Healthcare financial leaders are using technology solutions to achieve their revenue cycle management (RCM) goals. Health systems must improve in operational systems in an effort to reduce costs and expenses are well as increase the payments made by self-pay accounts.
Insert shutterstock image ID=447454888 --- Caption= Modern healthcare revenue cycle management requires innovative technology to get the job done. -- Alt text=
Some of the major challenges RCM managers face include leveraging the cost to collect, price transparency, and claims denials. In fact, even though effective medical billing processes are the key to any effective healthcare RCM strategy, Health Data Management reports that approximately 30 to 40 percent of medical bills have errors. We …show more content…
In fact, Modern Medicine Network reports that five years ago a small-sized practice collected "90% or more of its revenues from Medicare, Medicaid or insurance companies like Blue Cross Blue Shields or Humana, and patients made up 10% of revenues."
The article continues to explain that the landscape has drastically changed. “Today, in many cases payments make up 33% government, 33% insurance companies and 33% patients which vary from practice to practice. Providers are struggling to cope with getting their arms around the fastest growing payer which is the patient,”
RCM Technology Can Play a Significant Role in Meeting New Goals
Recently, Becker's Hospital Review spoke with a variety of financial and revenue cycle leaders about their 2017 RCM goals and what they plan on doing to meet these goals. In the article, Becker's spoke with CFO Michael Browning from Toledo's Ohio-based Promedica healthcare system, which serves nearly 30 counties in southeast Michigan and northwest Ohio. Browning
Insert shutterstock image ID=447454888 --- Caption= Modern healthcare revenue cycle management requires innovative technology to get the job done. -- Alt text=
Some of the major challenges RCM managers face include leveraging the cost to collect, price transparency, and claims denials. In fact, even though effective medical billing processes are the key to any effective healthcare RCM strategy, Health Data Management reports that approximately 30 to 40 percent of medical bills have errors. We …show more content…
In fact, Modern Medicine Network reports that five years ago a small-sized practice collected "90% or more of its revenues from Medicare, Medicaid or insurance companies like Blue Cross Blue Shields or Humana, and patients made up 10% of revenues."
The article continues to explain that the landscape has drastically changed. “Today, in many cases payments make up 33% government, 33% insurance companies and 33% patients which vary from practice to practice. Providers are struggling to cope with getting their arms around the fastest growing payer which is the patient,”
RCM Technology Can Play a Significant Role in Meeting New Goals
Recently, Becker's Hospital Review spoke with a variety of financial and revenue cycle leaders about their 2017 RCM goals and what they plan on doing to meet these goals. In the article, Becker's spoke with CFO Michael Browning from Toledo's Ohio-based Promedica healthcare system, which serves nearly 30 counties in southeast Michigan and northwest Ohio. Browning