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The healthcare industry has been facing many challenges in recent years, one of the biggest being staffing shortages and loss of tribal knowledge. As medical practices are increasingly stretched thin, they are often unable to keep up with the demands of manual medical billing processes.

Automation is becoming increasingly important in the healthcare industry, especially when it comes to revenue cycle management. Automated revenue cycle processes, such as automated medical billing and payment processing, can help streamline operations and improve efficiency for healthcare organizations. Automation also reduces human error and improves accuracy, allowing for more accurate payments from payers and smoother collection of patient payments.

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.