Revenue Cycle Management
Focusing on a better patient financial experience, broadening the vision to include the outpatient sector and the inevitable insurgence of AI are all coming and can go a long way to bolster the bottom line.
If hospitals aren't optimizing their revenue cycle, they could potentially be leaving millions of dollars on the table.
About two-thirds of millennials in revenue cycle jobs are satisfied with their roles, though many said they would consider other career opportunities.
The problem was the web of multiple EMRs that complicated the process and created dramatic variances in the way referrals were processed in the primary care and specialist office.
Sixty-three percent of providers already accept web portal payments and over a quarter now offer text-based payment options.
Revenue cycle is an EHR-related area of dissatisfaction -- 56 percent of execs said EHR RCM adoption challenges have been equal to benefits.
Case study: Revised paper statements and new digital patient portal drove a 38% improvement in self-pay collections, a 21% reduction in cost-per-dollar collected and patient satisfaction rose from 28% to more than 50%.
Most providers are tracking patient leakage in-house through their EHRs, but many aren't fully satisfied with the results.
With the mandate repealed, and DSH dollars unchanged, competition for that money is going to be fierce, experts predict.
Using embedded codes in blockchain technology, claims process themselves.