The covid-19 crisis clearly is a medical as well as a financial crisis that has put a huge burden on the healthcare segment concerning patient care, medical services, billing, and payments, updated guidelines, and much more.
With unprecedented situations coming across, the healthcare environment demands a radical transition in one of the major segments of healthcare i.e. Revenue Cycle Management as it highly impacts the evolution of patient experience and expectations.
Revamping the revenue cycle experience with a data-rich ecosystem (combining digitization and advanced technologies) is the need of the hour as it can help healthcare service providers to be future-ready to yield potential gains.
The revenue cycle of the future expects finance functions to be deeply influenced and recognized by digitization, automation, and analytics that would enable businesses to pay close heed to revenue realization well before time.
Investing in the revenue cycle of the future is a tangible solution to shore up the financial health of medical practices and make them more resilient to potential future disruptions and obstructions that could affect the industry.
“Financial Resiliency in a business is the ability to cope with hefty circumstances that adversely influence and impact the business revenue or financial assets and to overcome financial reverses. It becomes necessary to deploy and implement strategies that void the effects of bad spells.”
How to Re-energize your Practice’s Working & its Financial Health?
“Financially Resilient are Empowered Early!”
#Revamp Business Operations
Continuous improvement across the revenue cycle is critical and essential, especially in the high-touch areas of customer service and payment collections. Healthcare organizations must accommodate skilled and well-trained professionals in addition to implementing proven best practices and techniques to alleviate inefficiencies while executing RCM processes.
Team members orchestrating medical billing must be bolstered by software tools to enable efficiency and accuracy in their outputs which may further encourage unique patient experiences.
-Develop smart and intelligent ways of data processing
-Release physical workforce from back-office tasks to increase focus on complex billing segments
-Streamline payment lifecycle with investment in innovation and automation
The operational activities and tasks involved in accelerating the financial health of the medical practice must be aligned with value-based care and telehealth as it has a high impact on the fluidity of collections and revenue gains.
[Prefer Reading: How to Improve your Practice’s Accounts Receivable Process?]
#Strengthen Revenue Integrity
To stop revenue leakage and accelerate the count of reimbursements, there is a significant need to exercise a revenue integrity program. A robust revenue integrity program applies best ethical practices to procure three critical imperatives namely:
- Operational efficiency
- Optimal payments/reimbursements
An ideal revenue integrity program embeds a specific set of guidelines that must be adhered to manage an organization’s revenue cycle. If you are compliant with coding and billing practices, you are paving a path for smoother reimbursements, catching underpayments and overpayments, reducing the risk of denials while saving time, money, and resources.
Take steps to ensure your team understands the nuances of changing compliance requirements, CPT codes, and telehealth reimbursement regulations to ensure your team has a clear understanding of patient versus payer responsibility for all cases.
[Prefer Reading: Charge Capture & its Best Practices to Implement at Your Practice]
#Get the Right RCM Solution
Before the pandemic hit the globe, there were many healthcare institutes that were deficient of an ideal RCM solution to cover them up with blocked cash flows and reimbursements.
To achieve financial/RCM resilience a solid RCM solution is quintessential to optimize and orchestrate core billing, payments, and reimbursements procedures. Any medical practice that desires to accelerate its revenue gains with a significant increase in interoperability and workflows need bolt-on Revenue Cycle Management solutions to fill the unnecessary gaps.
Make sure financials are on solid ground with a robust RCM Automation Solution that improves efficiencies, optimizes revenue cycles, meets obligatory demands, reduces manual intervention, and maximizes reimbursements
An Ideal RCM Solution Covers:
- Patient accounting & billing
- Patient payment portal/system
- Integrated claims resolution
- Denial updates & tracking
- Business intelligence & advanced analytics
- Service level agreements
#Ensure to Place an Effective Patient Payment Strategy
The unprecedented circumstances witnessed amid and after the pandemic have the healthcare cost of patients. Many lost their jobs and became uninsured due to economic declines and have reached the edge of paying out-of-pocket expenses.
Such real-life scenarios demand healthcare institutes to concrete a powerful, patient-friendly, and profit-oriented payment strategy that enhances the likelihood of timely payments, thus, increasing the indices of higher reimbursements and cash flows.
Moreover, automated eligibility verification in an RCM solution enables providers to capture current eligibility data at every encounter and determine the patient’s copay responsibility upfront.
[Prefer Reading: How to Optimize Cash Flow with RCM Best Practices?]
“From the early technology adopters, 85% of the healthcare respondents state that Robotic Process Automation and Artificial Intelligence are creating exponential efficiencies in their revenue cycle systems and 90% believe that it is increasing patient access to care.”
RPA is considered an ideal solution that delivers process efficiency and accuracy in medical billing operations and opens new revenue streams by improving net revenue capture by automating tedious rule-based revenue cycle tasks.
Considering patient experiences and the financial performance of the healthcare service providers, businesses are keeping a close eye on Robotic Process Automation (RPA) and are empowering it to be used at its greatest potential.
Applying RPA into the medical practice is synonymous with deploying a digital worker within a health system that can not only automate the revenue cycle process but can leverage patient onboarding and keep them up-to-date.
At NetSet we design strategic RPA solutions and leverage the technology, enabling data-driven businesses to digitally transform and reshape themselves through mobility, robotics, intelligent automation, and advanced analytics.
Our custodial and advanced RPA solutions are laser-focused to optimize revenue cycle management processes and demonstrate a tangible return over investment for the technologies in use
The Time to Adopt a New Operational Paradigm is Now!
Reach out to NetSet Digital and know how we can help you drive profitability and transform your organization to be resilient and resistant to unforeseen situations or disruptions that may cause service halts.
Our advanced automated solutions render major organizational improvements, healthier profit margins, and a better patient experience once put to work.
We’ll address your RCM challenges head-on and allow your health system to operate at its highest potential, boosting your practice’s financial recovery using RPA.