26 Jul 8 Revenue Cycle Management Trends
Your medical claims and revenue cycle heavily impacts your bottom line. The revenue cycle management factors that affect revenue are –
- Coding accuracy
- Insurance claims
- Denial management
- Patient payments
Here are some current trends in revenue cycle management that you should know if you are running a medical practice.
- Outsourcing RCM (Revenue Cycle Management) is becoming increasingly popular. A large percentage of practices and hospitals are now outsourcing RCM to increase efficiency and save costs.
- Providers face problems while collecting patient payments.
- Growing collections timeline. It is taking longer to collect from patients.
- Claim Denials are preventable, provided you have accurate coding and billing by trained staff.
- Out-of-pocket expenditures are increasing for patients.
- As deductibles increase and out-of-pocket expenditures increase, there is an increased demand for self-pay and customer service. That means there is a greater need for customer service/self-pay reps.
- Most Physicians have to repeat patient authorizations for prescription medications for patients on chronic condition treatment.
- The longer a patient balance remains unpaid, the less is the likelihood of collection. If the collection period is less than 30 days, the likelihood of collection is very high but after 60 days, the chance of collecting reduces drastically.
To resolve these issues and to have an efficient revenue cycle management system, most medical practices and physicians are now outsourcing their complete revenue cycle management to professional companies that offer services in their specialty.