The key to efficient operations and a better patient experience in healthcare is to mitigate challenges and optimize revenue healthcare management.
FREEMONT, CA: Healthcare professionals aim to provide their patients with exceptional service and outcomes at every level of care. Cost is a significant conflict for patients because of uncertainty about costs and lack of understanding about medical billing.
Patient-centered billing reduces that concern, improves patient satisfaction, and shortens claims revenue cycles. A patient-centered, streamlined revenue system begins with understanding the revenue cycle in healthcare.
There are many moving parts in the RCM process. Healthcare regulations make implementing changes to RCM strategies challenging, but many of those challenges present opportunities to improve digital solutions and streamline organizational structures.
Compliance: HIPAA sets rules for health information security and portability across medical systems, reducing administrative costs. RCM processes must be HIPAA compliant, whether they are digital or outsourced. Healthcare organizations must invest in cybersecurity.
Billing and Coding: The cost of incorrect coding is high, and the average cost of reworking a claim is USD 25. Insurers leave potential payouts on the table when denied claims are not often reworked. A successful RCM strategy should focus on submitting clean claims from the start.
