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Benefits of Revenue Cycle Management Software to Healthcare With the recent shift from fee-for-service care to value-based care, healthcare providers are now starting to see the benefits offered by healthcare revenue cycle management software to their operations. Healthcare revenue cycle management manages the financial processes basic to healthcare organizations, such as collection of payments, claim filing and processing, analysis of overall revenue growth, etc. With the Quality Payment Program, healthcare providers must implement the right solutions to increase their patient engagement, communication, and collection capabilities for them to stay competitive in the market. While contemplating on moving to a healthcare revenue cycle management solution, here are crucial advantages to be considered: New Technology Investments Equals Long Term Success
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Hospitals and healthcare providers are now more interested in fusing the revenue cycle management processes in their organization. In recent years, the healthcare industry has been one of the slowest industries to use healthcare innovation and technology, making it obsolete when it comes to advanced technology, response time and communication. Issues with Health and Insurance Portability and Accountability Act (HIPAA) compliance may as well affect the industry, making hospital facilities more careful when upgrading to new technologies.
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On the other hand, there is an advantage to modernizing the healthcare industry. A recent industry report showed that the global revenue cycle management market is forecast to reach $7 billion in the year 2020 as an effect of increased healthcare IT investments. Healthcare providers are just starting to see the advantages of new technology investments, like less expensive and time-consuming administrative tasks, enhanced patient experience, and more revenue. Higher Efficiency With the nature of the healthcare industry, security, workflow and stability are among the factors that have weakened providers in the areas of time management and productivity. Healthcare organizations will have to focus on minimizing administrative tasks that are time-consuming. Based on a report issued by Black Book Market Research, a lot of healthcare providers are planning to switch to digital solutions that will control manual data entry error and time, further reinforcing internal staff communications, recording practices and outgoing healthcare communication with the patients. With healthcare revenue cycle management solutions, processes can be automated, leading to more relevant claims submitted to a facility and less time spent on billing and payment collections. Adopting an Analytical Frame of Mind Nowadays, healthcare providers have to invest in solutions that provide analytical data to give them knowledgeable insight and let them compete with regional healthcare providers and medical facilities. Equally important is capturing and leveraging data analytics and insights for proper staff training and better real-time business decisions. With proper implementation, healthcare executives can effectively digest data and turn them into concrete and actionable hospital improvements.