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Managing the healthcare revenue cycle can be a monumental challenge for medical billing professionals, with numerous government regulations, staffing shortages, and reimbursement systems to consider. To reduce administrative burden and streamline the process, automation strategies are often employed to help optimize operations. Automated solutions can provide many benefits, such as increased accuracy in billing data entry, improved financial transparency between departments, and faster reimbursement times.

Automating your medical practice’s revenue cycle management (RCM) process can significantly improve efficiency and reduce costs. Automated RCM software offers a variety of benefits, from charge and claim management to electronic record scanning. Automation also enables efficient monitoring of productivity, recurring coding tasks, denial management, claims processing and payment posting.

The face of healthcare, especially pathology, is changing. Patients are carrying more of a financial burden for their care, creating more consumerism. They expect two things from their providers: quality healthcare and price transparency. It’s no longer acceptable for many patients to not know what they’re getting into when receiving medical care. If they don’t know their costs upfront, they likely will go elsewhere to a provider offering price estimation, prior authorization, patient payment solutions, and additional digital tools for engagement.

As healthcare continues to evolve and innovative technologies emerge, organizations need to remain at the forefront of the latest trends to remain competitive. This includes investing in strategies that can help increase intrinsic value through enhanced patient engagement. Here are some potential predictions for future developments that may be seen within this field:

Denials can be a huge pain for any healthcare practice - costing time, money, and unavoidable frustration. However, there are some things you can do to help minimize the number of denials, maximizing your practice’s efficiency and revenue. In this blog post, we'll share 5 tips for managing denials so you can keep your practice running smoothly.

Manufacturing remains the industry most commonly targeted by ransomware criminals, but healthcare is gaining fast. One recent report showed attacks in the medical sector up 650% this year over last. In an educational session at RSNA 2022 on Monday, two experts cited the sobering statistics and offered some surprisingly easy ways to thwart bad actors who may eye poorly prepared radiology practices as easy paydays.

The bipartisan No Surprises Act is designed to curb surprise medical billing, save patients money and reduce overall health insurance premiums. The first such federal legislation passed, it holds patients liable only for their in-network cost-sharing amount and gives providers and insurers an opportunity to negotiate reimbursement. The result is drastically altered billing and reimbursement processes for which providers must be prepared or risk marked revenue loss.

The COVID-19 pandemic resulted in numerous changes, from more employees working from home to consumers conducting an increasing amount of business online. In healthcare, it precipitated the consumerism trend, where patients expect their providers to offer the convenience and personalization offered by other industries. Our panel of healthcare IT leaders examines how best to identify industry partners with whom to collaborate for patient payment solutions, promoting promote patient engagement.

Rising health insurance deductibles and out-of-pocket costs are prompting many patients to become more active participants in their healthcare. In turn, healthcare providers and payers are increasingly focusing on strategies and tools to promote patient payments/engagement.

In the race to recoup lost revenue while enhancing the patient experience, many healthcare providers are employing automation — specifically robotic process automation (RPA). At ImagineSoftware, our collaboration with OnQ enables us to provide our clients with exclusive access to OnQ’s bots, which equip them with an even more efficient and automated system.