Revenue cycle leaders ought to contemplate including these three challenges in their organization’s roster of New Year’s resolutions.
1. Automating Payer Processes:
Similar to healthcare organizations, payers have also started embracing automated solutions, intensifying challenges in managing denials and causing delays in payment for rendered care. At the 2023 Revenue Tech Exchange in Raleigh, leaders expressed their discontent in November. During the event, the AVP of a healthcare provider presented five strategies for leaders to counter this trend, focusing primarily on combating automation with automation.
Another effective approach to curb denials, as highlighted in prior Healthcare news reports, involves provider education. This education initiative encompasses sharing insights into the financial repercussions of documentation inconsistencies and outlining preventive measures.
2. Enhancing the Patient Financial Journey
As patients shoulder a larger portion of their healthcare expenses, the significance of price transparency and payment portals has heightened. According to a patient payment communications report, 41% of patients expressed a lack of confidence in their provider’s transparency regarding care costs, contradicting the belief of 59% of patients who thought otherwise.
In the realm of payment methods, there have been notable strides, with providers gradually integrating cash-sharing applications due to their accessibility and user-friendly nature.
3. Enhancing Strategies for Digitalization
In recent years, discussions around streamlining revenue cycle processes have often involved the integration of AI, automation, and revenue cycle management within organizations. These initiatives demand substantial investments in terms of time, human resources, and finances, posing challenges for many organizations in devising a coherent strategy.
When Healthcare provider initiated its digital transformation journey, the primary focus was on addressing the escalating challenges related to patient billing and communications. Engaging leaders from both AHN and Highmark Health in the decision-making process proved instrumental, leading to the identification of a solution tailored to meet patient preferences.