The world is changing, and so are the operations of healthcare reimbursement. There was an extraordinary public health crisis in which the whole service line was shut down so that healthcare practitioners could concentrate on halting the spread of an infectious disease.
There is a digital revolution taking on in the healthcare industry simultaneously. For example, healthcare providers have been forced to implement electronic medical records (EMRs) in the clinical setting to meet Meaningful Use requirements.
Listed below are a few healthcare revenue cycle management trends you should know:
Work from Home (Obviously)
COVID-19 directly influenced healthcare reimbursement, but the pandemic also sparked another critical change—the rise of remote labor.
Like many other businesses throughout the globe, healthcare firms sent many of their employees home to prevent the spread of COVID-19. RCM personnel has been working remotely for months using digital tools that allow employees to log in virtually.
The rise of remote working has undoubtedly brought new difficulties, such as the need for enhanced security and compliance measures and productivity issues. It’s possible, though, that it will become the new standard for medical administration.
RCM Automation Is Advancing
Even today, the healthcare revenue cycle is still mostly manual. Because of this, the use of RCM automation is on the rise among healthcare organizations.
While RCM automation has traditionally been a nice-to-have capability for healthcare organizations, it is now a must-have. Revenue Cycle Management Solutions will help those organizations dealing with increasingly complicated payer laws and restrictions, new modes of healthcare (e.g., telehealth), and a possible rise in denials following the pandemic.
Patient as Payer
There has been a lack of attention to customers’ purchasing and payment habits by healthcare organizations in the past. Therefore, the trend now makes the patient also considered as a payer.
It’s more than just a matter of simplifying a business procedure. It’s all about figuring out who is going to pay, when, and how to get in touch with them to make sure they do.
A recent study found that 74 percent of healthcare providers have difficulty collecting patient financial responsibilities in a timely way. Patients’ unpaid bills are becoming a significant source of anxiety for two-thirds of healthcare professionals.
Therefore, businesses need to create systems that may handle patient financial responsibility and speed up collection timeframes.
Increased Data Security Threats
Malware and other cybercriminals have often targeted the healthcare industry. RCM operations get impacted by the recent growth in health data security issues and new legislation governing consumer collecting and data security.
Sensitive patient and financial information must be thoroughly validated to limit the risk of cyberattacks and other threats.
As technology and attacker tactics advance, the demand for increased protection increases. It will be a constant battle to keep your business safe from security breaches and stay up with these legislative changes.
As a result of the COVID-19 epidemic, politicians are reviving their attempts to implement consumer collection laws to safeguard those affected by the health and economic crises.
Legislation practice a higher emphasis on healthcare institutions’ compliance to minimize the risk of medical reimbursement being affected.
Additionally, your debt collection partners’ operations must comply with current standards, as any errors in billing or violations of different billing laws might hold you both liable from a legal viewpoint.