Enhancing Healthcare Revenue Streams: Key Steps for Your RCM Team to Improve Patient Collections
According to a recent survey from the Healthcare Financial Management Association (HFMA) and Eliciting Insights, hospitals and health systems find...
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Break free from financial inefficiency with a new, innovative approach to RCM. Get insights from your peers and learn about our dynamic technology adoption model.
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The benefits of automating your revenue management processes are clear. From reduced costs to enhanced care, happier patients to more satisfied staff, automation delivers measurable value at each stage of the revenue cycle.
While healthcare leaders understand the importance of shifting to an automated strategy, the “how” is less clear. What does it take to realize the benefits of true autonomous revenue cycle management?
Identify your level of revenue management maturity
When your organization begins to prioritize digital transformation of the revenue cycle, it can help to set a benchmark. Identifying where you are today can help clarify where you want to be tomorrow, as well as define the steps along the way.
We think of revenue management maturity in six levels.
As organizations move up in level of automation, administrative costs decrease and benefits to the stakeholders increase. At Level 0, staff are too tied up with administrative tasks to focus on improving patient care. At Level 5, cutting-edge AI and ML technologies are learning and performing all RCM functions, allowing healthcare organizations to focus on what matters most—serving their patient populations and establishing a healthy bottom line.
Most health systems’ revenue cycle management processes are operating at Level 1 in terms of automation maturity – and that’s okay. The key factor is that the organization and leadership see the vision and are dedicated to realizing it.
Five steps to advance your autonomous revenue cycle strategy
What does it take to climb the ladder to move toward a level-five approach to RCM? Working with our customers, we have defined the essential building blocks of an automated approach.
Advancing autonomous RCM requires a deep commitment to breaking down data silos, retraining colleagues, and improving workflow integration across interconnected systems such as financial clearance, charge capture, coding, claims, payer adjudication, denials management and collections. The entire revenue management process must be anchored in a unified data environment to flow smoothly and continuously. While this may seem like a hefty lift, it will create long-term efficiencies that will benefit everyone.
To support the shift to autonomous revenue management, healthcare leaders need to say “Yes” to these 5 simple steps:
FinThrive: Your trusted partner for autonomous revenue cycle management
FinThrive is proud to play a critical role in advancing our customers’ automated revenue management strategies. We pride ourselves on providing the most complete end-to-end revenue management platform in healthcare. With decades of experience, transformative innovation and thousands of happy customers, we’ve got the technology, expertise and scale to deliver a frictionless revenue experience.
Read the full guide on how end-to-end autonomous revenue cycle management from FinThrive helps organizations confidently move toward profitability. Or if you are ready to speak to us now, contact FinThrive.
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