Good RCM = Good REM for CFOs
Healthcare is one of the hardest hit sectors amid COVID-19 and the “Great Resignation.” The industry has lost an estimated 20% of its workforce since 2020.1 Burnout, fear of exposure to COVID-19, salary offerings, and a focus on improved mental health are among the top reasons for RCM workforce exodus. Health systems are facing tighter margins and encountering more missed revenue opportunities as they struggle to fill clinical and nonclinical roles.
While hospital CFOs worry about how to keep their organizations afloat, the following emerging trends in the healthcare RCM space offer hope.
- Free up your workforce by deploying AI-driven revenue management
Automation takes significant manual labor out of the revenue cycle, and in some cases, complete workloads requiring FTEs. According to a Deloitte report, a typical robotic process automation (RPA) implementation yields an average 20% FTE savings.2 As such, automation should be a key strategy for your organization this year. Health systems are investing in automated systems, analytics, RPA, artificial intelligence (AI) and machine learning to offset revenue cycle staffing challenges. These technologies work together to automate repetitive tasks, freeing up human talent to take on work that’s more challenging.
Deploying intelligent automation throughout the revenue cycle not only eases staffing constraints, but also helps optimize process designs, enshrining best practice into critical tasks. Today, automation is also driving reductions in human error and measurably improving bottom lines. In a recent report, CAQH forecasts $16.3 billion could be saved through workflow automation in U.S. hospitals.3
- Empower revenue professionals with knowledge management content embedded into workflow
In a recent survey of health system CFOs, access to “billing and coding reference material within end user workflows” was voted a “must-have” component of any end-to-end RCM platform, and for good reason. Bringing contextually aware reference materials directly into workflow helps staff maximize their impact on financial recovery. Many leading health systems are now embedding medical billing and coding educational content directly into workflow to help strengthen core competencies and support employees taking on new roles. Now more than ever, innovation across the revenue cycle is about taking a human-centered approach and positioning staff for success.
- Consolidate your revenue cycle vendors with an end-to-end platform
Many healthcare organizations rely on multiple RCM vendors, creating data silos and significant interoperability and workflow issues. Increasingly, health systems are moving to consolidate with single, enterprisewide RCM platforms with the hope of improving workforce efficiency and analytics. While still early innings, 18% of revenue cycle leaders report their organization will invest in an end-to-end revenue management platform in the next 12 months.
When evaluating an end-to-end revenue management platform, it’s important to look for a technology that offers frictionless delivery, platform integration and performance tracking throughout all stages of the revenue cycle.
When healthcare finance becomes effortless, the boundaries of what is possible in healthcare expand. Learn more about end-to-end revenue management at FinThrive.
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