It never ceases to amaze me how many opportunities there are in medical practices to improve their revenue cycle management. You’d think we’d have solved this problem, but there is still so much opportunity to improve a practice’s revenue.
With this as the premise, I was interested in the revenue cycle management (RCM) survey report which offers up a number of stats and charts on such an important topic for practices.
Here’s one example chart from the report:
The thing about this chart that stands out for me is that almost all of them hover around 50% adoption. Some might say that this is pretty good adoption of these technologies. I see it as a huge opportunity for the other 50% of practices to adopt much of this technology.
The one that caught my eye the most is the “automated eligibility-inquiry checks.” Since reading Vishal Gandhi‘s posts on EMR and HIPAA, I’m a real convert to the importance of high quality, real time eligibility checking. Take for example his post on “The Eligibility Verification Time Suck” and “How Does a Practice Deal with All These High Deductible Plans?” This is a big deal for a practice’s revenue and is likely going to only get bigger as reimbursement continues to evolve.
There’s a lot more in the RCM survey report. Check it out and see how your practice can benefit from better revenue cycle management.