Cycle Up

RCM Insights: Innovative Solutions to Drive Revenue

Posted by Meduit RCM on Oct 23, 2020 9:17:01 AM

With COVID-19 still front and center, we’re deep into the new normal that is taking shape in hospitals, health systems and physician practices nationwide. In my conversations with healthcare leaders, I’m hearing of the many challenges associated with staff working from home, including the struggle to manage those employees.

In facilities across the country, roughly 75% of non-clinical staff are now working from home. As providers are starting to understand that they won’t be bringing their workforce back, they’re looking for technical solutions to monitor productivity and performance. 

These solutions are often very expensive, and due to capital constraints, many providers are turning to outsourcing, where the outsource partner has already made those investments. The provider gets the benefit of improved performance and the deployment of the technology they were seeking without having to make the investment.

We’re seeing a great deal of interest in Meduit’s solutions around artificial intelligence (AI), robotic process automation (RPA) and outsourcing.

  • AI and RPA: Attention to AI and RPA is exploding across the healthcare universe. MeduitAITM is leading with innovation and solutions that leverage both AI and RPA to solve today’s challenges for providers in new ways that are efficient and financially smart.
  • Outsourcing: Meduit’s innovations around working remotely drive the revenue cycle even during a global pandemic. Outsourcing allows providers to take on a lower financial risk in order to increase revenues from accounts receivable. While it does cost a provider to outsource accounts receivable, the total return has been shown to be typically three times greater than the investment, making it well worthwhile to outsource accounts receivable.

Additionally, Meduit is getting increasing requests from the financial side of hospital operations for insurance and early-out or inbound customer service calls that reduce claim denials, maximize revenue and take care of patient concerns. Providers are seeking to:

(1) Stem the financial impact of the crisis on the hospital

(2) Backfill due to furloughed positions or alleviate pressures that would otherwise fall directly onto their current staff

(3) Reduce the potential for a massive backlog of cases due to COVID-19

We are here to help all frontline hospitals right now. In this edition of Cycle Up, you’ll see a number of articles that feature innovative solutions to drive revenue, including new solutions such as SARA and Meduit One. I hope you find this edition insightful and inspiring.

Comment with your thoughts below.

Cycle Up