As business continues to evolve and as mergers and acquisitions increase, the need to rethink operational workflow has never been more apparent. As a labor-intensive industry that is experiencing change almost daily, the healthcare industry is at the forefront of this new frontier. Organizations are challenged to optimize their bottom line because of declining reimbursements, regulatory reform, payor consolidation, cybersecurity breaches and technology improvements, resulting in increased payroll expenses. With these issues compounding, where is the line drawn between maximizing revenue and controlling costs? Quite often, these questions are one and the same. The answer could be two-fold: outsourcing revenue cycle management and implementing technology-driven solutions.
Identifying and Aligning with a Trusted Business Advisor
Identifying a strategically aligned business partner who will guide you through the rapidly changing healthcare rules and regulations, while simultaneously providing cutting-edge technology solutions and augmenting your current operational procedures, will be key to future success. Optimizing revenue cycle management operations across the healthcare spectrum is essential to success in today’s rapidly changing environment.
Organizations will be in position to properly execute their strategic vision while maximizing efficiency and income by thoroughly reviewing processes from front end operations, medical coding, charge entry, claims submission and rejection, payment posting, accounts receivable and patient payment, all the way through to risk management, clinical documentation improvement and physician training. All this while applying the appropriate technology solutions to complement process upgrades.
With an eye on maximizing operational efficiency and increasing productivity while minimizing expenses and optimizing revenue, every dollar matters. Robotic Process Automation can increase productivity anywhere from 10% to 70%, depending on job function. And utilizing the resources of a professional services organization can add to that productivity by helping solve a number of workforce issues. Facilitating these key operational improvements into the strategic vision of the organization will provide the competitive edge necessary for success for years to come.