The future of RCM is going to be characterized by the patient-centric approach, the latest innovations, and direct compliance with the regulations. These changes will not only affect the finances of the industry but also ensure it adheres to the core mission of rendering quality services to its patients.
This article will give you a brief account of the latest trends that will steer the prosperity of RCM in the upcoming years.
Value-Based Model of Care
There has been a drastic shift from the fee-for-service to the system of value-based caring models. The model will prove to be very efficient in regard to the services the patients seek from the healthcare industries. The aspect of reimbursement now is connected to the outcome of the patient’s treatment.
The revenue cycle management, therefore, works quite closely with the clinical departments, ensuring that the financial procedures are in alignment with the clinical outcomes. It is expected that the number of patients treated under this model will double in the years to come. Thus, a lot of investment is needed to establish the RCM expertise and the infrastructure.
Labor Challenges: Adaptation of Reshaping Workforce
Just like other organisations, the healthcare industry, too, faces problems in the matter of labor shortages. No organization is immune to this factor. As there’s a high possibility of workers in RCM leaving work, this leads the industry to opt for contractual labor. This becomes an additional cost to the industry, thus putting pressure on the already existing financial and operational crisis.
The healthcare industry is now leaning towards offshore companies that deal with medical billing or medical coding to cope with the existing crisis. The role of AI and ML are gaining momentum in this regard.
Customized Solution of RCM
Just like the healthcare industry provides individualized solutions to its patients, that industry, too, requires customized solutions. Outsourcing revenue cycle management enables data analysts and AI to establish such a claim management process that satisfies both the pressing needs of the payer and the industry.
Smarter and Feasible Payment Features
With everything being digitized, the future of RCM has also begun to make the payment portals easily accessible and patient-friendly. With patients having high deductible health schemes, the only option remains for the healthcare industries to opt for patient-oriented billing.
To meet the unique demands of the patients and their financial status, the notion of flexible payments is in place. The level of satisfaction that the patient receives becomes the foremost aim of the industry, as a bad reputation from its customers might impact the revenue scale.
Privacy of Data and Security
Digitization brings forth the scope of cyberattacks and breaches of patient’s confidential data. There have been a lot of cases as such. This nature of existing data security needs an upgrade.
Therefore, many healthcare industries are looking to third-party companies. Outsourcing, therefore, enables the industry to pay attention to its strengths and administer resources in fields that generate revenue.
Conclusion
The future awaits a lot of challenges for the healthcare industry to face. By properly using the resources to adapt to new situations and technologies, the outsource revenue cycle management managers, with the right support and tools, can always stay a step ahead to safeguard the revenue cycle irrespective of whatever surprises lie in store.
Lynn Martelli is an editor at Readability. She received her MFA in Creative Writing from Antioch University and has worked as an editor for over 10 years. Lynn has edited a wide variety of books, including fiction, non-fiction, memoirs, and more. In her free time, Lynn enjoys reading, writing, and spending time with her family and friends.
