Managing Editor
@ShahidNShah
@ShahidNShah
Is Your Revenue Cycle Management (RCM) A Disaster?
Whenever I talk with experts in revenue cycle management, it’s amazing to hear them share how almost every hospital, health system, and medical practice has revenue cycle management (RCM) challenges. I heard one vendor call it revenue leakage which is an apt description for the situation at many healthcare organizations. In one respect, this means that your healthcare organization isn’t alone. In another, it means you have a great opportunity to address these RCM challenges and improve the bottom line for your organization.This is what came to mind when TempDev shared this detailed eBook they created called 5 Disasters in Revenue Cycle Management (RCM) and How to Avoid Them. Disasters may be overstating it for some organizations, but I guess any loss of revenue that your organization rightfully earned is a disaster.
Medigy Insights
The other disaster that stood out to me was “Getting Paid: Mastering Patient Collections in Today’s Healthcare Landscape.” This is a topic we’ve covered a lot here on Healthcare IT Today, so regular readers will be familiar with it. For a long time, patient collections was kind of an after thought since the majority of cash flow was from payers. Now with high deductible plans and other changes, patients are shouldering a larger portion of the payment burden. That’s why mastering patient collections is so important and is a great opportunity for organizations to improve their revenue situation. I’m glad in the eBook they highlighted this problem and shared some ways to make patient collections a strength for your organization. It’s a great way to impact your bottom line.
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