It’s no secret that the Covid-19 virus has altered the way care is delivered within the PALTC industry. And in the aftermath of the global pandemic, medical parties, both large and small, are beginning to reassess their revenue management as their caseload begins to increase due to patients returning from social distancing. But while this surplus in patients might sound lucrative in the short run, it can actually become quite problematic when managing your practice’s revenue. Without knowing the most up to date RCM trends, your practice is at risk of falling behind.
As you study your flow of revenue, it’s important to consider certain industry trends to make the most of your revenue management service. After all, an effective RCM system is the beating heart of any practice’s success.
In this post, we’ll take a look at three of the most common RCM trends for revenue management:
- Patient-first approach
- Enhanced telehealth services
- Analytics and data-focused
Recognizing and utilizing these trends can help improve your overall revenue while giving you the proper knowledge to stay ahead of your revenue management.
RCM Trend 1: Patient-First Approach
We’ve all heard the phrase, “the customer is always right.” And while this might not always be true, it’s a mantra that perfectly sums up the most important aspect of delivering a service: a personal touch.
In order to boost the amount of revenue your practice brings in, it’s essential that you take on a patient-centric attitude. Adopting this mindset means implementing and integrating digital delivery services with the services you already provide. These implementations will lead to more automotive services, making it easier overall to focus on each patient individually. This RCM trend also improves your practice’s reputation.
Other strategies that PALTC practices use to connect with their patients are found online through social media. Creating a social profile and posting regularly (usually 3 to 5 times a week) is an excellent way to reach out to your patients and understand their thoughts and expectations. This, in turn, allows you to anticipate their every need and want. But beyond using social media platforms to your advantage, practices are also utilizing technology to digitize all of their patient’s records, such as booking appointments, processing payments, and handling billing.
RCM Trend 2: Telehealth Services
One major RCM trend from the Covid-19 virus was the creation and implementation of certain Telehealth services. In fact, many reports note that Telehealth is now a massive industry valued at over $250 billion, having grown usage 38 times during the entire pandemic. This boom in use and profit came directly from the Center for Medicare and Medicaid services altering the 2021 physician fee schedule. If you remember, these alterations adjusted the schedule to include more Telehealth services, expanding the number of services and who are eligible.
Implementing Telehealth services changed not only the industry itself but how patients viewed care delivery. It was now possible to be examined by your doctor right in the comfort of your own home. These virtual meetings became increasingly popular as COVID spread because they allowed patients to stay away from situations where COVID was spreading. This led to a decrease in Covid-19 cases while seeing an increase in virtual care delivery.
But now that the pandemic is coming to an end, what is to come of these new services? Research indicates that patients are reluctant to return to the office and prefer to continue with their Telehealth services. Providing these services could mean the difference between more appointments being canceled and appointments being kept. And we all know that the more appointments you keep, the more revenue you bring in.
Final Trend: Data and Analytics
As the industry grows, so does the technology it uses to provide concrete data and analytics. And as more PALTC practices turn to using analytics to gather more value out of their data, it’s essential to understand the software used to make predictions about patient behavior, such as tracking patterns in their pay histories. Not to mention that clear data analytics can help your practice spot errors in billing, coding, and payment.
As the use of data and analytics grows within the industry, they continue to be influential and vital to managing your revenue successfully. For example, analytics can help you spot errors made by staff while also examining which kinds of claims are more likely to be denied. When you pair this ability with data to study key performance indicators in your revenue cycle, you can track all phases of your management cycle.
As the industry grows, the need for a reliable RCM service persists on. And whether it’s taking a patient-first approach or utilizing Telehealth services and data analytics, there are specific trends that PALTC professionals should know of to find success in their revenue management.
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