Is Your Revenue Cycle Ready for 2021?
The long-awaited debut of 2021 has come and gone. And while many physician practices are ready for a fresh start, the reality is that the unprecedented financial challenges of 2020 will have a lingering impact.
One mid-year 2020 study from the American Medical Association found that providers' average drop in revenue amid the pandemic was 32%. As practices kicked off the new year, many are operating within razor-thin margins and must implement strategies and processes that ensure no reimbursement dollars are left on the table. In addition, the evolution of value-based care will continue to expand as payers increasingly focus on more holistic, preventive approaches to care.
As providers face the opportunities and challenges ahead and 2021, a holistic approach to revenue cycle management (RCM) will be paramount to success and sustainability.
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