2020 was certainly a unique and impactful year for all of us to say the least and will be a topic of discussion for many years to come. COVID-19 has made its presence known and felt in every aspect of our personal and professional lives, none more so than within the healthcare industry.
Not only did the healthcare industry get rocked to its core medically preparing, handling, and administering services to treat COVID-19, but it was also impacted financially to devastating levels. Unfortunately, such financial affects are far from over, even with widespread vaccinations underway.
Transformative Movements in Healthcare
By early 2020, healthcare organizations across the United States and the world saw the need to accelerate technological innovation due to the mandatory shutdown of many in-person medical services.
Health systems shifted their focus to rapidly scaling technologies that would help improve failing revenue streams. Telehealth, artificial intelligence, and innovative RCM operations were of particular interest during this pivotal period.
Prioritizing Healthcare Revenue Cycle
With an unstable revenue cycle ecosystem, providers are prioritizing their need for a more flexible approach to collecting payments from patients not only during the pandemic, but in the coming years. In fact, big moves will need to take place in order to keep pace with the rising demands of the consumer and the growing competition as new players enter the market.
According to a Center for Connected Medicine study, revenue cycle management has been identified as an area most in need of innovation and greater priority will be placed on innovating these processes throughout the year ahead.
We looked to experts across the healthcare industry as they revealed the top revenue cycle trends they are watching. Download our free whitepaper now for more insight to help you prioritize planning for the year ahead.