Many hospitals today face a variety of challenges with their revenue cycle. It is an extensive process that needs all departments within the organization to work together for it to be a success. For hospitals to succeed from an economic perspective, they want their revenue cycle to function as optimally as possible. This is why many hospitals are struggling today. They face roadblocks in their revenue cycle management and can’t overcome them. It is important to realize that the revenue cycle is the backbone of any medical organization today. Continue reading and discover a few notable challenges most hospitals face today when it comes to their revenue cycle.
The Cost to Collect
Today, many patients are being required to cover more of their costs. The Advisory Board has stated that it is necessary for health systems to collect from patients at the point-of-service. However, the good news is that there are plenty of opportunities for hospitals to become more economically stable. They often can assist patients by offering discounts. By doing so, this should increase the percentage of point-of-service collections.
Claim Denials
Hospitals and other health systems today have more written off claim denials than what was done five years ago. There is evidence to suggest that this trend should continue because there has been a decline in the success of claim denial appeals. For years, technical errors were the main reason for hospital claim denials. Now that value-based reimbursement is more readily available, this has taken over as an even bigger issue. For a hospital to recoup their investments, they need to demonstrate improved clinical documentation, as well as patient care.
Cash Flow Issues
Cash flows will always be a concern of any organization. The good news for most health systems today is that it has been a tremendous increase in cash flows in recent years. These can be traced back to a variety of causes. One of the most notable being the amount of claim denial write-offs we have seen over the last few years.
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