Health reform, greater patient financial obligations compels hospitals and physician practices to radically rethink revenue cycle management
Jacksonville, FLA., April 20, 2016 – Availity, the nation’s largest real-time health information network, announced the release of a free eBook to help hospitals and physician practices rethink the management of their revenue cycle as increasing numbers of patients take on greater financial responsibility for the care they receive.
7 Strategies to Transform Your Revenue Cycle offers keen insights, resources, and solutions to help providers better manage the business side of healthcare, including claims denial management, tracking yield, and strategic automation and integration, as well as, the staff and patient education and processes needed to optimize upfront collections.
“The two major changes within the industry that most affect the revenue cycle are the transition to value-based payment models and the growth of high-deductible health plans, where patients are responsible for a larger percentage of their healthcare costs,” says Scott Herbst, Senior Vice President and General Manager, Provider Solutions at Availity. “This has translated into higher financial risk for providers. Instead of getting most of their revenue from health plans, providers must adapt to the fact that their patients are now also payers. The idea behind this eBook is to help providers identify the processes, technology, and patient engagement resources necessary to realize greater cash flow from both patients and health plans.”
Indeed, the book notes that many RCM problems, such as claims denials, have their root causes in a wholly different part of the revenue cycle. For example, according to the eBook many claims denied by payers can be tracked back to problems much earlier in the revenue cycle—the patient access processes.
7 Strategies to Transform Your Revenue Cycle helps providers view the revenue cycle from end to end, and identify areas for greater integration, streamlining, and automation. The eBook also stresses the importance of the human component of revenue cycle management, dedicating chapters to achieving staff buy-in about new processes and technology.
The eBook also focuses on the critical role patient education and engagement play in a healthy RCM program. Patients who know and understand their financial obligations, and who have access to treatment and payment options prior to service, are much more likely to pay what they owe.
As an industry-leading, HITRUST-certified health care information technology company, Availity serves an extensive network of health plans, providers, and technology partners nationwide through a suite of dynamic products built on a powerful, intelligent platform. Availity integrates and manages the clinical, administrative, and financial data needed to fuel real-time coordination between providers, health plans, and patients in a growing value-based care environment. Facilitating over 7 million transactions daily, Availity's ability to provide accurate, timely, and relevant information is vital to the financial success of its clients.
For more information, including an online demonstration, please visit www.availity.com or call 1.800.AVAILITY (282.4548).