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Benefits of Revenue Cycle Management Software to Healthcare 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 manages the financial processes basic to healthcare organizations, such as collection of payments, claim filing and processing, analysis of overall revenue growth, etc. With the Quality Payment Program, healthcare providers have to implement smart solutions to boost their organizations’ collections, patient engagement and communication capabilities so as to stay competitive in the market. While planning a switch to a healthcare revenue cycle management solution, these are the most important advantages for consideration: 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. In the last decade, the healthcare industry has been lagging behind in terms of healthcare innovation and technology, rendering it outdated in the areas of communication, response time and technology. 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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In contrast, there is an upside to healthcare industry modernization. According to a recent industry report, the global revenue cycle management market may well reach $7 billion in 2020, owing to an increase in healthcare IT investments. Healthcare providers are just starting to discover the advantages of investing in new technologies, namely, more revenue, less time and administrative expenses, and enhanced patient experience. Greater Efficiency With the nature of the healthcare industry, security, workflow and stability are among the factors that have weakened providers in the areas of time management and productivity. Healthcare organizations should pay more attention to the reduction administrative tasks that are unnecessarily time-consuming. In a report issued by Black Book Market Research, it was learned that several healthcare providers intend to replace traditional resource-intensive medical billing processes with high tech solutions to control manual time and data entry error, thus strengthening further recording processes, internal staff communications, and external patient communication. With healthcare revenue cycle management solutions, processes can be automated, leading to more relevant claims submitted to a facility and less time spent on billing and payment collections. Adopting an Analytical Frame of Mind These days, healthcare providers must invest in solutions offering analytical data, to equip them with useful insight that lets them compete with regional healthcare providers and medical facilities. Just as important for healthcare organizations is to capture and take advantage of data analytics and insights to improve staff training and real-time business decisions. With proper implementation, healthcare executives can effectively digest data and turn them into concrete and actionable hospital improvements.