ICD-10 has the potential to dramatically affect healthcare organizations' cash flow.
Brian Brown, Vice President, CarePayment: The increased complexity of ICD-10 can affect nearly all aspects of the revenue cycle. Provider organizations are expecting an impact on revenue recovery, and if you haven't set aside ample funds, you may face several quarters of financial pressure.
Patient financing is one option to gain back control and fill revenue cycle gaps during the transition. The fastest way to have a big impact on cash flow is to convert existing internal payment plans to a professionally managed payment program, which would start with an analysis of the portfolio of unpaid balances based on such factors as propensity to pay and then provide advance funding for patient accounts to the provider.
If you would like to share your RCM best practices, please email Carrie Pallardy at cpallardy@beckershealthcare.com to be featured in the "RCM tip of the day" series.