Revenue Cycle Management has one primary goal: Improve your financial standing. As you establish clinical and operational goals, you should be focusing on that one core principle. The year is winding down. As you look back at your 2015 RCM goals, can you see how each goal ties into improving the revenue stream? If not, here are some ways to ensure your goals support your RCM core principles.
Selecting the best-fit revenue cycle management (RCM) system for your healthcare organization is critical for success. Beginning before the first appointment scheduling inquiry and continuing through revenue capture and reinvestment, the process must be transparent. To align initiatives with practice objectives, healthcare providers depend on a blend of unique data, health intelligence, clinical data, and claims data.
Learn why patient engagement is a necessity and how you can master it within your practice.
It's no secret that revenue cycle management (RCM) is becoming more complex every day. Based on recent studies, patients will assume greater financial responsibility for their healthcare in the next few years.
Increasing profitability and eliminating unnecessary administration burdens enable medical providers to focus on patient services and care delivery. Revenue Cycle Management (RCM) services allow practice administrators to nurture financial performance while medical staff nurtures healing and disease management.
Administrative burdens are taking the joy out of practicing medicine. Based on a RAND study that explored premature burnout, incoming AMA president Steven J. Stack, MD recently confirmed what many doctors have known for years. Overwhelming regulatory burdens are cutting into time formerly spent interacting with patients, reducing job satisfaction, straining tight budgets to near breaking points, and triggering earlier retirement. Stack said, “A healthier, happier nation (needs) a healthier, happier physician workforce.”
Now more than ever before, specialty practice administrators must think critically about balancing clinical and administrative skills with patient outcome goals and experiences.
Medical Billing / RCM | Value-Based Care
It should go without saying that Revenue Cycle Management (RCM) Services streamline claims processing and support financial stability. But, many specialty providers still don’t fully grasp the significant role that RCM plays in patient engagement and brand confidence building.
According to United States Census Bureau data, there are more than 691,000 thousand physicians and surgeons practicing medicine in the US. Many of these healthcare providers work in private practices and clinics, often with administrative support staff and other healthcare personnel.
Over the past two decades, revenue cycle solutions have evolved from a traditional back-office challenge to a major focus throughout the organization. Every individual in the medical practice from the C-suite to the exam room is expected to keep a critical eye on the revenue stream.
Forty percent of healthcare management professionals surveyed by Oracle reported their current systems couldn’t meet specific industry requirements. RCM services that leverage financial, clinical, and other related data generate valuable opportunities to improve workflow patterns.
