Rising costs. Labor shortages. Shrinking margins. These are market challenges we hear from Chief Financial Officer and Vice President of Revenue Cycle partners over and over again. They need a way to combat these obstacles that are wreaking havoc on their revenue cycle, causing them to lose millions of dollars.
With many health systems continuing to struggle with razor-thin or near-zero margins, there is opportunity to provide tremendous relief and it involves taking a careful look at all of the critical steps of the RCM engine, with patients’ evolving needs at the forefront.
Through our work with 95 of the top 100 US health systems, we know that delivering an optimal revenue cycle in its entirety is not an easy feat. Yet when done correctly, an intelligent revenue cycle can help support financial outcomes, improve the patient experience, and establish a more efficient and sustainable RCM journey.
To help address these roadblocks, we have developed the 2023 Revenue Intelligence™ Data and Insights Report. This report takes a deep dive into how health systems can best address the top challenges across all 13 key areas of the revenue cycle spanning patient to payments.
A few key insights highlighted in the report to help develop a sound RCM engine throughout the patient journey include:
As an RCM industry leader with direct management of $55 billion in net patient revenue (NPR) and an additional $850 billion in NPR analyzed via our revenue performance solutions, we have a unique vantage point on and expertise in provider, payer and patient billing activities. You’ll notice in the report key trends, data insights and RCM optimization opportunities that drive both revenue generation and cost savings. We’ve utilized our own rich dataset with recommendations from our trusted experts in the revenue cycle field to provide actionable insights that helps future-proof your revenue cycle.
Those who know me know I’m always open to conversations about how we can continue to optimize and transform the revenue cycle. Shoot me an email if you have questions about the challenges your health system is facing or want to know how R1 and Cloudmed can help you address rising costs, labor shortages, shrinking margins, and any other top of mind revenue cycle challenges. I look forward to connecting.
Author Bio: Chief Commercial Officer at R1 RCM
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