With the world witnessing development, costs of various products and services are growing dramatically. If we peep into the healthcare industry, we can see the costs for healthcare is increasing leaps and bounds. Moreover, the administrative costs in hospitals and healthcare systems are going up significantly. The policies and circumstances in the on-going dynamic world of patient admissions are changing frequently.
To reduce the cost for healthcare, while improving the quality of care for patients, has become the need of the hour and also the challenge for a number of Healthcare companies. The growing demand for medical services is of course inviting the financial challenges. In these regards, it has been stated by the American Hospital Association that around 60 percent of hospitals in the United States of America incur loses for providing necessary patient care. Apart from this, healthcare providers lose approximately $60 billion per year only due to registration errors.
In this regard, the researchers at Harvard Medical School and Public Citizen recently conducted a research and reported that in the year 2003, 31 percent of $1.3 trillion outplayed for healthcare in the US was devoted only to administrative paperwork.
To overcome all these issues, a number of technology initiatives are being taken throughout the healthcare industry. Healthcare revenue cycle management is an outcome of continued efforts taken to streamline administrative costs in the healthcare industry. Key administrative components right from creating patient’s medical bills, submitting, analysing, and ultimately paying them would be focused in Healthcare revenue cycle management.
This phenomenon is considered as a novel weapon in the hospitals and healthcare systems to increase cash-flow. It offers following services:
• Situation Analysis - Objective operations valuation created to serve as the basis to chalk out necessary plans and take proper decisions.
• Operations Action Plans - The Plan of Action is something very necessary and is a proprietary service.
• Implementation Assistance – You can have the additional “horsepower” and experience, while implementing certain planned activities.
In addition to above all, development of policies and procedures with present customized training programs, to design reporting packages as well as to provide conversion assistance are fulfilled under healthcare revenue cycle management in order to meet specific needs of any organization offering healthcare.
There are a number of software companies, which offer clinical and financial connectivity solutions such as hospital and healthcare revenue cycle management in order to facilitate hospitals and the other healthcare systems to organize and improve their data management procedure. So that, they can see improved financial performances through:
• Augmented cash-flow
• Enriched patient satisfaction with better financial services and healthcare advancement
• Lesser bad debt expense
• Reduced operating and medication cost
• Better productivity