How to Improve Revenue Cycle Management: Five Tips
As the world continues to battle Covid-19, its effects on population health are just one facet of the crisis. The economic fallout is also seriously impacting both people and businesses, including hospitals and other healthcare facilities.
The financial hit stems, in part, from factors such as loss of insurance following job loss. Without insurance, many people put off non-emergency healthcare and elective procedures. Even those with insurance may postpone or cancel elective procedures to avoid being indoors, where the virus can spread more easily.
Even with vaccines on the near horizon and new outbreak hotspots emerging all the time, it’s clear the virus will be with us for some time, and its economic effects may linger for years. This makes it critical that health facilities and their finance departments find ways to make revenue cycle management (RCM) more efficient to improve cash flow and remain stable.
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