Through 2023, Revenue Cycle Management (RCM) leaders have searched for ways to stay ahead of the curve and ensure profit.
The regulatory environment has been challenging to navigate for several months now and has caused managers to shift priorities at the drop of a hat. To make things easier, we’ve laid out some common trends to look out for in the coming months.
1. Automation of Revenue Cycle Management Processes
One trend that is sweeping the industry is the automation of processes. In efforts to minimize error and increase efficiency, automation has taken the revenue cycle by storm. Between Robotic Process Automation, Artificial Intelligence, and Machine Learning, there are plenty of automation techniques for companies to use to help handle the volume of data coming through, detect fraud, and automate billing processes. Adopting these trends makes RCM processes more efficient, effective, and accurate.
Going further, many companies are beginning to use Predictive Analytics and Business Intelligence algorithms to gather even more data, with the goal of making the best business-decisions possible. These tools allow access to up-to-date information used to predict future trends, from patient needs to financial performance, as well as any potential issues.
2. Cybersecurity in Revenue Cycle Management
Cybersecurity attacks are on the rise and have been for years. The cybersecurity trends we’re seeing in healthcare are set in place to protect patient data and ensure privacy.
Plenty of regulations have been put in place to protect patient data, and it continues to expand. Companies like Enter have taken multiple steps to add several layers to their security methods. These layers include product security, application security, infrastructure security, risk and compliance, corporate security, and physical security – all with differing focuses that cover a broad range of protections.
Cyber-attacks are a very serious issue, both in the healthcare industry and many others. Investing in the proper security can save you time, money, and most importantly, give you the protection you need to prevent an attack.
3. Patient-First Mentality
On a lighter note, a third trend sweeping the Healthcare world is a patient-first mentality. RCM is putting patients at the center of the revenue cycle rather than insurance companies and healthcare providers.
One of the main goals of the trend is improving the patient experience. This comes many forms, such as transparency regarding costs, improving patient outcomes, and reducing costs with value-based care, shifting to value-based reimbursement, and more.
Shifting the focus from trying to squeeze as much money out of a patient they can, to charging based on the quality of value provided, has made a large impact on healthcare patients everywhere. The shift has been a catalyst toward better care, outcomes, and overall, a better healthcare experience.
Think of the people first and you’ll be ahead of the game.
Implementing Revenue Cycle Management Trends
How do you make these changes? It starts with hiring the right people. Harmony Healthcare has more than 10 years of experience that will help find you the right team, willing to adopt these trends and move your business forward. Contact us today!