Revenue Cycle Management is one of the significant factors which help the medical industry to balance the financial status. Without proper RCM there can be so many issues happening in the medical industry. When the RCM is properly functioning then there are good chances for the medical industry to get more profit than previous years. Some of the 6 experts have revealed how the RCM is going to progress in this present year which is mentioned below.
Before getting in what those six experts said, we must be aware of who are those six persons and what they are doing in the medical industry. A short influx has been given about the experts who opened up their thoughts on RCM
The first expert is Sondra Akrin – who is the vice president of Revenue Cycle Management in Hayes Management consulting services.
The second expert is Ralph Catalano – who is senior vice president of operations for care cloud which is in Miami.
The third expert is George Dealy- who is the vice president of healthcare applications in Burlington for dimensional insight.
The fourth expert is Rob Grant – who is the Executive vice president and Co-founder of Evariant in Farmington.
The fifth expert is Carmen Sessoms – who is the assistant vice president of product management in Alpharetta for relay health financial solutions.
The sixth expert is Amy Sullivan – who is the vice president of Revenue Cycle in Waltham for patient keeper organization
These are the six experts who had made the predictions for happenings on RCM in the present years. Every one’s prediction is given in separate bulletin points.
- The past year has been spent by the medical industries on concentrating with many of the modern equipment installation and enhancing their working space which had an adverse effect in billing and revenue management system. But on considering this year there will be more concentration in improving technologies which are ready to contribute for revenue management which will lower operating costs.
- The present year has got many changes in the payment system which will make many of the medical people to look at finance sector. This year progress with new implementations on payments and other health care schemes will make the year look hectic than past years which will inherit change in business.
- This year has got more chances to progress with rich and well-informed data because of the involvement of new technical schemes in medical industry. It is expected for RCM to move forward with some of the better schemes.
- The health care systems are forced to take a look upon the Revenue management system because of many consumerism and value based services happening. The old system of RCM is trying to help this difficult situation but they are not clearing off the problem from the roots. This may create revenue gaps where more people will focus on clearing it.
- The year will see some of the witnesses for denial management which will help the revenue to flow in consistent manner. As the past year results 1 in 5 claims are denied but this year medical industry will focus on how to tackle the denials.
- The Revenue Cycle Management can get bloom in the year with the help of IT for a hybrid style of working in medical industry. There seems to be good effective changes which are about to be experienced.
These are just some glimpses of those 6 experts who predicted about RCM in present year.