Healthcare is in a continued state of transition as the industry shifts from fee-for-service to value-based care and costs shift from employers and payers to patients. Given these trends, hospitals and health systems are constantly working to improve their revenue cycle processes so they can protect their bottom line.
David Hamilton, CEO at financial technology and business process outsourcing company Mnet Health Services: Many hospitals are already in the process of making big changes by switching their software, billing process, revenue cycle vendor and/or centralizing (in some cases by de-centralizing) their billing centers. This current transition period could become a hodgepodge of increasing bad debt levels, declining cash flow and dissatisfied patients. The logical course of action would be to utilize remote billing solutions from a trusted billing and collections partner to ensure that all insurance claims and deductibles will be billed as well as any outstanding accounts receivables. This would enable provider practices to operate smoothly and also ensure the continuation of a positive patient experience. It's also valuable to note that during this transition stage; protecting your bottom line is just as critical as ensuring a positive patient experience.
For more expert insights on mastering the healthcare revenue cycle, access this story from Becker's Hospital Review.
If you would like to share your RCM best practices, please email Kelly Gooch at kgooch@beckershealthcare.com to be featured in the "RCM tip of the day" series.
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