How To Optimize Revenue Cycle Management Post-Covid-19?

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How To Optimize Revenue Cycle Management
Post-Covid-19?
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How To Optimize Revenue Cycle Management
Post-Covid-19?
You have constantly worked hard to protect your
staff as well as patients during the battle with
the novel coronavirus responsible for COVID-19
infections, but have you observed your bottom
line and the financial health of your
organization. The sudden rise of erratic and
unpredictable workload affects your revenue cycle
management, according to a recent survey of 587
hospital finance leaders. Today, we are
recovering from the covid-19 pandemic as most
Americans are vaccinated and financial leaders
are looking out for optimization of revenue cycle
management. However, COVID-19 drives certain
trends such as healthcare consumerism and rising
healthcare costs that put enormous pressure on
healthcare organizations. Hence healthcare
organizations are now revamping their processes
to ensure smooth revenue cycle management in the
future. In this blog, you will understand various
strategies to optimize revenue cycle management
post-covid-19. Improve the patient experience
with front end optimization The front end is the
first touchpoint with the patient for any
healthcare practice hence you have only one
chance to offer to enhance the experience that
impacts the remainder of patients visits.
Moreover, optimizing the front-end revenue cycle
ensures to reduce headaches on the backend. With
front-end optimization, various healthcare
organizations can be able to reduce rework on
correct insurance claims, verification of
accurate demographics for the patient, and
collect the patients financial responsibility.
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How To Optimize Revenue Cycle Management
Post-Covid-19?
The advancement of technology ensures front-end
optimization with the help of automated and
bi-directional communications processes.
Moreover, engaging digitally with patients for
patient intake has empowered healthcare
organizations to offer contactless registration
to patients, which is safer for the patient and
staff. Automating the mundane task and
workflow You know team members that are part of
revenue cycle management perform many mundane
tasks such as eligibility verification, claim
status follow-up, and patient statement creation
for accurate and quick reimbursement of claims.
But technology is always a better solution to
automate these tasks and freeing up team members
to focus on more value-adding, complex
tasks. Artificial Intelligence (AI) and
automation are playing a crucial role in the
performance of revenue cycle management. AI has
already established its presence across many
industries, and healthcare organizations are
exploring ways to harness AIs transformative
power. Today various healthcare leaders are
trusting for various use cases of AI in
healthcare out of which prior authorization is
one of the best use cases. However, PA includes
one of many burdensome processes in a
transaction-heavy part of the revenue cycle.
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How To Optimize Revenue Cycle Management
Post-Covid-19?
It is observed that workflow automation on the
front end of the revenue cycle has helped a lot
of healthcare practices during the pandemic. By
automating the process, the practice was able to
clear patients days prior to an appointment that
reduces the need for unnecessary contact and
in-person check-in when telehealth took
over. Need for collaboration with the billing
company It is very difficult for small healthcare
organizations to optimize revenue cycle
management because many physician practices are
having to lack access to capital, technology,
people, and other resources to dive into an
end-to-end optimization project. Additionally,
continuously growing healthcare organizations may
find themselves with a patchwork of revenue cycle
processes and technologies that can hamper the
management of the organization. These are some
indications of to need for collaboration with the
billing company and currently outsourcing of
revenue cycle management is a popular and
cost-efficient solution. Outsourcing will help
you to overcome various common revenue cycle
challenges, such as slow reimbursement,
inefficient workflows, and lack of technology.
Moreover, this COVID-19 pandemic acts as a
catalyst for outsourcing. The in-house team that
is handling revenue cycle management operations
may not be a possibility or cost-effective for
some organizations right now hence Healthcare
practices are looking for collaboration with the
billing company.
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How To Optimize Revenue Cycle Management
Post-Covid-19?
We are a medical billing company with
HIPAA-compliant professionals. Our experts
possess great expertise in revenue cycle
management which leads to our 96 clean claim
submission rate for our customers.
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