Can Cost Management Help to Improve your Revenue Cycle Actively?

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Can Cost Management Help to Improve your Revenue
Cycle Actively?

• As an aftermath of the drastic regulatory changes
  the healthcare industry has undergone in the past
  couple of years, a large number of physicians and
  healthcare providers are still trying to find
  ways to improve their revenue model. Having seen
  steep downward slopes in their annual revenue
  lately, many practitioners have been driven into
  desperation and are seeking expert advice on
  these matters.
• Some experienced practitioners maintain that
  effective revenue cycle management calls for
  innovative and thoughtful strategies pertaining
  to data analytics, in order to effectively track
  some of the most critical revenue defining
  parameters, including
• Productivity
• Efficiency of administration
• Operational cost tracking and management
• Service utilization
• Billing cycle management

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Can Cost Management Help to Improve your Revenue
Cycle Actively?
Few healthcare providers claim to have lowered
their operating costs by over 15, by resorting
to innovative and improvisational strategies.
Whereas, others were observed to have resorted to
revenue cycle management software and other
benchmarking performance assessing tools to help
better their revenue model. However, obtaining
the licenses for these software-based solutions
also adds to the operational costs. Add to that
the ancillary costs involved in training your
in-house administrative teams to understand the
operation of these tools. In the meanwhile, some
practitioners have managed to conquer their
challenges by outsourcing their revenue cycle
management to dedicated service providers, who
are known experts in the field of data analytics
and can pull up center-specific customized
reports that help plan effective business
strategies. Another hot topic in discussion is
the need for transition from fee-for-service
models to value-based reimbursement or VBR
models, in order to change the way healthcare
providers deliver their care procedures.
Providers operating on the basis of VBR report
lowered costs to the company and improved quality
of care. Rather than charging the patients on the
basis of their number of clinical visits,
providers are charging their patients based on
the value of care they deliver.
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Can Cost Management Help to Improve your Revenue
Cycle Actively?
VBR models are designed to help healthcare
providers reduce the costs incurred by
ineffective care, stay ahead of authoritative
mandates and regulations, enhance their
collaboration with the payers, and automate their
administrative functions to a great extent.
However, some practitioners, who fail to achieve
adequate scores, are challenged by lower
reimbursements and penalties that take a toll on
their revenue models. And lastly, speaking of
the repercussions of ICD-10 implementation, a
large portion of the healthcare industry is
affected by the drastic increase in the number of
codes from 17,000 to near about 140,000 codes.
Undoubtedly, practitioners are forced to spend
exorbitant amounts of money on training their
in-house billing teams to identify, understand,
and keep up with the new coding standards. The
majority of the healthcare providers are tied up
increasing their understanding of the human
anatomy and acquiring more intricate knowledge
pertaining to clinical practices.   Now is the
time the healthcare industry is seeing a need for
a revenue cycle management partner, more than
ever, to help practitioners modify their care
delivery, cost management, and data analysis and
reporting strategies to match the ICD-10 coding
standards. Get in touch with us!