Key Revenue Cycle Management Trends for 2022

When a patient makes an appointment for medical services, revenue cycle management begins. It’s done once all claims and patient payments have been collected by the various organizations. Patients’ accounts are more complicated than they appear at first glance. However, although healthcare facilities of all sizes save lives and treat patients, each one must establish financial health policies and procedures that work. As a result, a healthcare revenue cycle management firm is needed.

A healthcare organization’s ability to provide treatment to its patients depends heavily on its financial strategy. Identifying, managing, and collecting revenue from patient service is part of the process. Claims processing, payment processing, and revenue generation are all handled through the financial strategy of healthcare revenue cycle management (HRCM). Profits are collected, and expenses are met through healthcare revenue cycle management (HRCM).

What Are The Key Revenue Cycle Management Trends for 2022?

Since the pandemic, the healthcare systems have been hampered by a lack of funding. Furthermore, they’ve been hampered by remote working options, outdated processes, and a lack of qualified employees. Healthcare systems will be able to recover their finances without affecting patient treatment in 2022. Is employing the only option in a labor shortage, or would automation be a better solution? To learn more, consider these upcoming revenue cycle management trends for 2022.

• Providing Patients with a Positive Outcome.

Patient payment information is severely lacking. Providers must make it easy for patients to find out what their insurance will cover, how much they will be responsible for paying, and what costs they will have to bear on their own. As a result, improving the patient experience has emerged as a critical issue for the healthcare industry. 

Improved omnichannel information availability, better payment plans, and new technologies that can predict costs are expected to improve access and experience for patients. It’s time for a major overhaul of patient financial services.

• Prior Approval and Verification of Eligibility.

Due to a lack of standardization in documentation and information exchange protocols, the adoption of prior authorization and eligibility verification has been sluggish. However with new technologies this factor has also been overlapped.

• Automated Composition.

Coding, billing, and accounts receivable issues are all expected to be solved by automation. Lowering labor costs is a major goal of emerging technologies like artificial intelligence, machine learning, and robotic process automation (RPA).

• Management of Appeals, Denials, and A/R.

A/R and denial management filing can benefit increasingly from conversational artificial intelligence (AI) chatbots. From calls to portals, the A/R status has been transferred. Appeals can now be filed using data structures as well.

• Keep an eye on the UI/UX.

When it comes to resolving revenue cycle issues, most leaders agree that they need to address them sooner rather than later. They realize that prior authorization, revenue integrity, clinical documentation improvement, and denial management must be linked to speed up the revenue cycle. 

The key to addressing revenue cycle issues is quickly identifying denial issues, identifying root causes, and developing solutions to reduce these denials through an iterative model that focuses on denial prevention.

• Analytics and Underpayment.

Underpayments plague the hospital revenue cycle. Underpayments can be stopped with the help of contract analysis and identification. In light of the growing trend toward nationally branded healthcare practices, performance analytics is becoming an increasingly important business enterprise function. Standard measures and Key Performance Indicators (KPIs) can provide practice-specific analytics with accurate performance views and motivate corrective action.

• Working from a Distance.

Revenue cycle team members had to use work-from-home models because of the COVID-19. Additionally, operations managers were required to adapt and adopt new technologies to monitor revenue cycle performance. By 2022, we expect a significant po