It seems that every year, managing the revenue cycle process is becoming more and more complicated for healthcare organizations. There are so many nuances that go into the process – coding claims, the impact of ICD-10 (coming in October), and mis-informed communications. Managing this process internally becomes incredibly cumbersome and is taxing on everyone.
In one of our recent whitepapers, Revenue Cycle Services: Put your data to work for you and your clients, we discuss the increasing trend of outsourcing revenue cycle services.
In support of this trend, many revenue cycle service companies are implementing and offering comparative analytics solutions to increase transparency into the revenue cycle process to help improve operations – for themselves and their clients.
Based on research, slightly more than 80 percent of physician practices (whether networked, independent or part of a large group or hospital system) anticipate declining-to-negative profitability in 2015 due to diminishing reimbursements and underutilized or inefficient billing and records technology.*
This is a vicious cycle, but it is a cycle that can be reversed.
Beyond just organizing information, comparative analytics solutions can help identify and proactively address issues BEFORE they impact cash flow, and encourage data driven communications.
The end result is truly understanding your entire business and that of your clients based on comparative data so you can create benchmarks, identify insights and prioritize initiatives based on the greatest return on investment.
Revenue Cycle Services: Put your data to work for you and your clients, breaks down some critical factors that are contributing to revenue cycle outsourcing, and the positive impacts of comparative analytics. Check it out!
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*Hoy, Veronica. “ICD-10 Requires a Strategy for Managing the Coder Shortage.” ICD-10 Monitor. http://www.icd10monitor.com/ slideshow/231-icd-10-requires-a-strategy-for-managing-the-coder-shortage