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How Revenue Cycle Management Software Helps the Healthcare Industry With the recent shift from fee-for-service to value-based care, healthcare providers are starting to realize the benefits of implementing healthcare revenue cycle management software in 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. When planning to switch to a healthcare revenue cycle management solution, the following are important advantages to consider: Investments In New Technologies for Sustainable Success
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Hospitals and healthcare providers now have more focus on comining the revenue cycle management processes of their organization. Over the last ten years, the healthcare industry has been among the slowest industries to implement to healthcare innovation and technology, making it outdated in terms of communication, technology, and response time. 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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In contrast, there is an upside to healthcare industry modernization. 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 only beginning to understand the advantages of adopting new technologies, such as better patient experience, greater revenue and less time and cash spent on administrative functions. Higher Efficiency Because of the nature of the healthcare industry, providers have been lagging in time management and productivity due to factors such as stability, security and workflow. Healthcare organizations should pay more attention to the reduction administrative tasks that are unnecessarily 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. Healthcare revenue cycle management solutions can help through automated processes, giving medical providers and healthcare facilities the ability to boost the amount of relevant claims forwarded to a facility and reduce the time spent to organize billing and collecting payments. Adopting an Analytical Frame of Mind Healthcare providers should invest in solutions that provide analytical data that offers helpful insight and allows them to compete with regional healthcare providers and medical facilities. It’s just as important for healthcare organizations to capture and leverage data analytics and insights for proper staff training and sounder real-time business decisions. When implemented right, healthcare executives can digest data comprehensively and convert their findings into actionable improvements.