Healthcare organizations had to revisit their revenue cycle after the COVID-19 impact as they have to take care of more patients. In addition, the relaxation in the social distancing leads to greater number of patient visits to medical practices. Similarly, labs and medical practices should be aware of the healthcare trends 2023 to ensure financial success. Also, the revenue cycle should be continuously improved with an efficient billing process. Undoubtedly, the success of the revenue cycle depends on the efficiency of the billing process. Additionally, keeping your medical practice aligned with the revenue cycle management trends helps to optimize financial performance. So, staying on top of the trends help laboratories simplify the complexities of the RCM process and drive large revenues. Here are some trends to look for in 2023:
Accepting Technology as the Most Important Thing
The adoption of digitalization and inculcation of new technologies in the business processes is essential for growth. Similarly, workforce shortage in the post CVID-19 era has brought technologies like artificial intelligence and robotic process automation. AI in medical billing can streamline the workflows and automation can reduce the manual operations. Also, technology helps to maintain coding accuracy and increase revenue capture. Further, efficient claim management and increased office productivity are the results of incorporating technology in healthcare. Talking about technology, EHRs and digital tools for practice management cannot be ignored. Both labs and medical practices can make the processes efficient with software. Also, medical billing software helps to maintain claims electronically. As a result, it reduces the paperwork and healthcare providers can streamline their documentation. Moreover, patient portals can empower patients to provide their complete information to ensure accuracy. So, healthcare trends 2023 show that labs and medical practices should invest in technologies like artificial intelligence and automation.
Acclimatize With the Changing Payer and Patient Landscapes
Making the operations at the laboratories seamless with respect to revenue cycle management is crucial to achieve financial success. In addition, the healthcare industry is witnessing greater financial responsibility of patients and the patient’s share of cost is increasing. However, a very large bill makes the patient experience stressful and may harm the patient-provider relationship. There are chances that patients look for other providers and it negatively impacts the RCM cycle of providers. So, analyzing these medical billing trends, providers should focus on familiarizing with the changing guidelines. There is a large range of software tool sets available for labs to avoid the unfortunate scenario of revenue losses. Additionally, labs can develop a swift mechanism of establishing communication with the patients to avoid undesirable circumstances. Likewise, automated tools to check insurance eligibility helps to improve patient engagements and avoid claim denials. Also, thriving in the value-based care paradigm, it is essential to develop trust-based relationships with patients.
Ensure Accuracy in Billing and Coding Processes
Discussing the revenue cycle management trends, the billing and coding accuracy is essential to obtain maximum reimbursements from payers. Similarly, error-free billing and coding results in 15% to 25% improvement in the overall revenue collection. Therefore, clean claim submissions are an important phenomenon to make sure practices and labs get maximum reimbursements. Additionally, making technology an integral part of the billing process, labs and medical practices can reduce financial losses. So, the risks associated with the incorrect coding can be minimized with automation or devising a proactive claim submission process. Mitigating the claim denials streamlines the workflows and increases the overall efficiency in the billing process. In addition, the planning to boost revenue, growth, and profitability involves the adherence to the latest billing trends. Resolve staffing issues, prevent claim denials, minimize compliance risks and improve cash flow with billing accuracy. So, labs and medical practices can focus on growing their business with an accurate claim submission process. The practice staff, providers, labs, hospitals and other healthcare entities should focus on billing accuracy to maintain positive cash flow.
Continuous Performance Analysis
Keeping the performance optimization in mind, data analytics is another important thing revolutionizing the industry. Similarly, tracking the key performance indicators (KPIs) and healthcare trends 2023 allow RCM teams to maximize efficiency. In addition, the medical billing specialists can find inefficiencies and address the challenges by data analytics. Also, laboratories can reduce the chances of claim denials and improve reimbursements with KPI dashboards and data analytics tools. For instance, rate of claim rejections, AR days, clean claims submissions, and reimbursement rates can be checked with these tools. Data Analytics helps to implement effective decision making when it comes to financial performance. In addition, the labs can take corrective action where required to improve the revenue cycle process. Also, data analytics help labs to make better decisions related to staff turnover and minimize the chances of common errors. The modern EHRs also show these analytics and help medical practices and labs to empower the financial cycle.