Understanding the Claims Lifecycle: A Step-by-Step Guide
Grasping the details of the claims lifecycle in healthcare is crucial for getting timely reimbursements and maintaining financial well-being. As...
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The determination to overcome recent challenges like reduced patient visits and tighter margins is now paying off for providers with a promising transition from survival mode to revenue growth, as highlighted in Kaufman Hall’s March 2024 National Hospital Flash Report. With operating margins improving, leaders are increasingly able to concentrate on revenue enhancement strategies.
This shift has encouraged the need to prioritize investments in technology that boost operational efficiency and improve patient loyalty because it can help organizations provide a better patient experience and protect against network leakage.
Senior leadership is spearheading this momentum, recognizing that technology is not just an enhancement tool, but a vital component for survival and growth in today’s complex healthcare landscape, where patient care and regulatory demands are continuously evolving.
Based on survey results of 92 healthcare RCM and finance executives in FinThrive’s 2024 RCM Transformative Trends Report, here are the top technology investments healthcare organizations are making to accomplish their financial goals.
As mentioned earlier, organizations are strategically prioritizing investments that drive revenue growth by enhancing operational efficiency and elevating the patient experience. So, it’s no surprise that electronic PA solutions have risen to the forefront of healthcare investments, with 41% of finance leaders identifying them as the top priority.
Recent data indicates that less than 60% of the market currently leverages electronic PA solutions, highlighting a substantial opportunity for growth and improvement in this area.
With ongoing staffing shortages and the manual burdens associated with financial clearance and status checking, RPA has become a critical investment for healthcare organizations. RPA can efficiently handle high-volume, low-complexity tasks that are common in revenue cycle management (RCM), freeing up human resources for more complex and value-added work.
As a result, it’s no surprise that 33% of respondents tabbed RPA as a top investment priority.
RELATED CHECKLIST: The Right Way to Automate Healthcare RCM
Denials management is another critical area ripe for technological intervention. Hospitals and health systems are losing millions of dollars annually due to claim denials, prompting executives to prioritize investments in advanced denials management solutions that can tackle this critical challenge head-on.
According to FinThrive research, 57% of respondents are prioritizing denials management in 2024, with nearly 30% planning to invest in dedicated solutions to address this issue.
RELATED INFOGRAPHIC: Cracking the Denials Code: Enhance Healthcare Financial Performance
In addition to the primary trends outlined, there are several other noteworthy investments that healthcare organizations are prioritizing in the coming months:
The top planned technology investments for healthcare organizations reflect a strong focus on efficiency, automation and improved patient care.
To stay ahead of the curve, leaders must continue to invest in these innovative solutions. By doing so, they not only streamline their operations but also set themselves apart in the industry, ready to meet the challenges of the future and achieve long-term success.
Interested in learning more about your peers’ top strategic goals and how a surprising shift is impacting all organizations – big and small? Stay ahead of your competition with timely insights in our 2024 RCM Transformative Trends Report. Get the full report here.
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