The past year of pandemic strike was harsh on the healthcare revenue cycle of every provider. Yet, they are trying to seek harmony among chaos by implying some critical changes to the system. Let us look at the major changes here;
1. A greater emphasis to virtual care
One eminent healthcare revenue cycle change caused by the pandemic was adopting virtual consultations by the patients and providers. When the whole world depended upon internet connectivity to cope with work, the healthcare industry also pitched in. Due to prolonged lockdown periods in the wake of covid19, patients missed their regular visits to the provider’s practice which gradually exacerbated their disease conditions. The providers had to struggle to bring the patient’s back to their feet health wise, later on. Subsequently there was a great shortage of revenue inflow to most practices due to reduced client volume.
All these demanded inventing new ways to stay connected to the healthcare provider on virtual platforms. A great number of practices resorted on telemedicine platforms during the pandemic. With the new age technology back up, doctors were able to schedule video conferencing with their patients and tend to their concerns. In electronic prescriptions, providers are able to reach out to the patients, refill their medications, track the progress and stay connected.
With respect to the back-end billing process at clinics, the administrative workers were found working at their residence over various steps of healthcare revenue cycle and coordinated their work over virtual platforms. This way, the transcriptionists, coders and billers were unified by practice managers to send out electronic claims on time to keep the revenue cycle running.
2.Extending technology to every step
In the last two years of pandemic crisis, providers tried to digitalize every single step of the healthcare revenue cycle. As a part of this, most of them sought out EHR integration to cloud-based data management. The virtual care experiences required the physicians to access their patient data and EHR from their residence as well as workplace. They made the best out of telemedicine, patient engagement portals, remote patient monitoring systems etc. during the last year.
The digital transformation goals also paved way to exploring the features of artificial intelligence in better patient care and treatment outcomes. With machine learning algorithms and decision-making analytics, the process has gained new levels of efficiency. By learning the trends in patient preferences and positive reviews, providers were able to apply process improvement modalities at their practice.
3.Implication of patient engagement tools
The ‘new normal’ of healthcare revenue cycle management is completely based on patient centric inputs. There is a renewed transparency in the pricing policies and treatment breakdown than before. All these information is made available to the patient in new digital platforms. By implying patient portals, they get the convenience of staying connected to their healthcare provider round the clock. Patients can schedule appointments according to convenience and availability from the portal. The provider of choice is listed down too.
Once the physician authorizes and approves, patient can even access their electronic health records and lab results for detailed review. One step ahead, then can request for a refill of their prescription through the portal and the doctor can approve it online. With remote monitoring facilities and mobile applications, the provider can assess the wellness status of the patient regularly. Patient and their family or care giver can actively involve in treatment too.
Healthcare revenue cycle got revolutionized with the implementation of patient helpline call centre services. Unlike receiving complex billing invoices from insurance companies, patient call centre services offer them help and clarity. Be it doubts regarding treatment plan or impeding charges, patient engagement services answer every query and every concern from the patient. Educational materials are also made available. This way the patients feel satisfied and well-catered. There is enough data to prove all these patient engagement tools have paved way to more referrals and excellent reviews about the provider’s practice.
4.Automating the process for better efficiency
Automating the healthcare revenue cycle as well as patient care aspects helped in two ways. Primarily, it improved work-related burdens so that every step is organized and optimized. Secondly, providers could reduce the labour force considerably with billing and backend processing. Entire workflow deemed seamless with the implementation of practice management software’s and billing software’s.
For example, a multifunctional dashboard takes care of patient scheduling functionalities and coverage verification. It is integrated to the backend billing process so that the biller is made aware of how much the patient owes to the clinic after co-pays and deductibles. Also aids in checking in and checking out the patient without any hassles. This way, it is easier for the staff to collect patient liabilities.
Providers also enjoyed analytical reports and key statistics generated from the automated healthcare revenue cycle management system. In a competitive world like the healthcare industry, staying afloat is hard work for small to medium practices. This is where recommendations on process improvement play a role. With the right tools and guidance, practices can embrace the ‘new normal’ of post-covid and start afresh with renewed vigour.