The flow of revenue may just start to improve for hospitals and healthcare organizations as patients are now coming in to see their doctors. Since the COVID-19 pandemic people were receiving care remotely and practicing social distancing. It makes sense to contemplate making the most out of the revenue cycle management system.
What is a Revenue Cycle Management (RCM) Software?
A Revenue Cycle Management software helps to track billable activities of patients from appointment booking till the end of the payment process. The software technology is robust to streamline medical billing and financial procedures to enhance revenue stream and reduce any financial errors.
Most common features of an RCM Software solution?
The following key capabilities are offered by a medical revenue cycle management system,
- Patient scheduling and registration.
- Insurance verification.
- Documenting the patient visit.
- Generation and processing of medical payments,
- Claims management.
- ICD-10 compliant.
- Report generation
5 Revenue Cycle Management trends to keep an eye on in 2022
- The patient-centric approach will be followed – To propel the flow of revenue, healthcare organizations will focus on a patient-centric approach, According to Healthcare IT Today, healthcare professionals will look at how to offer the best services by using digital technology systems. Through automation, staff members can concentrate on every patient to keep them satisfied.
- Offering payment plans to patients – To boost patient loyalty and retention levels hospitals will offer payment plans to make payment easier. Due to the COVID-19 pandemic, patients didn’t receive healthcare services due to the loss of jobs.
- Deploy telehealth software solutions – The telehealth platform should be leveraged to free staff members and make appointment scheduling convenient. A recent report released by Access Healthcare reveals that telehealth is a $250 billion business and during the pandemic, its usage has increased 38 times.
- The usage of analytics and data tools – Analytics and data tools are vital trends in healthcare revenue cycle management. They help to offer meaningful insights and even identify errors made by staff members to find out which types of claims have a greater probability of getting denied.
- Artificial Intelligence can be leveraged to fortify RCM in 2022 – Machine learning has made its way in many industries and healthcare is no exception. Modern Revenue Cycle Management (RCM) Software systems are using the power of AI to boost the flow of revenue in hospitals and healthcare organizations.
By knowing these trends in revenue cycle management healthcare organizations can get the most out of their business and gain financial stability and success.