Unfortunately, it is becoming harder to get paid everything you are owed given today’s reimbursement environment.
Editor’s note: This content was originally posted on SourceMed’s website.
Simply stated, revenue cycle management is following each and every claim to full payment. There are many areas along the way that create low pays and/or no pays. According to researchers, as much as fifteen cents of every US dollar spent on healthcare goes towards revenue cycle inefficiencies. That translates to the country, as a whole, spending approximately $400 billion annually on claims processing, billing, payments, et cetera, because of a lack of revenue cycle management.
Healthcare technology has evolved in recent years, giving administrators the tools to leverage analytics and create revenue cycle solutions. These solutions enable their organizations to monitor processes, increase operational efficiencies, and improve net revenue.
To begin, consider the following four key areas that make a measurable impact on revenue cycle management:
- Case Costing
- Payor Mix
- Contracts
- Workflow Automation
To learn more about these 4 points, read the full story here.
