The most effective revenue cycle tools combine clinical and outcomes data within clinical systems with financial data, said Chris Fisher, business development director at maxRTE, a provider of health insurance eligibility software.
"Effective revenue cycle management solutions can help hospitals make the transition to value-based reimbursement," he said.
Without effective tools, hospitals risk losing revenue during their transition to new payment models, he said.
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.
More articles on healthcare finance:
Poor timing? U of Maryland Medical Center requests $75M hike in state funding
Tennessee will seek approval to use Medicaid block grant
Struggling rural Tennessee hospitals to get restructuring help from state