The Future of Revenue Cycle Management | Top 7 Healthcare RCM Trends

By Leo John

Healthcare providers or owners should give the first step top priority in order to protect and streamline the industry’s revenue. Therefore, it is not something that is seasonal and just needs to be handled occasionally. For successful healthcare revenue, achieving perfect Revenue Cycle Management is crucial. So, relying on the healthcare revenue cycle can benefit the financial side of healthcare, no doubt. However, the problem is the level of efficiency of your healthcare revenue cycle management approach. Did your revenue cycle and healthcare stay on the same track as trends? Well, do you wonder if you need to check those trends? The answer is YES. In this blog, let’s find the revenue cycle management trends for 2024 to supercharge with an increasing pace of consolidation, innovation, and adoption of new ways of doing work.

Top Healthcare Revenue Cycle Management Trends 2024

1. Knowing the Basics: Healthcare Is, Was and Will be About the Patient

Financial transparency and no-surprise invoicing have been hot topics of discussion in the healthcare revenue cycle Patients want quick and simple access to information regarding the treatments provided and the associated costs, the amount that their insurance provider is anticipated to pay, and the out-of-pocket costs they are responsible for. We foresee major changes in the scheduling, price transparency, and flexible payment choices used by healthcare professionals when communicating with patients. Innovative firms and solutions will start to appear in the patient access and experience sector. Additionally, we believe that rising consumerism will result in branded healthcare chains, particularly in the areas of urgent care, mental and behavioral health, and dental care.

2.Value Based Model

The value-based service model integrates performance and quality-based pay, departing from the conventional fee-for-service paradigm. Doctors provide preventative care to distinct patient groups to achieve their patients’ overall wellness objectives. Savings on the payer side from improvements in the general population’s health are given to providers as incentives and bonuses under value-based contracting. The improved performance also brings on a change in payment rates for the following year. Fewer patient visits in the event of lump sum payments meant a larger percentage for the doctor because they didn’t have to return the extra money. Payments and combined paperwork ease the administrative strain. Although it is taking some time for the VBS idea to get widespread acceptance, the practice is a better chance for sustained cash flow because it displays unpredictable earning situations and future uncertainty.

3. Data Analytics and Artificial Intelligent

With the arrival of AI and Data Analytics, the healthcare sector is evolving quickly. Data Analytics may unlock the previously untapped potential of static medical data to predict illness onset trends, which would significantly impact public health management. The development of Artificial Intelligence has made it possible to do the unthinkable, including conceptualizing novel medical discoveries and treatment options, utilizing genetics for personalized medication, and developing cutting-edge medical technology for patient monitoring and preventative care.

4.Labor Shortage

Because of the labor crisis during COVID and after the pandemic, the number of healthcare professionals and nurses who burned out increased as a result of putting in extra hours. The following trends are a result of the labor shortage.

Outsourcing in Clinical Documentation:

The use of virtual clinical assistants and medical scribes, as well as other clinical documentation services, has been adopted by hospitals and healthcare organizations. They hope to provide professionals with more time for clinical recording by using offshore or outsourced labor.

Struggle for Clinical and Documentation Talent:

In 2024, the competition for top clinical and managerial expertise is projected to become more intense. In 2024, we observed up to 30% of the top executives in areas typically thought to be very secure, such as Revenue Cycle Management and healthcare finance, changing employers. Healthcare Human Resources Managers must collaborate with the clinical and financial teams in 2024 to guarantee the necessary personnel level.

5. EHR System

The correct EHR and Healthcare RCM system can implement radical government regulations and constantly alter policies in the practice system without any noticeable disruption. The EHR system’s features that are most often utilized include:

Online appointment scheduling.
Digital demographic data gathering.
Real-time eligibility verification.
Access database for each patient’s prescription history.

The RCM services were able to manage the coding, billing, and claim submission processes more effectively, thanks to the EHR. By smoothing claim reimbursement and reducing refusal scenarios, an effective RCM model increases revenue. Learn how to strategize your RCM model for 2024 in order to realize the full potential of RCM.

6.Financial Efficiency

Healthcare finance directors must achieve profitability and find the funds to invest in cutting-edge technologies despite challenges from inflation, rising supply prices, and falling reimbursements. The following are some tactics they might use: Protect the money. Providers must redirect their attention to denial prevention to get paid what they should for the medical services they deliver. Stop revenue leakage. Collaboration between coding, revenue cycle, and clinical staff is essential for billing compliance. Effective clinical documentation can stop DNFB (Discharged Not Final Billed) difficulties and lower denials to free up more money. A hospital or healthcare system can earn up to 20% more money by improving medical billing and coding accuracy. Do More with Less Make more out of little. Healthcare providers need to focus more on the numerous workflow and editing features offered by their software. These features encourage concentration on minimizing old Account Receivable Management and can provide extra cash with less work. They may enable their workers to perform more tasks and get the most out of their revenue cycle by properly configuring the technologies that are already accessible.

7. Healthcare Investments are Flowing into Consolidation and Niche Capabilities

The following themes, which will reshape healthcare in the future, are being invested in by private equity players

Space for healthcare

Consolidation of expansive healthcare systems in response to increased consumerism and growing demand for a workforce with consistently high standards. In response to the aging population and rising demand for services and remote patient monitoring devices, home care, and DME services. Consolidation of chains of urgent care centers, mental health and behavioral treatment facilities and physical therapy facilities. Value-based care organizations and products facilitate the transition from emergency care to long-term wellness. Through consolidation, large-scale revenue cycle providers have emerged. Providers of specialized services including analytics, utilization management, and better clinical documentation.

Bottom Line

If you feel that regulating, managing, and streamlining those healthcare RCM processes are challenging, or you are not having enough time, then you have another option (actually, the best one) to streamline the process. Outsourcing your healthcare RCM process with a third-party RCM Company. Choosing Revenue Cycle Management services from our MHRCM offers numerous advantages over managing your revenue cycle in-house. We possess specialized expertise, advanced technology, and a dedicated team that ensures maximum efficiency and revenue optimization. By outsourcing to us, you can save time, reduce costs, improve cash flow, enhance accuracy, and stay up to date with evolving industry regulations. Our RCM services allow you to focus on core competencies while leaving the complex revenue management tasks to our experienced professionals, resulting in improved financial performance and peace of mind.

Related Recourse

About the Author

Leo John

More Elena’s Articles

Healthcare Revenue Cycle Management Trends 2024

Top Healthcare Revenue Cycle Management Trends 2024

3. Data Analytics and Artificial Intelligent

7. Healthcare Investments are Flowing into Consolidation and Niche Capabilities

Bottom Line

About the Author

Leave a Comment Cancel Reply

What is Financial Clearance in Healthcare?

MHRCM Insights to Streamline Revenue Cycle Management and Enhance Efficiency

The Role of Blockchain in Enhancing Medical Billing Security