The COVID-19 pandemic has presented a raft of challenges that hospitals, health systems and physician groups across the country are facing at the start of this new year. The biggest priority will be effectively and efficiently managing the COVID-19 recovery phase financially and clinically.
Self-pay and uninsured rates are rising. Reimbursement and volumes are shifting. Providers are having to rethink their strategies across the board, especially in the financial arena. New dynamics in Washington will likely have an impact on reimbursements and policy.
This shifting landscape presents both opportunities and risks. The biggest risk is to the financial health of organizations that are overwhelmed with the challenges that COVID-19 initiated. Opportunities point to maximizing use of technology to ease the burden on providers and drive efficiency. The sands are already shifting. Nearly three in four (74%) of health executives report that their organizations plan to invest more in predictive modeling, according to a recent survey by Health Research, Inc. (HRI). In addition, we’re hearing hospital executives say that they cannot afford to hire 10 or 20 collectors on their direct payroll/benefits. However, they can engage vendors like Meduit on a contingency basis, since the increase in cash/revenue that they have been missing will more than cover the vendor contingency expense. Hospitals in the current environment are clearly more focused on the guaranteed pay-for-performance that contingency rate models provide.
At Meduit, we are uniquely prepared to support our clients’ revenue cycle needs. As one of the top five revenue cycle companies in the industry, we are constantly innovating. We lead in revenue cycle solutions that leverage artificial intelligence (AI) and robotic process automation (RPA) to fuel efficiency and accelerate cash. These technologies work hand-in-hand with staff to exponentially maximize human and machine productivity.
As we enter the 2020s, AI is moving into a new and more sophisticated phase, which is why in this edition of Cycle Up, you can learn more about many of our innovative solutions, including:
- MeduitAITM solutions that drive cash by leveraging AI and RPA
- MedProveTM predictive analytics tools
- MedQualifyTM that maximizes Medicaid enrollment
I hope you find this edition of Cycle Up useful and informative. The Meduit team looks forward to supporting the healthcare revenue cycle industry’s needs in the coming year.