The American healthcare industry generates a massive $3.5 trillion every year. Along with that mind-boggling figure comes truly astronomical volumes of medical record keeping challenges that are weighing down medical providers today like no other time in history.
Just on aspect of managing all that information is something called RCM – Revenue Cycle Management. This process is a key element of handling the financial aspects of running an efficient healthcare operation. It involves leveraging the power of medical billing software to track elements of patient care that range from appointment scheduling to final payments.
Finding RCM solutions is vital in cutting costs, collecting payments and ensuring that a provider is generating revenue with maximum efficiency. To that end, several key trends have emerged in RCM that are generating considerable interest.
One is something called predictive analytics. This process enables significant insight and makes more transparent an organization’s revenue cycle. For example, predictive analytics can show the likelihood of when patients will pay a bill on a specific date after they have been sent a notice. It can also show if a provider will have slower reimbursements in the next month. That’s important information to know.
Another trend where RCM solutions can play an important role is in anticipating when insurance companies move to cut future costs. Industry insiders expect insurance companies to continue to redesign their health plans and trim down their provider networks. The ability to anticipate these future revenue changes using RCM solutions technology can help healthcare provider plan accordingly and mitigate losses.
A third trend confronting healthcare entities is a struggle to find enough qualified staff to work in coding and billing claims management. That means outsourcing RCM functions will be coming a more frequent option. Using an outside RCM consultant can save time and money because it relieves burdens with managing and training in-house staff.
For more information on RCM solution, contact Gebbs Healthcare Solutions through their website today.
