Our CEO, Khalid Al-Maskari and President of GBS Consulting, Scott Strauss, recently addressed the topic of Revenue Cycle Management (RCM) for integrated health care practices in a live webcast. During the presentation, Khalid and Scott highlighted some of today’s trends and problems clinics are having with their RCM solutions during COVID-19.
In case you missed it, you can watch the archived version here. If you don’t have a BrighTALK account, no worries – it’s free and only requires a simple one-time registration. The popular platform is packed full of content.
Check out some of the key takeaways:
Trends that are here to stay:
Commercial carriers will continue shifting costs to patients
Retail health clinics and telemedicine will continue rising in popularity
Organizations will provide digital payment options by email or text message
Advanced Analytics will play a bigger role in predicting payments with cash flow being at a premium for providers more than ever
Shortening the revenue cycle will become an increasing priority
Interoperability will continue to be critical in the effectiveness of RCM
Financial and clinical incentive alignment will become more prominent
COVID-19 challenges:
Nearly 40% of hospitals are reporting revenue declined by at least HALF, while nearly ALL hospitals are reporting revenue declines by at least 25%
70% of primary care practices have experienced a significant decrease in volume, and over half only have enough cash on hand to stay open for another month
62% of behavioral health care providers closed at least one program
COVID-19 presented new phone and telemedicine rules
A new modifier might as well be a new procedure code for payers – it takes significant time and resources to load correctly
While COVID-19 hasn’t been easy on any integrated health care provider, the pandemic has illuminated long-standing issues with RCM. Poor RCM practices account for more than 25% of lost revenue, and 14% of revenue is spent on billing. Additionally, 69% of health care organizations are using more than one RCM solution, with over one-third of these organizations using three or more vendors to manage their revenue cycle. Not surprisingly, practices using more than one RCM reported a decline in financial performance.
We discussed the problem, so join us for our next webinar to learn about the solution. Register for our next webinar, RCM Solutions for Integrated Health Care, on June 23 at 10 a.m. PDT.
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