The remote revenue cycle management industry has been booming in recent years. A growing number of healthcare organizations are making the switch.
Should your organization make the switch to a remote revenue cycle management (RCM) program? These third party service providers make big promises – but do they actually live up to these promises?
Today, we’re exploring the benefits of remote revenue cycle management programs.
Fewer Denied Insurance Claims
Insurance claims may be denied because of inaccurate coding or other chargemaster issues. Good remote revenue cycle management services can reduce denied insurance claims. 90% of claim denials are preventable, and yet they still occur at every organization. Remote RCM services can mitigate the issues that lead to denied claims.
Fewer Billing Errors
Billing and coding errors increase the number of claim denials. Remote revenue cycle management services solve these bottlenecks, helping organizations capture revenue and avoid denied insurance claims.
Improved Employee Satisfaction
Cleveland Clinic claims its remote revenue cycle management program has improved employee satisfaction by enabling employees to telecommute. Employees can perform pre-registration and financial counseling remotely, helping save money and improve employee satisfaction. One executive said the work-from-home program increased productivity 113%, for example, while also reducing employee turnover and absenteeism.
Improved Quality of Information
Patients and insurers have better access to information with remote revenue cycle management services. Instead of old, manual, paper billing processes, for example, new systems use modern electronic processes to boost performance.
Aging, legacy systems can make interoperability painful. Remote revenue cycle management services can lead to better interoperability between health systems, enabling the seamless transfer of data.
Streamlined Denial Management
Remote RCM services offer streamlined denial management. Good RCM services make it easy to determine the cause of denials, mitigate the risk of future denials, and get paid faster. Common claims denial management obstacles include managing different payer rules, using manual processes, and making simple mistakes – and remote RCM systems can help avoid all of these issues.
Automation and AI Processes
Automation and AI continues to become closely integrated into the healthcare space. Remote revenue cycle management programs are increasingly using automation and AI to get ahead of the competition. The best remote revenue cycle management programs rely on AI to boost revenue and performance across organizations.
Better Regulatory Compliance
Increased government regulations in recent years have made compliance more difficult for healthcare organizations. It’s difficult for healthcare organizations to follow regulatory mandates for the adoption of electronic health and medical records, for example.Remote revenue cycle management programs improve regulatory compliance, making it easier for organizations to stay up-to-date with the latest regulations.
Better Patient Data Management
Remote revenue cycle management programs offer complete patient billing solutions. Failure to maintain necessary HIPAA and HL7 compliance and protect the patient’s data from a breach can lead to serious liability issues. Healthcare organizations are turning to remote revenue cycle management companies for better, safer patient data management.
Outsourcing Doesn’t Mean Losing Control
Remote revenue cycle management companies are aware that healthcare organizations don’t want to lose control. That’s why many make control a key issue.By choosing the right remote revenue cycle management program, companies can avoid losing control over crucial aspects of their organization. Today’s leading RCM companies emphasize a ‘win-win’ solution – and they’re increasingly living up to that promise.
Final Word:Remote RCM Continues to Grow
The market for remote revenue cycle management programs is expected to grow to $90 billion by 2022, up from $51 billion in 2017.
As more healthcare providers recognize the benefits of remote revenue cycle management programs, remote revenue cycle management isn’t expected to slow down anytime soon.