The Key to Lowering Patient Cost is Value-Based Healthcare Revenue Cycle Management

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A certain point has been made clear during the recent Value-Based Care Summit in Chicago by Xtelligent Media. In enabling healthcare organizations to align their healthcare revenue cycle management with value-based reimbursements, they need to start breaking down both financial and clinical siloes that have been established using the fee-for-service payment models. Moreover, everyone in each healthcare organization must learn to work together better.

According to Carmela Roberts, JD, CEO and Administrator of Valley OB-GYN Clinic in Michigan, there is a need to promote collaboration among all hospital staff, including those serving operational, financial and clinical duties. This, according to her, would be the key to developing a value cycle instead of the traditional healthcare revenue cycle.

Balancing Quality Services and Cost Efficiency

The value cycle looks to cover all the processes that can optimize financial, operational and clinical opportunities to achieve the best possible health outcomes at the lowest possible cost. As such, it would include a number of traditional revenue cycle management components, including charge capture, claims management, compliance and pricing. Read more from this blog: http://bit.ly/2vbey6Y

What Is Revenue Cycle Management? Hospitals Seem to Fail to Capitalize on Its Benefits

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Hospitals could bring in more revenue if they choose to focus on revenue cycle performance over costs. In fact, some hospitals are even showing a concerning flat performance in revenue cycle management.

According to best practices firm Advisory Board, various health systems and hospitals are missing out on a huge opportunity to increase revenue due to lagging revenue cycle performance. In fact, an average hospital with 350 beds has overlooked an opportunity to earn as much as $22 million in revenue capture, according to the firm’s analysis.

What seems to be the problem? According to National Partner for Consulting at Advisory Board James Green, a number of critical benchmarks have been continuously sliding or have remained stagnant since 2011. Because of this, Green believes that there is now a need for “strategic overhaul.” That also means meeting the four key challenges that face revenue cycle performance today. Read more from this blog: http://bit.ly/2wl1vOC

Here’s Something That Revenue Cycle Management Companies Can Look Forward to: Good CAGR Rate

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The revenue cycle management industry has a lot to look forward to. Recent data reveals that the market is set to experience significant growth by 2021. This is expected to benefit both the services and software segment.

Impressive CAGR Growth Foreseen in the Future

According to a recent study by Research N Reports, the global revenue cycle management market is expected to grow at a compound annual growth rate or CAGR of +12 percent. There is said to be a wide range of factors driving this projected growth. Among these are regulatory compliance, which encourage the use of various revenue cycle management solutions, and government support.

Meanwhile, process improvements implemented by health organizations, particularly by using revenue cycle management systems, are considered as a significant growth factor as well. Other contributing factors include the subsequent growth seen in insurance coverage as well as the increase in the number of patients. Read more from this blog: http://bit.ly/2vail47