Financial challenges in healthcare have been documented precisely and in-depth for now, and everyone familiar with the healthcare industry understands how challenging recovering reimbursements, bringing down write-offs, and collecting bad debts are in the current scenario. Revenue Cycle Management companies worldwide are working 24 hours a day, trying to improve their healthcare client’s financial game.
However, not all of these companies manage to bring a positive difference in the stipulated time. That’s because, with every new strategy these RCM service providers implement, the challenges in handling finances keep getting more complex.
The only way to beat the race and win against existing and potential challenges, according to experts in the industry, is to depend on technological advancements. Revenue Cycle Management companies that invest in their technical expertise are on the right path to success. Such RCM service providers cannot consider technological investments a choice anymore. This will be an integral need for the day to address revenue issues at their roots and solve them effectively.
As a healthcare provider struggling to balance your frontend and backend services, it is essential for you to not just participate in the RCM technology race but also strive to be on the top of your game and win.
Here are some ways Revenue Cycle Management companies and healthcare providers can win the RCM technology race.
Focus on intelligent automation
Automation is the need for the day, and there are no second thoughts about it. When it comes to RCM, automation helps reduce the time between capturing charges and filing claims. While many Revenue Cycle Management companies have tools that can automate some of the steps of RCM, mere automation isn’t going to be enough right now.
RCM professionals are advocating intelligent automation, and our experts at Quintessence feel the same too. Intelligent automation makes use of AI technologies like machine learning, deep learning, and neural networks can be used to automate RCM processes intelligently.
Keep upgrading
One of the best things about technology is the pace at which it grows. A particular technology that made the news last year may have become redundant. That’s why Revenue Cycle Management companies cannot afford to get complacent if they want to win this game.
Unlike other kinds of investments that are long-term, technological investments are a recurring expense that companies and service providers need to bear.
Upgradation needs to happen regularly in terms of the version of software used, the actual technology used, and human expertise in handling the technology.
Do not forget the low-hanging fruits
The downside to adapting to the latest technology upgrades is letting go of proven, simpler, effective, and cost-efficient tools and technology.
When Revenue Cycle Management companies decide to leverage AI-based tools, they help maximize the revenues generated and make a difference in how revenues are created and reimbursed.
However, it is quite true that these high-end technologies are expensive investments. Not all Revenue Cycle Management companies have the financial bandwidth to make such costly investments in the initial stages.
This does not mean these RCM companies cannot progress forward. Our RCM experts from Quintessence have always made sure to harvest the low-hanging fruits, making optimal use of the available tools and technology.
For instance, a Revenue Cycle Management company may use automation to run its coding auditing. The first step is to check if the team is making optimal use of the technology or if things can be done better.
Identifying ways of improving existing tech makes more sense than constantly investing in new technologies.
Invest in real-time data and analytics
If there is one factor that all Revenue Cycle Management companies should focus on unwaveringly, it is real-time data and analytics.
Backend healthcare processes involving medical billing, coding, denials management, and patient data management generate trillions of megabytes of data over time.
Such large amounts of data have vital business information hiding in them, and it is the duty of a data analytical expert to identify these.
When Revenue Cycle Management companies invest in data analytics, they pave the way for their clients to walk confidently through the coming years.
Such data can give details on why claims are denied, the primary cause of claim rejections, the average time people spend on each claim, the A/R cycle for each department in the hospital, and more such details.
Combine technology with human expertise
While you focus on improving your technological presence and upgrading existing systems, do not forget an equally or more critical aspect of your backend processes – the human expertise that runs the whole setup.
Third-party Revenue Cycle Management companies may come backed by exceptional tools and software. However, if their team can’t handle these high-end tools and make the right use of them, then paying substantial retainer fees for them wouldn’t be of any value.
The first thing you should do, as a healthcare practice, is invest time and money in bringing together the right people to run the game. This is something we at Quintessence have always believed in.
Despite our high-tech tools and solutions, we consider our team of billers and coders our biggest strengths. We invest in training and learning programs for them regularly, and all experts in our team benefit from in-house mentoring sessions too.
Work with vendors who understand the RCM tech race
The last point in winning the RCM technology race is to work with vendors or third-party service providers who understand the race and are in sync with your goals and needs.
There are hundreds of Revenue Cycle Management companies that offer end-to-end RCM services for healthcare providers globally. How do you choose the right vendor, then?
Make sure your vendor understands the RCM tech race and is a part of it. Have initial discussions with the vendor to know whether you and the service provider have similar goals and interests with respect to RCM technology.
Some Revenue Cycle Management companies try to get their clients to make expensive tech investments and run the setup. This may not be a beneficial system for practices. Instead, identify third-party service providers with an established tech setup and let you access these tools and solutions.
Quintessence has always called ourselves partners and not mere service providers. This is because we take a mutual interest in the growth of clients and always share risks.
Takeaways
Technology will be the future of healthcare RCM, and the sooner Revenue Cycle Management companies realize this, the faster they will work towards tweaking their existing processes.
Investing in the right technological upgrades and having the human expertise to handle these is a killer combination that would help such service providers and their clients win the RCM tech race.
If you want to know how Quintessence handles RCM tech and our existing capabilities and solutions, please contact us, and we will get back to you.
