COVID-19 Pandemic and Top Trends Impacting Healthcare RCM

Did you know COVID-19 had a devastating impact on Healthcare organizations – from both Operational and Financial perspective?

Handling the safety protocols, taking care of COVID patients, resolving patient concerns while preserving the volumes required to balance the operational margins. The revenue cycle is a complex process with many areas of opportunity and improvement. Especially during this Pandemic, outsourcing RCM services to partners like Annexmed will benefit organizations, as you will only pay for the services performed and flexible enough to scale up or down based on the volumes.

Work from Home – The pandemic triggered another major change – Remote work. RCM staff are working remotely using digital solutions for an extended period. The WFH trend brought in many challenges with the use of digital work solutions, increased security requirements, compliance controls and productivity concerns. RCM outsourcing partners like Annexmed have worked through these challenges seamlessly and equipped to handle the unusual.

Patient as the new payer is trending, and research shows healthcare providers are finding it difficult to collect patient financial responsibility. It is taking more than a month for about 75% of providers. Additionally, 20% of providers state that the delay has made patient receivables a top revenue concern for their organizations.

RCM automation has been increasing as providers started to reap the benefits of digital and streamlined processes. Automation is helping healthcare organizations to address the challenges from the pandemic. Annexmed provides ARM tools to track, monitor and control AR with the aim to increase the resolution % and reduce AR days. On the other hand, finding solutions driven by artificial intelligence, machine learning and RPA will eliminate the manual processes and propel productivity at a much faster rate.AI uses computers to mimic human intelligence allowing to solve problems like eligibility check, payment estimation etc. RPA address repetitive tasks prone to errors like manual data entry, pre-authorizations, claim denials and improvising customer experience.

Increasing need for data security & compliance – According to research, Data breaches cost healthcare $8 Million annually. The recent adoption of digital solutions ensures sensitive patient and financial data is secure. It’s an ongoing effort to keep integrated tech solutions and processes to protect organizations from security breaches. Annexmed’ s strong digital solutions keep these threats away, and continuous monitoring is our priority.

RCM is shifting as healthcare organizations enter a new era in healthcare – emergence remote work, increased compliance and security needs, patient responsibility and RCM automation. They can stay on top of this evolution, ensuring revenue enhancement through RCM solutions.

Annexmed’s Scalable, Intelligent and Innovative Revenue Cycle Management solutions have enabled physician groups to achieve benefits. Interested in learning more ? Click here

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