Continued success and sustenance of global health care organizations call for efficient revenue cycle management. In addition to staying updated with the technological advancements related to care delivery, medical practices need to stay on top of the latest developments pertaining to the billing process for achieving and maintaining financial stability. Here’s where it becomes essential to keep track of the latest CRM trends.
Health Care RCM Trends to Watch for In 2020
1. Revenue Cycle Automation Technologies
Technology will be leveraged for automating and streamlining the routine tasks that are at present being performed manually. This will help to reduce costs while eliminating the need for a huge manual workforce. Workflow automation will also enable monitoring the productivity of the staff and the financial outcomes. It will give the ability to understand who the top performers are and who would require more training.
Technologies such as AI, ML, and RPA will be integrated with the existing digital service platforms, thus facilitating end-to-end and personalized experience to the patients.
2. Price Transparency Will become More Significant
The fact that the health care industry is one of the least transparent of all modern industries related to pricing is about to change. The legislators and consumers are working hard and putting significant pressure to change the scenario. Health care revenue cycle managers will have to insist on bringing about a shift in the pricing transparency.
Health care organizations and providers will need to provide an actual price estimate and abide by it while allowing real-time access to the cost estimates. Embracing technology to centralize operational processes and unifying disparate operations to provide financial visibility across the revenue cycle continuum will become imperative.
3. Preventive Approach Will Gain More Popularity
Patient eligibility verification and accurate payer enrolment are crucial in a healthy revenue cycle management process. These processes, when properly performed, will save a lot of time that needs to be spent on backtracking to the cause of denied claims. Adopting a preventive approach will help to reduce the patient check-in time and claims denial rate.
Providers and health care organizations will adopt a more preventive approach in the future.
4. Patients Will Look for Increased Flexibility and Improved Overall Experience
The patients’ engagement and involvement in their health care have been increasing. It will become essential for practices to focus on engaging patients directly. Providers and health care facilities will need to clearly explain the benefits and help patients to navigate the possible financial options before a visit.
Increased flexibility and better patient experience will become crucial for the financial wellness of medical practices.
5. Cloud-Based Models will Become Dominant
There will be a surge in the shift toward cloud-based revenue cycle platforms. The cloud-based solutions in health care revenue cycle management will gain prominence as they prove to be less expensive while ensuring better IT support.
Wrap-up
The healthcare industry is expected to rapidly evolve into a consumer-centric ecosystem. Expansion and innovation in the health care revenue cycle management will provide better access to health care organizations while reducing their complexities.
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While patient care is always the priority, providers and healthcare organizations need to focus on the best RCM practices to achieve long-term sustainability.