Formorethanadecade,AGSHealthhasworkedwithsomeofthenation’s leadinghealthcareorganizations.Throughouttheyears,therehavebeen significantchangesinhealthcareandrevenuecyclemanagement.Today, hospitalsoperateundersubstantialfinancialpressures;revenueisdown37 percentcomparedtopre-pandemiclevels.Addtothisthepressuresfroma globalpandemicandanagingpopulation,andtheneedtocontainrevenue becomesevenmoreapparent.
Theunprecedentedpaceofchangeandcomplexityofthehealthcaresystem, combinedwithstaffingshortages,changingregulations,andglobalizationof resourcesareredefininghealthcareoperations.Partners,likeAGSHealth, needtomonitor,predictandpositionthemselvestomeetthoseneeds.
Ashealthcareorganizationsandthehealthcareindustryhavechangedtomeet thedemandsplacedonthem,sohavewe.Wehiredexecutiveswithextensive experienceinhealthcare.Weputinplacearigorousonboardingprocessto ensureourcodingandA/Rspecialistsunderstandregulatorychangesandare knowledgeableaboutthelatestrequirementsandbestpractices.We developedprocessestoensuresmoothclientonboardingandstreamlined operationsforourstaffandcustomers.
InSeptember2021,weacquiredEZDI,aninnovativetechnologycompany supportingrevenuecyclemanagementwithcomputer-assistedcoding, computer-assistedCDI,auditing,andadvancedanalyticssolutions.This acquisitionhelpedusroundoutourpositionasatechnology-enabledRCM servicespartner.
Sincetheacquisition,wehaveoperatedasonecompanyundertwobrands. ThetimehascometoformallymergeourbrandsandestablishAGSHealth’s positionasapremierrevenuecyclemanagementpartner.
Aspartofthisbrandassessment,weanalyzedthetrendsandissuesreshaping themarketandevaluatedhowAGSHealthcouldbestsupporttheneedsof healthcareproviders.Withlaborexpensesprojectedtoincreaseby$86billion andnon-laborexpensesprojectedtoincreaseby$49billion,theneedfor healthcareorganizationstocontainrevenuehasneverbeenmorecritical.
Our Role in Revenue Cycle Management
Morethanhalfofhospitalsareoperatinginthered,accordingtoKaufman, Hall&Associates,andforecastsfortheremainderof2022showmargins couldbedownby133percentcomparedtopre-pandemiclevels.Fifty-three percentofhospitalscouldhavenegativemarginsfor2022.Thisrevenue shortfallhasmanyhealthcareexecutivesquestioninghowbesttomaximize andretainhard-earnedrevenuesotheycancontinuetomeettheneedsofthe communitiesinwhichtheyoperate.
Thestabilityofhealthcareorganizationsdependsontheirfinancialhealthand themonetaryresourcestoinvestinnewinnovationsandtalentedteam members.Enhancingrevenuecycleperformanceisonewayhealthcare leaderscanensuretheirorganizationsremainfinanciallystrong.Asaleaderin revenuecyclemanagement,wewantedtokeepthistopofmindaswe embarkedonourrebrandinginitiative.
OurexpertservicescomplementedbyAI-enabledtechnologiesandhigh-touch supportdeliverimmediatefinancialrelieftoourcustomers.
Expert Services
Peopleplayanessentialroleinanyorganization.Thedepthofrevenuecycle expertiseamongourteamissecondtonone.Ourexecutiveteamalonebrings decadesofrevenuecycleexpertise,andallservicespecialistspossesscollege degreesinlifesciencesandreceiverigoroustrainingtokeepupwiththe changingguidelinesandregulations.
High-Touch Support
Webelievethebestwaytodiagnoseistolisten.Asatrustedpartnerourfirst stepistofullyunderstandthegoalsofourcustomersandthechallengesthat standintheirway.Next,werallyourteamofseasonedexpertsforanin-depth analysisofthecustomer’sRCMprocessesandcurrentresults.Wethendesign acomprehensivesolutiontohelpthemachievetheirgoals.
Ourengagementwithcustomersdoesn’tendwiththeimplementationofa solution.Asacommittedpartnertotheirsuccess,ourteamprovidescontinual performanceupdatesandactionableinsightstosupportthelong-termgrowth oftheirrevenuecycle.
AI-Enabled Technologies
Thepromiseoftechnologyisalluring,andfortherevenuecycle,thereare greatbenefitstoleveragingtechnology.Yet,it’simportantforhealthcare leaderstounderstandthatwhiletechnologicaladvancementsarehelpingto automateworkflowsandimproveanalytics,peopleaddalayerofprotection byvalidatingdataandmanagingmorecomplexcases.Wesetrealistic expectationswithcustomersbyleveragingautomationwhereitcanprovide thegreatestbenefitsandlowestrisk.Wethensupplementthesecapabilities withaward-winninghuman-in-the-loopservices.Wecallthisapproach,‘AI withahumantouch.’
Financial Stability in Healthcare
Asweembarkedonourrebrandinginitiative,wekepttheseelementsinmind, butourgoalhasbeen,andwillalwaysbe,tohelphealthcareorganizations containrevenuesotheyhavethefinancialstrengththeyneedtoprovide highestqualityofcaretothecommunitiestheyserve.
WeareexcitedtointroduceyoutothenewAGSHealth,andlookforwardto helpingyouachievetherevenuetorealizeyourvision.
Source of content:
https://www.agshealth.com/blog/the-future-of-the-revenue-cycle-the-evolution-of-ags-health/