Revenue Cycle Management in 2021

One thing that most healthcare providers agree on, despite the many differences and clashes among them is that they believe in the power of technology in helping to improve revenue cycle management in 2021.

According to the survey titled, ‘Top of Mind for Health Systems 2021’ which was conducted by the Centre for Connected Medicine and KLAS on the topic of revenue cycle management in 2021, healthcare leaders agree that it is one area that has the potential for innovation in the coming years.

The survey explained how revenue cycle management is a complex procedure that has plenty of room for improvement. The findings of the survey urged for a more innovative response to the rapidly changing modes of healthcare providers.

The three key areas that were identified in the survey are as follows:

1. Tele health has been observed as an advancement to technology.
2. Artificial Intelligence (AI) made it to list as an emerging technology.
3. Revenue cycle management was regarded as an area that needed innovation and support in healthcare.

The above three main key features were brought into light by the survey. The reality is that with the global pandemic putting everything on halt, there is a dire need for new and improved ways of revenue cycle management now, more than ever. 

The survey indicated that the top tier healthcare leaders, including CIOs, CMIOs and others at directorial levels were quite optimistic that revenue cycle management would get the attention it truly deserves in 2021.

The survey showed that 57% of the respondents were confident about the healthcare industry’s ability to grow in this regard in the upcoming year. In response to one of the questions regarding COVID-19 and its effects on revenue cycle management, few of the respondents were of the view that the Coronavirus would push for an immediate action by the healthcare stakeholders being the need of the hour. However, there were about 30% respondents who had given a negative view point in response to the question.

The survey did manage to bring a lot of other things to the forefront with regards to revenue cycle management and how important it is in the healthcare sector. Areas such as coding and billing of the patients are also going to greatly benefit if and when revenue cycle management does manage to receive the technological advancement, as suggested in the survey. 

Another thing that should be kept in mind is that AI and the role of analytics could only efficiently come into play if there is a complete focus on improving revenue cycle management in 2021.

The healthcare sector is currently evolving in the US with the price transparency order also making changes to the already established years old system. There is no way that the healthcare system can completely function based on manual methods. 

Only mindful use of technology and innovation in the revenue cycle management in 2021 can help improve things for the better in the healthcare sector.

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