The two main components of Revenue Cycle Management (RCM) are time and efficiency. Many healthcare providers view it as a pre-registering a patient till the time of payment is collected. Irrespective of the multi or single location health practice it serves as a basic component for every healthcare provider.
RCM is consists of a multi-step process. The key step requires the providers to submit their patient documented records to the RCM vendors followed by the claim submission along with payer adjudication. Continuous efforts are required to submit the claims incase denied and that also before the given deadlines. The patient billing cycle will only begin with a portion of patient accountability.
The revenue cycle then represents the patient with a complex business interaction that includes insurance verification and clearly explains the service and after-service collections. Even a slightest mistake or carelessness regarding management can end up in the distorted reputation of the practice. Due to this complexity, many hospitals have shifted their focus to revenue cycle management technology.
Lack of knowledge may also contribute to its complexity if not keeping up with the changes updated by ICD-10. The challenges become more vibrant when the health facilities and providers try to deal with an environment requiring precise documentation. However, interventions are suggested timely to keep both parties as closely as possible to the revenue cycle updates thus avoiding delayed ar refused reimbursements.
Both patient and providers access to advanced technology will improve their engagement for efficient billing and payment. There are certain portals and other channels facilitating the flexible payment arrangements. Often, organizations serve as a bridge between patients and service providers to ease quick resolutions.
The continuous regulations are impossible and can also overburden the practices with complexities of maintaining compliance. It may further result in hospitals outsourcing their technical and billing activities. Besides, there will be a constant burden to form strategies and implementing them. Culture fostering compliance will then be focused internally by the practices.
Whenever there is a transition of the care from the emergency cases and inpatient care to the outpatient departments leading to potential losses. But, the revenue cycle vendors ensure the proper functioning of their workflows in the existing platforms and track the other variations and focus on the consolidation of the practices.
Currently, the RCM teams are keen to explore cost-effective opportunities as well as enhance strong cash flow. In that case, it is very important to outsource the professionals having contacts with the required talent so to minimize the complexity of revenue cycle at each step.
The huge changes in the last years have been challenging for the revenue cycle practices as these were sudden, great pressure from the payer side and the market consolidation. On the other hand value-based care is more preferred in the industry and so suggests uncertainty about the upcoming changes in every practice. The coming time will definitely check the revenue cycle practices and may also bring new opportunities.
Talisman Solutions RCM is well updated and managed by the experts. We do take responsibility of the entire financial cycle of the practice to help the providers to pay more attention to the respective clients.
In conclusion, it is certain that Revenue cycle management serves as a complex part of any practice, therefore it is mandatory to manage and be updated with the constantly changing healthcare systems.