Clarity is in short supply in today’s healthcare revenue cycle environment. Hospitals and health systems are struggling to remain financially viable thanks to an ongoing shortage of experienced RCM employees, skyrocketing healthcare costs, and surging claim denials prompted by AI-driven payers. In the middle of putting out RCM fires, many organizations lack the time and resources to step back, assess their revenue cycle shortcomings, and adjust. According to a survey by Sage Growth Partners (1), which polled 115 healthcare executives, the top four priorities for their organizations over the next 12 months are as follows:
- Financial stability
- Operational efficiency
- Increasing reimbursement and collections
- Staff recruitment and retention
Unfortunately, the RCM staffing crisis and the influx of AI have hospitals in full-blown reactionary mode, especially in critical back-office areas like managing denied claims and collecting aging accounts receivable (AR). Constantly being on the back foot is costing hospitals and healthcare organizations millions, with no real end in sight.
To break this cycle, healthcare providers need a holistic view of their business office operations. This means looking at critical factors like net days in AR, initial claim denial rates, and bad debt to find areas where automation, third-party staffing, and best practices can turn the tide. Right now, clarity, while elusive, is critical.
A Comprehensive Business Office Outsourcing Assessment from Meduit offers a clear and comprehensive RCM perspective. Our five-point evaluation helps pinpoint RCM issues, uncovers opportunities for improvement, and creates a detailed action plan for enhancing revenue cycle performance.
Knowing where your organization stands is the first step toward long-term financial stability. Click here to learn more about how a Business Office Assessment can help turn your RCM momentum around.
(1) Sage Growth Partners. June 4, 2024. The Current and Future State of Revenue Cycle Management—Market and M&A Trends