Benefits of Revenue Cycle Management Software to Healthcare

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 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 now have more focus on comining the revenue cycle management processes of their organization. Over the last ten years, the healthcare industry has been among the slowest industries to implement to healthcare innovation and technology, making it outdated in terms of communication, technology, and response time. 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 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. According to a Black Book Market Research report, a good number of healthcare providers are intent on replacing resource-intensive medical billing processes with new technology solutions that will cut down manual data entry error and time, hence further strengthening recording processes, external patient communication and internal staff coordination. 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

These days, healthcare providers must invest in solutions offering analytical data, to equip them with useful insight that lets them compete with regional healthcare providers and medical facilities. Equally important is capturing and leveraging data analytics and insights for proper staff training and better real-time business decisions. When implemented right, healthcare executives can digest data comprehensively and convert their findings into actionable improvements.