hospitals and providers are trying to find a way to make more money. Utilizing and applying Revenue Cycle Management tools can be one of the top ways to help healthcare businesses see that profit margin increase.
Sunlit Cove Healthcare Consultants
We provide management and consulting services to help healthcare businesses run efficiently. Navigating the dynamic and complex revenue cycle management is a challenge for many health plans, health care vendors, and providers. Our consulting services are available to assist with your day-to-day operations and provide expertise in growth and change management. We manage all aspects of your enterprise from the development of the revenue cycle management process to the completion of your business cycle.
Related: Revenue Cycle Interim Management
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