Because revenue cycle management has undergone changes and adjustments with arrival of the Affordable Care Act (ACA), hospitals need to constantly adapt. They must deal with financial pressures stemming for the act to ensure that the facility’s revenue cycle continues to be efficient. There are several challenges that hospitals may face, prompting them to consider hiring a firm that specializes in enhancing elements that drive revenue cycle management services. Mistakes in Billing and Collections Because patients are becoming more acclimated to settling out-of-pocket costs, hospitals may have a hard time collecting all revenues paid at point of service. Their billing process must be improved in a way that allows the staff to collect all payments without unduly pressuring patients.
Hospitals must learn better patient responsibility and create efficient methods of payment collection to avoid errors in financial data. Otherwise, hospitals risk losing millions and surprising patients with huge debts. Lack of Efficient Information Technology What is revenue cycle management in today’s world if there’s no proper technology to support it? The answer is: inefficient. Information technology is the linchpin to keeping tabs on claims and collecting payments throughout the cycle. Hospitals without such infrastructure struggle to streamline and document the entire process, leading to data deficiencies if not errors. Other facilities are forced to perform manual consolidation that takes too much time. For a more proficient and expeditious system of monitoring claims and payments, it is best for hospitals to determine the best technology to apply for the kind of services they offer. Inadequate Staff Training One of the difficulties of maintaining an efficient revenue cycle management lies in staff training. If the staff is not fully equipped with the appropriate skills and knowledge, it won’t be able to ensure accuracy of data, which is essential in payment collections and claims. Staff should learn how to bill correctly and collect patient data in the most efficient manner. It must know how to collate personal information, such as demographics, in order to translate the data into appropriate insurance claims. Completely trained staff will ultimately guarantee efficient revenue cycle management. These are only some of the challenges that hospitals face in terms of their revenue cycle management. To address all challenges, hospitals can seek the help of companies working to enhance the operations that strengthen a hospital’s RCM. Sources: 5 Most Common Hospital Revenue Cycle Management Challenges, revcycleintelligence.com Strategies-for-RCM-Success, etransmedia.com