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3 Revenue Cycle Challenges That Will Continue in 2024

Analysis  |  By Jasmyne Ray  
   December 15, 2023

Add these to your list of New Years resolutions.

As 2023 comes to an end and the holidays creep closer, revenue cycle leaders should consider adding these three challenges to their organization’s list of New Years resolutions.

Out Automating Payers

Much like healthcare organizations, payers have also begun adopting automated solutions, exacerbating denials management issues and prolonging payment for the care provided. Leaders voiced their frustration in November at the 2023 Revenue Tech Exchange in Raleigh, where Jonathan Benton, assistant vice president of Atrium Health offered five ways leaders can strike back, primarily by fighting automation with automation.

Another way to prevent denials, as HealthLeaders previously reported, is provider education, which can include sharing data on the financial impact of documentation inconsistencies and explaining how they can be prevented.

Updating the Patient Financial Experience

With patients covering more of their healthcare costs, price transparency and payment portals have grown in importance. A previous article on a patient payment communications report found 41% of patients didn’t feel like their provider was being transparent about the cost of their care, despite 59% of patients believing that they were.

There have been advancements in payment methods, with providers slowly adopting cash sharing applications like Zelle and Venmo for their accessibility and ease of use.

Strengthening Digitalization Strategies

Over the last few years AI, automation, and revenue cycle management have been used in the same sentences as organizations consider ways to streamline their revenue cycle processes. Efforts like these require a significant investment of time, people, and money, and many organizations struggle with developing a strategy.

When Allegheny Health Network began its digitalization efforts, they focused on patient billing and communications, which had become a growing issue. From there, leaders from both AHN and Highmark Health were involved in the decision-making process and they were able to find a solution that was curated for patient preference.

Jasmyne Ray is the revenue cycle editor at HealthLeaders. 

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