A new year is an opportunity to grow your business and reach your productivity goals. There are many new trends emerging in RCM that can help you transform the patient experience and your practice’s financial health. Here are some of the RCM trends we’re anticipating this year.
Tech Adoption
The world of RCM is already filled with technology and that trend will continue in 2024. There are many efficient systems that medical practices could be using, such as mobile billing and payments. As part of your efforts to attract and retain patients and improve your revenue cycle management, consider revisiting technology that you’ve said no to in the past, as technology continues to improve and offer enhancements.
Consumer Financial Anxiety
One recent study found that 1 in 4 people delay recommended medical procedures because of the anticipated cost. This concerning statistic shows that many people are feeling the squeeze on their pocketbooks. To navigate this RCM trend, you should take a proactive approach so that patients are less likely to delay needed care. Consider offering payment plans, so that patients can pay you in a timely fashion, receive the care that they need, and spread out their healthcare costs.
Increased Denials
Healthcare providers are indicating that insurance providers are becoming more challenging to work with, as 50% of healthcare practices reported an increase in denials in 2023 compared to 2022. That is expected to continue in 2024. When denials are on the rise, it is even more critical to partner with an RCM specialist to detect where your systems are breaking down, such as problems with patient registration or a lack of documentation. Developing ways to address these issues can prevent denials in the future.
Schedule Your Revenue Cycle Screening Today
Consult CMF helps healthcare practices look critically at how they’re doing and find new ways to improve. To schedule your revenue cycle screening today, call us at (443) 472-6529 or click here.