Did you know that more than 60% of medical organizations in the USA are planning to automate their revenue cycle billing operations by the end of 2021? This trend of leveraging technology to improve the revenue cycle management had started way back at the beginning of the 2000s. But with the recent global pandemic pushing the world to work remotely, the automation needs are riding high. As a result, revenue cycle billing leaders of the USA are making some profound changes in their working pattern to ensure that any future global crisis does not cause a financial crunch in their system.
The priorities highlighted by these leaders are incredibly crucial to follow as they will dominate the majority of healthcare revenue patterns in the coming years. In this article, we have articulated some of the top priorities of the income cycle billing leaders in 2021. Read on to know more!
1. Estimated Medical Cost Break-up for Patients:
Patients dread the surprise bills that pop up after every visit to the hospital. This is also one of the reasons that healthcare organizations lose credibility and patient loyalty. Here are some of the key highlights that could save you:
- Out-of-pocket expenditures are primarily the responsibility of the patients. However, they do not always know what the extent of the bills can be.
- These unpaid claims often pile up, which leads to a disruption in the cash flow of the healthcare organization.
- Revenue cycle billing leaders are focusing on increasing payment transparency by using systems backed by Artificial Intelligence support.
- Leading healthcare organizations are trusting user-friendly models for the patients so that they can have an estimate of medical costs.
- They can use these models to know beforehand what bills they can expect from the services. They can also plan their insurance coverage and excess out-of-pocket expenditures.
- The leaders have also highlighted that the patients are much more informed about their payment responsibility in recent times.
2.Replacing Age-old Manual Payment Systems:
Replacing manual payment systems with automated ones has clearly shown an improvement in staff efficiency. On the other hand, the payment rates have also gone up significantly. Here is what the leaders have to say:
- Some global healthcare organizations headquartered in the USA, like Cleveland Clinic Florida, have taken steps to accelerate the automation of repetitive manual work after the Covid-19 struck the world.
- Some of the key focus areas in their case include patient financial services and many other front-end functions.
- Prior authorization and patient eligibility verification processes are vital parts of revenue cycle management.
- Revenue cycle billing chiefs are focusing on the use of automation for these two particular roles. It is going to make the process significantly error-free and reduce the burden of claim denials. All this will automatically improve the revenue flow.
- They are also focusing on increasing staff efficiency by automating manual processes like phone calls.
- The staff can focus more on the complicated tasks while the automation can take care of the mundane ones.
- Phone calls are being replaced by automated text messages. A statement from Ochsner Health highlighted that the reminders have led to a whopping 40% increase in payments!
3.Using Data Analytics for Efficient Revenue Cycle Billing:
Covid-19 has led to severe unemployment rates all over the world. This has automatically affected the affordability concern of the patients. The revenue cycle managers are also leveraging technology to address this vital issue. Let’s see how.
- Subsidizing the employer’s healthcare plans for the newly unemployed staff is one of the starters for this aspect.
- However, a proper database is required to reach out to the concerned population.
- Top clinics are trying to use Machine Learning to track down these data points and analyze them to come up with a robust system.
- Some of the organizations like the Vanderbilt University Medical Center are starting to make an open conversation with patients regarding the change in affordability conditions.
- In this case, the patients can voice their concerns directly with the provider organization. The medical center, in turn, is guiding the patients so that they can have a more suitable plan.
- One part of this process is also providing them financial assistance for the services rendered.
- More than half of the application process, in this case, has been through digital modes, according to their records.
- This clearly shows the digital revolution picking up the pace to make healthcare more affordable to patients and revenue management easier for the providers.
What is the focal point of these revenue cycle billing priorities?
Technology! Each concern and solution you witness above involves the use of technology to its highest potential.
- Most healthcare organizations have also struggled with limited in-house teams when handling the crisis.
- This has seriously impacted the workflow management of the organizations- tackling denied claims and a considerable volume of patient records at once.
- If you have not already considered automation as a solution to your existing issues, then the time is now, as shown by the top leaders of the healthcare industry.
Not sure about investing in revenue cycle billing automation right away?
Upgrading the workflow system might be tough if you are on a tight budget. The best solution here is to outsource your work to the leading revenue cycle management companies! Here are the advantages:
- They already have scalable and repeatable processes in place to enhance your revenue operations.
- Top companies already have the latest automation features required to make revenue management better.
- You do not need to invest further in staff training as they have experienced professionals on the job.
- They have plans for all kinds of budgets. Get in touch with them to know which will suit you best and reap the benefits within a short period.
Hope this blog gave you a good idea about the top priorities of the revenue cycle billing leaders in 2021 and how you can use them for your organization. For any queries or suggestions, do not forget to leave a comment below. For more news on healthcare and technology, please subscribe to our blog. You can also catch the latest updates from our pages on Facebook, Instagram, Twitter, and LinkedIn. Do follow for regular updates!