Barriers to Efficient RCM
Healthcare practices report that it typically takes over 30 days for them to collect revenue for a patient visit and in some cases, it can take 70 days or more. This slowdown in accounts receivable is a barrier to efficient RCM, but it can be circumvented by implementing solutions offered below:
Manual processes: Inefficient, tedious processes require staff to manually enter data, call patients, mail paper statements, etc. The problem has been exacerbated by staffing shortages in recent years.
Solution: Automated workflows can streamline menial tasks and reduce overhead, cutting down on paperwork and leaving staff members free to focus on patients.
Out-of-pocket costs: Insurance companies have shifted more costs to patients through high deductibles, copayments and coinsurances, making it difficult for patients to pay balances.
Solution: Payment plans and financing make care more affordable.
Evolving patient expectations: Patients expect digital payment options in healthcare that reflect their everyday purchases.
Solution: Technology provides convenience at all points in the journey.
Decentralized RCM activities: A lack of centralized RCM activities, such as front and back office coordination, can hinder RCM.
Solution: Technology that unifies practice data to identify areas of improvement or friction.