Healthcare organizations are facing uncertain times, which is putting enormous strains on their revenue cycle management (RCM). Medicare cuts, shifting payer markets and new payment models are straining the old tried-and-true approaches to billing and collections. To compete in today’s healthcare environment, organizations need to make sure their financial operations are running efficiently.
The revenue cycle is impacted by virtually every aspect of the healthcare continuum – from the time a patient makes an appointment, to the care received, up until the time the bill is completely settled. An organization’s ability to proactively manage what happens in that period of time can have a direct impact on its profitability. Conversely, failure to do so can jeopardize an organization’s future.
It is becoming increasingly clear that to prosper in these uncertain times, organizations need to automate their RCM as much as possible. The most successful forms of automation can help lower staff costs, enhance clean claims rates, cut denial rates, improve patient collections and reduce bad debt – all contributing to enhanced profitability, improved financial outcomes and, potentially, improved patient satisfaction.
To learn more, download the white paper “Automated Revenue Cycle Management: Improving financial performance in uncertain times”.
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