Turning Increased Ambulatory Volumes into Financial Strength: 4 Moves for RCM

The following is a guest article by Pete Heydt, President at Patient Pay Ninety-five percent of healthcare leaders expect outpatient volumes to increase, with many anticipating increases of 10% or more this year, a recent survey found. However, capitalizing on increased activity demands that leaders streamline their operations—including around patient financial engagement and payment—so they can make the investments needed to set themselves apart from the competition.  For example, as outpatient services such as infusions outpace projections, and as the Centers for Medicare & Medicaid Services open the door to more outpatient procedures by moving 11 procedures off its “inpatient only” list, ambulatory providers must have the financial strength to make the investments needed to support growth. They must also think carefully about what it takes to deliver an outstanding patient experience—including digitally—in a post-COVID world, where consumers expect digital access and support at each stage of their care journey. But while this is good news for ambulatory care providers, these facilities also face increased operating costs ranging from supply chain expenses to rising labor costs, just as hospitals do. They also face tough competition for talent at a time when most are seeking to hire more advanced practitioners to handle the demand for outpatient care. Without a strong financial base, these facilities will struggle to meet their goals for service delivery, e...
Source: EMR and HIPAA - Category: Information Technology Authors: Tags: Administration Ambulatory C-Suite Leadership Communication and Patient Experience Health IT Company Healthcare IT Hospital - Health System Revenue Cycle Management Bill Notification Outpatient Care Patient Communication Patient Pay Source Type: blogs