The future of healthcare revenue cycle management

Healthcare revenue cycle management trends

Many practices saw a significant drop in revenue due to COVID-19, with new waves of the illness posing further issues. Meanwhile, high deductible health plans (HDHPs) and the growing importance of patient payments continue to cause revenue issues.

Practices have dealt with remote workforce transitions, labor shortages, and handling collections in the face of escalating financial demands and patient expectations. But what is the best way to navigate these issues?

The future of healthcare revenue cycle management

Here’s what your peers are doing, as reflected in these 2022 top revenue cycle trends:

• Move to credit card on file
• Payment plans for patients
• Shift to patient as payer
• Evolution of automation
• Integration of a financial engagement solution
• Move to work from home
• Increased data security risks

Organizations may secure a successful future in healthcare revenue cycle management by implementing the proper techniques. We will review some of the top trends for revenue cycle management in 2022 and beyond.

Payment changes for practice and patient

Handling payment changes is a big topic in revenue cycle management. Payment plans, the move to credit card on file, and shift to patient as payer are all at the forefront of RCM trends.

Another trend likely to gain traction in 2022 is payment plans, which have been popular in retail for some time. According to the Kaiser Family Foundation, half of U.S. adults postponed or skipped health or dental care in the previous year due to expense. Practices can recover money progressively if a patient has the means to pay over time, and patients receive the care they require.

The move to credit card on file has made it easier than ever for patients, especially recurring patients, to pay faster. It gives the patient and provider more time as practices get paid faster and replace antiquated payment collection and appointment scheduling workflows.

The concept of the patient as “payer” may be here to stay. Providers, however, may have difficulty collecting patient financial responsibilities in a timely manner. An MGMA poll found that 43% of practices wait 91 to 120 days after a service before sending the account to outside collections, while another 32% wait more than 120 days. Such delays make patient receivables a top revenue concern.

Evolving automation

By automating the revenue cycle, you can move the process along faster while still providing exceptional patient care. This means faster prior authorization and claims, fewer denials, and boosted revenue. Employing automation as a revenue cycle management strategy can eliminate bureaucratic tasks known to cause burnout.

Automation in healthcare refers to the completion of repetitive tasks by a computer or robotic process. When it comes to the future of healthcare revenue cycle management, automation is a top technology trend. Not only can it give providers and patients extra time back in their day, but it can also improve access to health data.

Billing, appointment scheduling, and payment processing operations are ripe for automation, with benefits such as easier data sharing across necessary parties, increased patient reach, and improved patient communication. Practices save important administrative time as patients use these digital tools, and in certain situations, may even switch practices for a better digital experience.

Automation can help healthcare businesses save money and time by reducing operational costs and downtime. Eliminating the need for time-consuming chores for both patients and staff results in significant workflow gains. Most of the solutions to patients' common billing inquiries may be found in the portal with this type of solution in place. Staff can now spend more time on more value-added work instead of reacting to customer service calls.

Leveraging minimal staff and a remote workforce

Practices are learning to do more with fewer staff members. As new technology emerges and patients become more sophisticated as consumers, practices should continue to be mindful of the revenue cycle management strategies. Part of this means staff are knowledgeable about healthcare revenue cycle management trends and prepared to pitch in and help as needed.  

Staffing shortages continue to be a detriment to the healthcare industry, and revenue cycle teams are no exception. In fact, healthcare is the second largest industry hit by the Great Resignation. With increasingly high attrition rates, it is imperative that revenue cycle teams change the way they work.

Efficiency is key practices are looking to eliminate any repetitive tasks and leverage minimal staff. With automation, managing a small team has never been easier as many of the tasks managed before can be done automatically.

Remote work has become an option as more employees express reluctance to report to work on site and greater numbers of patients request virtual visits. This trend means telehealth will continue to lead the way as a means for providing care.

Conclusion

The future of healthcare revenue cycle management starts today as your practice can begin managing new trends immediately. Learn how to traverse payment changes, implement automation, and leverage minimal staff.

The top trends in revenue cycle management are a great way to start saving time and money for your practice, as well as helping patients see better care.

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