Empower your Healthcare Revenue Cycle Management

30%, around 75 million US population belong to the 40+ age group (Born in 1946 to 1964, Baby Boomer group). With the Corona Virus outbreak in 2019 and the spread of the Omicron Virus, healthcare for Baby Boomers has moved from a hospital to the home. They opt to stay at home and get diagnosis to cure online. Therefore, this outbreak have also brought changes to healthcare revenue cycle management.

The following are the major trends that are putting impact on healthcare revenue cycle management:

Crisis as a catalyst

The outbreak of Covid-19 and the spread of the Omicron Virus have changed every business’s scenario globally. The process of digitalization and transformation has got momentum. In other words, the age of complete automation has started.

The healthcare industry has also gone through important changes along with other businesses. Due to repeated lockdowns, the methods and means of diagnosis and cure have been changed. The changed environmental scenario has introduced new practices like telehealthcare, dependency on virtual reality, use of software, etc. As a result, these crises have sparked innovative ideas and new technologies in the healthcare sector. These global trends have also affected the Revenue Cycles of healthcare providers.

Remote Diagnosis, Telehealthcare

The health care industry is a percipient industry that adopts changes fast and frequently. The present trends of remote diagnosis and telehealthcare have affected the financial performance of healthcare providers.

Telehealthcare is converted into a billion-dollar industry. The center for Medicare and Medicaid has included the fee of the telehealthcare providers into their schedules. The best way for these service providers to increase their financial flows would be to adopt AI-enabled software.

Rise of Mental and Behavioral Clinics

Before Corona Virus Pandemic, 19% of US adults experienced mental health issues. During the era of lockdowns and the spread of continuous waves of the coronavirus, suicide among youth has increased to 15%. The need for online mental health care and Behavioral clinics has also increased. The present scenario has also given rise to SaaS (Software as a service) based revenue cycle platforms, especially in the Mental and Behavioral health care sector.

The Emergence of Medical Health Care Rules

Medicaid has approved laws for monitoring working hours and the health habits of Medicaid patients. Strict guidelines have been introduced to prohibit the chance of data leakage. Collection and denial teams should be made aware of Medicare guidelines. Accordingly, it is necessary for billing companies and health care professionals to switch to automated, AI-enabled tools and programs.

Empowering Health Care Providers

Health care wearable devices have introduced to record the health of patients. These devices are replacing real-time interaction between health care professionals and patients. These devices are also helpful in eliminating human errors associated with fatigue or forgetfulness.

Consumer-Oriented AI Tools

The health care industry is consumer-oriented. With the changing world, patients now need accurate medical billing services with no ambiguities. So, as a healthcare professional, you need AI tools for accuracy in billing and record-keeping. Additionally, revenue cycles need to be designed patient-friendly with flexible payment plans.

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