Why is Healthcare Revenue Cycle Management (RCM) so complex?

EHR

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RCM

MACRA

PMS

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Time management and efficiency play a significant role in RCM. How a practice uses EHR can be largely centered on how their RCM is implemented. For most healthcare providers, RCM is present from pre-registering a patient till the payment collection. Whether you own multi-location practice or a single-location, revenue cycle management has become a fundamental component for all the healthcare providers.

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1. ICD-10 codes ICD-10 codes continue to demand attention ahead. Keeping up with ongoing ICD-10 changes, the practices and hospitals have to battle due to lack of knowledge about the system.

The challenges are intensified as health systems, hospitals, practices try to amend to an environment that requires more robust documentation.

Still the efforts are made to bring the practices and their staff as close as possible to the revenue cycle updates and avoid delayed or unpaid reimbursements.

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2. Patient Access Patient Access have focused on technology as an opportunity to improve patient engagement, now the revenue cycle management teams will drive technology advancements for more efficiency when it comes to billing and payment.

Many organizations make communications between patients and customer service departments easier—allowing for quicker resolutions.

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3. Compliance The continuous regulations is impossible. The healthcare is to receive an ever-changing portion of national political attention, the focus on compliance is at all-time high.

This will make the practices/hospitals to look for outsourcing their technical and billing activities.

Thus, shifting the burden of creating strategies for their practice and implementing them. The practices will be able to focus internally on creating a culture that fosters compliance.

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4. Consolidation There could be potential loss due to the transitioning of the focus from emergency services and hospital stays to outpatient and ambulatory care.

But, revenue cycle leaders/vendors make sure their workflows are properly mapped to existing platforms and any other shift that can be tracked and reported.

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5. Next-level RCM Now the RCM teams will be looking to identify cost efficient opportunities and generate stronger cash flow.

So, outsourcing to professionals who already have access to the targeted talent are needed. The Revenue cycle services help to reduce the complexities of the revenue cycle at every level.

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This article is about how the practices face problems when it comes to managing their revenue cycle. Healthcare revenue cycle management enhancement is a critical part of any practice, and so it is important to manage and stay updated with the ever-changing healthcare system.

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• To read more on Healthcare IT Technologies topic, follow below link: • iPatientCare.com/blog

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Email: Sales@ipatientcare.com

Website: www.iPatientCare.com