9 APRIL - 2023Rethink Revenue Management to Overcome ChallengesToday's patients expect a cohesive digital experience. For instance, 79 percent of patients want estimates of their healthcare costs and 56 percent demand modern digital payment options. By unifying the front, middle, and back-end processes, patients enjoy a much more holistic experience that drives satisfaction and loyalty. Automation and analytics drive this paradigm, and your patients will thank you for it.The patient is the new payer. The time is now for our industry to finally address issues of transparency and consumerism together. We have a choice ­ we can do it, or the government will do it for us. We are already seeing numerous landmark rules and regulations on transparency, surprise billing and others. As patients have more choices on where to go, they are going to vote with their legs where they can find the best clinical and financial experience. Frictionless access and payment are critical in the patient as payer paradigm. Patients are consumers who are not sick yet-- and they want to shop and pay for healthcare like they do for any other good.Healthcare organizations can't afford to continue riding the carousel of revenue cycle management. 2023 will prove to be a test of all organizations; those that innovate and automate will be successful. It is time to rethink revenue management with a cohesive strategy that empowers organizations to move the needle on revenue management and patient engagement. When healthcare organizations no longer juggle a slew of disparate tools, and automate instead of recreating the process, better outcomes occur. A unified revenue management strategy not only improves the financial health of an organization, but the health of its community. Be bold in your approach and rethink revenue management. I'll be watching. Collaboration between patient, provider and payer is needed to advance in this new healthcare economy. Hospitals and health systems must implement strategies to consolidate multiple vendors and focus on measurable improvements to compete in today's rapidly changing healthcare market. Organizations should look to automate key processes and be as efficient wherever possible. A revolutionary, key performance indicator-based approach fuels holistic revenue improvement. Rethinking revenue management involves a fundamental shift from the traditional cycle of inefficiencies in RCM. For example, health systems that use robotic process automation bots should be able to link that investment to saving the work of several people. It needs to be measurable. Let's work smarter, not harder, and automate wherever you can. Intelligent automation is part of the revenue management solution of the future. There are dual benefits here as well in that the staff are doing the work that they got into the industry to do-- the good stuff-- patient facing. Staff will be more efficient and are morel likely to stay longer when mundane tasks are removed or streamlined so they can focus on what matters most-- the patient. A win-win.An automated, innovative core revenue management philosophy consolidates all data in one place for exponentially stronger analyses. A longitudinal data set-- that cross-checks discrete revenue management elements-- opens the door to a better understanding of what's happening, where, how, and most importantly, what can be done to improve. STUDIES HAVE SHOWN THAT THE MORE VENDORS IN PLACE TO MANAGE REVENUE, THE MORE RISK TO RECOVERY AND HIGHER RISK FOR MORE DENIALS
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