Looking further than 6 months ahead is a daunting task given the volatility of the last 2 years. Peering even farther into 2025 seems an impossibility even though it is right around the corner.
In a recent eBook publication, CorroHealth partnered with Healthcare IT Today to predict what the transformation of healthcare RCM (Revenue Cycle Management) will look like by 2025. The eBook, Road to 2025: Five Revenue Cycle Management Trends That Are Shaping the Future of Healthcare, compiled insights from industry data that point in the direction of several predictions RCM professionals should watch over the next few years.
Some gradual and some aggressive changes are anticipated regarding the health and advancement of Revenue Cycle Management. Spoiler alert, the five areas where the most change will be seen include:
- Continued labor challenges
- Advances in artificial intelligence
- Prior Authorization requirements
- The march to new payment models
- Increasing value of and complexity with patient payments
The RCM space is dealing with over 60% of hybrid workers at risk of leaving.
80% of leading health systems who invested in Artificial intelligence expect it to help improve financial performance.
The importance of technology in prior authorizations can’t be ignored with the cost of a fully electronic transaction less than 20% the cost of manual.
RCM continues to establish closer working relationships with their clinical counterparts as Value Based Care expands its impact.
Patient payments are growing in importance given 31% of covered US workers enrolled in High Deductible Health Plans (HDHPs) in 2020.
Big changes are here, are coming, and fundamental shifts must continue to happen to reinforce the stability of revenue cycle practices. Those pushing their RCM operations to modernize and maintain a strong position will find this eBook beneficial.
Details provided in the eBook cover:
- Level setting on Prior Authorization, Artificial Intelligence, and other important RCM concepts
- Identification of pitfalls to avoid
- Guidance on how to seize on upcoming opportunities
- Practical advice on how to position yourself and the RCM department for success in the future
During this time of transition, there are tremendous opportunities for healthcare organizations and in particular RCM teams. By 2025, RCM teams that have made the technology investments, retained their talented staff, and adjusted their processes will find themselves helping their organizations make important strategic operational decision.
By 2025, RCM will shift from being a back-office function to an important, integrated component of care delivery. Coding and claims processing will no longer be the sole focus of the RCM department. Instead, RCM professionals, coders, and CDI Specialists will be working closely alongside their clinical counterparts to help proactively mitigate risks in patient populations in the most cost-effective manner possible.
The RCM department of the future will also be collaborating with those responsible for patient experience. As patient payments continue to rise, the financial experience patients have with a healthcare provider will become almost as important as their clinical experience. There is an opportunity for forward-thinking RCM teams to help their organizations stand out.
It will be very interesting to journey on this road to 2025.