Healthcare has seen a great deal of activity in 2024, and revenue cycle operations are feeling the pressure.
Financial stability is the top priority for every organization, followed by the usual suspects, denials management and prior authorizations. Revenue cycle executives continue to look for revenue cycle management (RCM) solutions to make process more efficient and alleviate repetitive or simple administrative tasks for their staff.
Here are some of the most popular revenue cycle stories of the year, so far.
Will 2024 Bring Relief to Prior Authorization Woes?
The Centers for Medicare & Medicaid Services (CMS) prior authorization rule went into effect on January 1, 2024, to help streamline the process. Delays with prior authorization can negatively impact a patient’s care, and under the rule, Medicare Advantage plans must review prior authorization policies every year.
These policies must then stay in place for as long as the patient needs a service.
Best Practices to Avoid Improper Billing
With patients responsible for more of their care costs, its important for providers to be meticulous in their billing practices. Additionally, there can be legal risks if providers or health systems are overbilling or issuing incorrect statements.
How OSF HealthCare Positions Itself for Revenue Cycle Success
Efficient processes seamlessly flowing through one another are an important element of revenue cycle operations. It provides a solid foundation for the efforts of staff and RCM solutions, which has guided OSF HealthCare’s success.
The use of automated solutions has been particularly beneficial for tasks like managing prior authorizations.
How Ochsner Health’s Patient Portal Is Enabling Efficient Care, Patient Communication
A health system needs a sufficient digital presence in order to thrive in the current healthcare economy. Patient portals make it easier for patients to coordinate care, communicate with providers, and even pay bills.
How UC Davis Health Is Bolstering Neurodivergent Talent With Pilot Program
The system, working with the UC Davis MIND Institute, developed a pilot program to give neurodivergent individuals the opportunity to pursue a career in medical coding. According to the program’s director, neurodivergent individuals have an affinity for tasks like data abstraction, which aligns with skills needed for coding.
Jasmyne Ray is the revenue cycle editor at HealthLeaders.
KEY TAKEAWAYS
Organizations continue to look to RCM solutions to assist with operational pain points like denials managment and prior authorizations.
Patient experience has also been front of mind, with patient portals giving them more control of their care and making payments easier.