Optimizing revenue cycle management (RCM) is critical for any successful medical practice.
While this has always been true, it is becoming even more essential as healthcare providers face the challenging margins of the past few years. With the changing regulations and reforms, providers need to evolve and keep revenue strong in an increasingly value-based care reimbursement model. In fact, 75% of hospitals report experiencing โadverse revenue cycle impactโ with increasing expenses, oversight, and decreasing income.
Many providers look to automate random processes when searching for ways to streamline RCM. However, optimizing takes more than random tactics. Business excellence is required to ensure everything runs at the best possible level. Having the right practices in place will ensure that your operations are ideal today and that they continue to be most effective in the long run.
What does business excellence mean? Read on to learn more about what it is and the layers required to unlock the most value from your RCM operations.
