Healthcare providers should carry out their Revenue Cycle Management skillfully, as it includes a wide range of processes, from patient appointments to payment claims. ‘Go with the trend’ is the latest mantra for any business. To sustain and survive in any field, we should have the quality of quick adaptability, which paves the way for advancement.
As a healthcare provider, being aware of the latest RCM trends is crucial. This blog will help you out as it highlights the latest trends in RCM, so do not miss out!
What is Revenue Cycle Management?
Revenue Cycle Management refers to the systematic way of managing the finances of healthcare clinics. It manages the overall patient journey, from filing patient appointments to receiving their payments. A strong and revenue-based RCM strategy is essential for healthcare businesses to develop. Likewise, adapting to the latest changes and upgrades to RCM practices is as important as a strategy.
Financial Balance in Healthcare RCM
Financial balance plays a crucial role in any business. However, if there is an imbalance between expenditures and incomes, it can lead to a huge loss that the business alone cannot handle.
Nearly 50 percent of the hospitals ran profitless in 2022, as per Fitch Ratings’ report. This financial imbalance encourages delays in healthcare services and patient repayments, worsening the situation even more.
Revenue Cycle Management Trends that can Upgrade Your Healthcare Revenue
As a healthcare service provider, it is your duty and responsibility to offer services that match your patients’ expectations. You should often keep in mind the shifting changes in RCM practices to cope with patients’ demands and satisfy their medical needs.
Here are a Few Trends that Have Taken Place in RCM Practices:
Automation and Process Enhancement
A recent report by McKinsey and Harvard researchers says that the implementation of Artificial Intelligence in RCM Practices can save the healthcare industry an incredible amount of $360 billion every year, if it is adapted widely.
Automation in patient filing and communication and medical coding process can improve efficiency, accuracy, and consistency,
Blockchain Integration
Blockchain technology can build trust between parties who are exchanging sensitive information. It can enhance security and transparency and ensure that no one can make changes to the record once it is recorded. It can also automate the claims process by verifying the coverage of healthcare companies and fund providers. The probability of submitting insurance applications using blockchain is high in the future.
Increased Patient-Centric Payment Methods
Giving your patients a clear idea of payment methods is essential to getting paid quicker. In this tech-driven world, there are many online payment platforms through which your patients can pay you. However, choosing payment methods that are patient-centric is essential to getting paid faster.
By employing patient-centric payment methods in your healthcare clinic, you can streamline your patient collections, reduce Accounts Receivable days, and increase your cash flow.
Data Analytics Tool
With an advanced data analytics tool, you can get detailed information about your financial performance, which helps you make clever decisions and build an effective strategy. Reports suggest that companies that implemented advanced analytics have achieved 5-10% greater profits than their peers.
In this modern era, it is essential to receive deep insights about your healthcare revenue to make fruitful changes in its practices.
Regulatory Changes, Challenges, and Compliance
Healthcare RCM providers find it tough to upgrade their RCM strategy and practice to match the changing regulations. Frequently changing regulations are hurdles that every healthcare clinic should tackle. For RCM, there was a new regulation on January 1, 2022, called the “No Surprises Act”, which announced that patients were required to pay only the amount quoted by the healthcare providers. This law ensures the protection of patients to the highest degree. On the other hand, it demands healthcare clinics change their whole process, from billing to reimbursement. In today’s trend, healthcare providers should be able to manage and produce new strategies and practice plans that match the regulatory changes and challenges.
Cybersecurity in RCM
In 2023, there was a record number of healthcare cyber breaches, affecting over 132 million Americans, or about 40% of the country’s total population. Revenue Cycle Management (RCM) teams are well-suited to advocate for vigilant cybersecurity practices in the healthcare industry, as they rely on sensitive patient and payment data for claim processing. Additionally, RCM teams have gained experience implementing new processes around constantly changing compliance requirements. In light of this, the following are some recommended practices that RCM teams should remember, without criticizing those who are already knowledgeable:
- The first line of defense is knowledge and expertise; if you are unable to detect suspicious activity, it will not be stopped. The U.S. Department of Health and Human Services’ Health Industry Cybersecurity Practices (HICP): Managing Threats and Protecting Patients Guidance names training as a key component.
- It makes sense to narrow the scope of your network because it can be more difficult to detect threats if it is complicated or divided, which increases the attack surface. You may get the highest security levels and pass the tightest auditing scope more easily and get the most value for your cybersecurity money by simplifying and segmenting your network.
- Recall that compliance does not equate to security. For example, being HIPAA or PCI compliant does not guarantee zero risk; rather, it only protects you from fines. There is vulnerability and risk anytime and anyplace financial data touches your network if you do not have attentive cybersecurity procedures in place.
Healthcare businesses will always be a desirable target for dishonest actors if they retain private financial information and personally identifying information. It is important to keep in mind that IT departments and the healthcare industry are not the only ones that need to be on the lookout for sensitive patient data, or really, most sensitive data in existence. Leaders of Outsource RCM, you are at the forefront.
Frequently Asked Questions
What are the key Strategies for Improving Revenue Cycle Management in Healthcare?
The key strategies that our MHRCM experts follow are optimizing billing processes and enhancing patient payment collections to boost financial outcomes.
What are the Emerging Trends Shaping Revenue Cycle Management in 2024?
The trends that are emerging in RCM in 2024 are telehealth billing integration and data analytics that give detailed reports on your healthcare revenue.
Will MHRCM be the Perfect choice for my Healthcare RCM Outsourcing?
MHRCM will be an excellent fit for your healthcare RCM outsourcing needs. We specialize in:
- Optimizing revenue cycles
- Ensuring compliance with changing regulations
- Utilizing advanced technology
- Enhancing patient engagement
- Staying updated on emerging trends
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