Healthcare finance leaders struggling with staffing gaps and the inevitable impact on revenue cycle are increasingly turning to technology to automate manual billing compliance processes. MDaudit’s CEO, Ritesh Ramesh recently shared on this topic in a Healthcare Business Today article.
Technology is a powerful tool that not only automates key audit processes but also provides advanced analytics leadership needs to optimize the revenue cycle and mitigate compliance risks – presently skyrocketing as the volume of third-party audit demands increases.
RCM technology provides a lift in ensuring that staffing levels and costs are optimized even when health systems outsource to external vendors to address staffing shortages. These shortages are characterized as “severe” by 48% of finance leaders who responded to a recent survey. At least four in 10 participating organizations reported their RCM/billing departments had vacancy rates between 51% – 75%.
Coping with fundamental losses of talent, 56% of CFOs indicated plans to adopt automation technologies in the revenue cycle and billing departments. It’s a smart move for reasons that go beyond the shortage of skilled RCM professionals. Healthcare organizations that automate workflows, utilize analytic tools, and denial management software can increase both efficiency and revenue by employing a hybrid audit strategy made up of prospective and retrospective audits. Streamlined audit workflows can help organizations optimize their time, and quickly identify anomalies that impact revenue while procuring staff training on proper and ever-changing billing and coding procedures.
Click here to read Leveraging Key RCM Technologies To Close Staffing Gaps.
