Thank you for Subscribing to Life Science Review Weekly Brief
Using the power of technology to revamp revenue cycle management is vital in improving the patient experience and the bottom line.
FREMONT, CA: In today’s healthcare industry today, there is a lot of buzz and hype surrounding automation. Large healthcare networks, medical facilities, and revenue cycle management service providers alike are looking to achieve a more efficient, robust revenue cycle through automation technologies. Any technology that can free employees to focus on high-value tasks and make revenue cycle operations easy holds great promise for improving providers’ financial health. Automation holds the intriguing potential for healthcare revenue cycle management. Know more here.
Healthcare facilities have focused on enhancing the clinical experience using technology and provider education while telling patients and providers to pay less attention to the financial processes happening in the background. The separation of the clinical and financial experience may not work today. As patient financial responsibility steadily increases, healthcare providers have to draw the curtain back on revenue cycle management to create value for patients.
Accelerating and simplifying the communication between care providers and patients means a lot more than mere reimbursement. It can help organizations be more transparent about costs to patients. It can boost the amount of time skilled workers deal with higher-level activities. In revenue cycle management that involves large amounts of data, any room for error needs to be avoided. Even a mistyped number can lead to danger, so there are benefits to automating wherever possible. With patients spending dollars on healthcare each year, care providers need to deliver a quality financial experience in addition to exceptional clinical care.
Consumers are demanding more digital financial experiences in which they can pay medical bills online, access information via portals, and receive communications online. Today’s patients are also willing to switch providers due to poor digital experiences. So, healthcare organizations need to meet patient demand for revenue cycle management automation. Healthcare facilities can see significant gains by investing in revenue cycle management automation, especially systems that engage patients with the financial process.