Because revenue cycle management has undergone changes and adjustments with arrival of the Affordable Care Act (ACA), hospitals need to constantly adapt. They must deal with financial pressures stemming for the act to ensure that the facility’s revenue cycle continues to be efficient.
There are several challenges that hospitals may face, prompting them to consider hiring a firm that specializes in enhancing elements that drive revenue cycle management services.
Mistakes in Billing and Collections
Because patients are becoming more acclimated to settling out-of-pocket costs, hospitals may have a hard time collecting all revenues paid at point of service. Their billing process must be improved in a way that allows the staff to collect all payments without unduly pressuring patients.