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How Revenue Cycle Management Software Helps the Healthcare Industry With the recent shift from fee-for-service care to value-based care, healthcare providers are now starting to see the benefits offered by healthcare revenue cycle management software to their operations. Healthcare revenue cycle management administers the financial processes used in healthcare organizations, like registrations, payment collections, overall revenue growth analysis and the rest. With the Quality Payment Program, healthcare providers need to employ calculated solutions to improve their collections, communications, and patient engagement capabilities to remain competitive in the market. When planning to switch to a healthcare revenue cycle management solution, the following are important advantages to consider: New Technology Investments for Long Term 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industry has been among the slowest industries to implement to healthcare innovation and technology, making it outdated in terms of communication, technology, and response time. Problems with Health and Insurance Portability and Accountability Act (HIPAA) compliance may impact the industry as well, making hospital facilities more careful with technology upgrades.
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On the other hand, there is an advantage to modernizing the healthcare industry. 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 just starting to see the advantages of new technology investments, like less expensive and time-consuming administrative tasks, enhanced patient experience, and more revenue. Greater Efficiency Due to the very nature of the healthcare industry, healthcare providers have been lagging in time management and productivity because of factors such as security, workflow and stability. Healthcare organizations should pay more attention to the reduction administrative tasks that are unnecessarily time-consuming. According to a Black Book Market Research report, a good number of healthcare providers are intent on replacing resource-intensive medical billing processes with new technology solutions that will cut down manual data entry error and time, hence further strengthening recording processes, external patient communication and internal staff coordination. 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. With proper implementation, healthcare executives can effectively digest data and turn them into concrete and actionable hospital improvements.