Health care centers and hospitals are under constant pressure due to the new regulations set by the Obamacare. Increased drug prices that hospitals pay for in compassionate care also hurt. Insurance companies, on the other hand, continue to put up road blocks and delay payment for legitimate and necessary services. Finally, many health consumers continue to have bad debts with health care facilities. For those individuals, a new revenue cycle management is needed.
Although Revenue Cycle Management is complicated, it’s crucial in running a successful operation. Consequently, many firms are adopting sophisticated software programs and consulting firms for help. Many software companies offer a solution that automates patient documentation and forecasting. It helps health facilities keep all of their patients documented and not let any fall through the cracks. As a result, patients debts are all accounted for and less revenue is lost.
Consulting companies are also often brought in to organize hospital systems so that the patient billing, treatment, and revenue cycle management all flow to the same back-end system for tracking. It’s then easier to go after high value accounts and also to negotiate with insurance companies for the most profitable outcome. Consulting companies may even represent hospitals directly for negotiations with consumers, insurance companies or the government.
Overall, revenue cycle management is becoming increasingly important. Fortunately, new tools and consulting companies are improving health facilities ability to reclaim the revenue they are owed.