Successful organizations will reconsider their revenue cycle management methods in a value-based world of healthcare, according to in2itive.
Here are five considerations:
1. Value-based care requires RCM to become part of the larger, integrated end-to-end care process.
2. Patient communication is now of the upmost importance, as they will be required to pay more money up front. Staff should ensure they collect co-pays and deductibles at the start, so they can uphold a solid cash flow.
3. RCM must be able to function in both fee-for-service and fee-for-value environments during the transition time, so organizations will need to focus on their relationships with payers. Successful organizations will discuss new requirements with payers, relating to filing claims and posting payments.
4. Organizations should also get on board with bundled payments, if they want to thrive. Get a head start and figure out how your organization will prove efficiency and quality.
5. Ultimately, organizations that are quick to adapt in times of change will finish first.