Along with challenges, a crisis brings opportunities.
With the drop in new weekly COVID-19 cases across the globe, governments, businesses, and citizens are slowly returning to working from their offices.
While the pandemic has stretched global healthcare systems, there’s one particular aspect it has brought the focus on.
Healthcare leaders are making increasing use of real-world data to minimize the impact of COVID.
Businesses, in general, and health centers, in particular, also need to drive operations with a data-driven approach.
In this blog post, we look at the challenges involved in revenue cycle management & how healthcare providers can overcome them to improve patient care.
So, let’s begin!
What is Revenue Cycle Management?
Revenue cycle management enables health centers and clinics to standardize revenue billing.
It involves the use of medical billing software to track patient care right from appointment scheduling to final payment.
Revenue cycle management combines administrative data such as patient name, insurance provider & personal information, with patient treatment & healthcare data.
What Are the Challenges With Revenue Cycle Management?
There are three key challenges with revenue cycle management:
Access to Revenue Cycle Data
Healthcare decision-makers commonly have to improvise decisions by cobbling together reports from unrelated data sources.
In order to make effective decisions, you need to have the right data at hand.
Dependency on Analytics Teams
Undemocratized analytics leads to drawn-out decision-making.
Decision-makers have to request reports from business intelligence teams when studying metrics such accounts receivable, collection rates, and charges & payments.
Time Taken to Develop Reports
It takes time for a BI team to develop a report that enables leaders to take effective decisions about revenue cycles.
While it takes days on average to develop a new report, it takes them a similar amount of time to populate existing reports with updated information.
How to Effectively Manage Revenue Cycles
Robotics Process Automation (RPA)
The first step you can take to improve revenue cycle management is to use bots to manage tasks that would otherwise require manual work.
Robotics Process Automation (RPA) enables you to simplify healthcare processes right from billing and coding to scheduling and charting.
With AI, you can identify the reasons for insurance claim denial pre-submission, so as to minimize denial rates and boost reimbursements.
You can also reduce costs and improve work processes to look at historical data about scheduling, registration, charge capture, billing and collections.
Empowering employees to make the most of data enables you to reduce dependency on analytics teams.
To build successful self-service analytics, you’ll need to:
- Develop a data-centric culture
- Increase data literacy
- Ensure data governance
What Are the Benefits of Effective Revenue Cycle Management?
Here’s how a health center benefits from effective revenue cycle management:
Increase Collections & Revenue
Streamline revenue cycles to improve collection. Uncover trends to prevent claim denials in future and receive reimbursements on time.
Focus on Quality Health Care
Minimize the amount of resources spent on correcting errors and appealing patient claims. Focus on the quality of care and transition to value-based reimbursement.
Improve Patient Experiences
Simplify scheduling, filling out forms, and billing, to improve patient and staff experiences. Reduce patient readmittance with comprehensive healthcare.
Reduce Burden on Administrative Resources
Increase the efficiency of administrative staff by streamlining front-end tasks such as appointment scheduling and updating patient information.
In this blog post we looked at the challenges involved in revenue cycle management & how you can overcome them to improve patient care.
With the power of data analytics, you’ll have timely access to data and be able to diagnose issues before they become a problem.
Drive Effective Revenue Cycle Management With Data Analytics
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