Revenue Cycle Risk Mitigation Whitepaper – Foreword written by Lyman Sornberger, Executive Director at the Cleveland Clinic – The state of Healthcare Revenue Cycle – Part One of Two.

The healthcare revenue cycle is now feeling the effects of consumerism as employers focus on containing healthcare costs. How will providers feel this shift in healthcare revenue cycle management or RCM? In essence this means that today’s growing financial pressures on healthcare organizations will continue to increase as consumers bear an increased financial responsibility for their healthcare costs. Revenue cycle solutions that extend the capabilities of your hospital information systems are the key to improving access management, responding to healthcare consumerism, enhancing cash collection, and improving payer performance.

Improving Access Management

The use of financial clearance solutions in your healthcare revenue cycle enables you to determine not only insurance eligibility but also the ability and propensity to pay healthcare services. Including medical necessity checking during scheduling and registration can reduce denials and increase revenues and decrease audits such as RAC and MIP. Enhanced workflow processes and enhanced validity of eligibility and estimates is the way of the future and clearly needed to respond to a very dynamic health care industry, consumerism, and transparency.

Responding to Healthcare “Consumer Shoppers”

Patient shoppers or “consumerism” is now the standard and Financial Counseling is critical to patient satisfaction and protecting the financial stability for providers and their respective healthcare institutions. Access to healthcare costs and patient’s out of pocket expenses are no longer a “nice to offer option” but now is a customer expectation. Allowing patients to access healthcare costs either via portals or kiosks, schedule appointments and provide self-registration on line, receive online statements and make electronic payments are the new industry “leading practices”.

Learn more about Revenue Cycle Risk Mitigation by downloading the entire whitepaper: iSolutions IQ Whitepaper

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