Healthcareleaders’ workplacepredictionsand Revenuecycleprioritiesfor 2023
Theyear2023iscrucialforthehealthcareindustry,asitis expectedthattheCOVID-19pandemicwillbefullyresolved, andhealthcareorganizationswillshifttheirfocustowards growthratherthancost-cutting.Healthcareleadershave providedinsightintotheirpredictionsandprioritiesforthe workplaceandrevenuecyclemanagement.
AccordingtoasurveyconductedbyWestMonroe,amanagement consultingfirm,healthcareleaderspredictthattheCOVID-19 pandemicwillbefullyresolvedby2023,and59%ofhealthcareleaders focusongrowthratherthancost-cutting.However,24%ofhealthcare leadersarecontemplatinglayoffswithintheupcomingyear,and73% ofhealthcareleadersidentifiedthenegativeimpactonemployee motivationandparticipationastheprimaryobstacleindownsizing personnel
Revenuecyclemanagementiscriticalforhealthcare organizations,andhealthcareleadershaveprovided objectivesthatshouldbeconsideredfortheyear2023.One oftheprioritiesisexploringnewrevenueopportunities,such aschroniccaremanagement,transitionalcare management,andancillaryservices.Furthermore,itis
essentialtoimprovechargecapture,perfectpatient experience,conductregularmedicalbillingandcoding audits,leverageKPIsanddataanalytics,andenhance front-endprocesses.
AutomationandAIarealsoexpectedtoplayavitalrolein enhancingRevenueCycleManagement(RCM)processes.
Approximately81%ofhospitalandhealthsystemleadershave evaluatedtechnologyrelatedtoAI,specificallyinregardto enhancingtheirRCMprocesses.Eligibilityandbenefits verificationandpatient-paymentestimationarethemost commonapplicationsofAIinhealthcare.
The predictions and priorities highlighted by healthcare leaders for the year 2023 offer valuable insights into the direction of the healthcare industry. With approximately 50% of healthcare leaders believing that the COVID-19 pandemic will be fully resolved by 2023, thereisarenewedfocusongrowthforhospitalsandhealthsystems ratherthanreducingcosts.
Intermsofrevenuecyclemanagement,theproposedprioritiesarefocusedon enhancingfinancialperformanceandrevenueintegrity.Theemphasison checkingcontractratesandunderpayments,exploringnewrevenue opportunities,improvingchargecapture,perfectingpatientexperience, regularmedicalbillingandcodingaudits,leveragingKPIsanddataanalytics, andenhancingfront-endprocessesareallcrucialtoachievingfinancial successformedicalpractices.
Furthermore,theincorporationofAIandautomationintohealthcareisseenasacrucial steptowardimprovingrevenuecyclemanagementprocesses.Themostcommon applicationsofAIinhealthcareareeligibilityandbenefitsverificationandpatient-payment estimation.
Overall,theinsightsfromhealthcareleadershighlighttheimportanceofarenewedfocuson growthforhealthcareorganizations,alongwithacontinuedemphasisonimproving revenuecyclemanagementprocessesthroughtheuseoftechnologyanddataanalytics.
Thehealthcareleaderspredictthattheyear2023willbringgrowthforhealthcareorganizations,and healthcareorganizationsshouldprioritizerevenuecyclemanagementobjectivestoensurefinancial success.WiththeexpecteddevelopmentofautomationandAI,healthcareorganizationscanenhance theirRCMprocesses,providingsignificantbenefitstopatientsandhealthcareorganizations.
Createacombinationofsustainableandautomaticrevenuecycleandhospitaladministrative operationsusingthesetopHealthcareleaders’workplacepredictionsandRevenuecycleprioritiesfor 2023.