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 manages the financial processes basic to healthcare organizations, such as collection of payments, claim filing and processing, analysis of overall revenue growth, etc. 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 contemplating on moving to a healthcare revenue cycle management solution, here are crucial advantages to be considered: Investments In New Technologies for Sustainable Success
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Hospitals and healthcare providers are now more interested in fusing the revenue cycle management processes in their organization. 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. 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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In contrast, there is an upside to healthcare industry modernization. A relatively new industry report showed that the international revenue cycle management market is predicted to reach $7 billion by the year 2020, resulting from more investments in healthcare IT. Healthcare providers are just starting to see the advantages of new technology investments, like less expensive and time-consuming administrative tasks, enhanced patient experience, and more revenue. Higher 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. Based on a report issued by Black Book Market Research, a lot of healthcare providers are planning to switch to digital solutions that will control manual data entry error and time, further reinforcing internal staff communications, recording practices and outgoing healthcare communication with the patients. 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 Healthcare providers should invest in solutions that provide analytical data that offers helpful insight and allows them to 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 correct implementation, healthcare executives can comprehensively absorb data and turn their newly acquired knowledge into actionable hospital improvements.