In history, COVID-19 was perhaps one of the most serious issues confronting the United States healthcare system, but it was only one of several. That's right; there has been a slew of concerns plaguing healthcare for years, resulting in patient safety mishaps, income losses, and more. However, due to the consequences of COVID-19, these losses skyrocketed, with estimates of $323 billion in 2020. While the pandemic is gradually fading, things are improving as providers open their doors to in-person appointments.
While hospitals, relatively small practices, and significantly bigger healthcare systems are known for saving lives and treating patients, every public health care organization must develop successful financial processes and policies. That's where revenue cycle management in healthcare comes in.
Healthcare revenue cycle management is the financial operation that establishments use to manage the administrative and clinical elements associated with claims processing, payment, and revenue generation. The procedure entails identifying, managing, and collecting revenue from patient services.
Americans are currently confronted with an irony that may apply to healthcare revenue cycle management solutions in 2021. Even in a decent year, norms and standards change quickly, but the pandemic decided to throw healthcare RCM into a whirlwind. It's critical to keep up with these developments, or you'll fall behind. Following COVID, new legislation and shifts to work from home will significantly impact healthcare RCM procedures and cybersecurity requirements. These trends will have an impact on your workflow in the coming year, as shown below.
At the onset of the pandemic, health system and hospital revenue cycle teams were confronted with many challenges, many of which are still impacting today. The closure and the transition to largely virtual treatment created substantial disruption and problems that revenue cycle staff had never encountered before. Simultaneously, revenue cycle workforces went from almost 100% remote to nearly 100% remote; medical coding software process and claims procedures are turned upside down in the face of payer and government reforms, and budgets were slashed as elective surgeries came to a standstill due to the COVID-19 problem.
Impact of Automation on the Healthcare Revenue Cycle Management: