Top 5 Trends Shaping RCM in 2024 – Insights We’re Covering

Revenue Cycle Management (RCM) continues to evolve in response to technological advancements and changing industry demands. As of September 2024, several key trends are influencing the way healthcare organizations manage their financial operations. At RCR|HUB, we will dive deeper into these topics through a series of upcoming articles designed to provide practical insights for RCM professionals.

 

1. AI and Automation in RCM

Artificial Intelligence (AI) and automation are playing crucial roles in improving efficiency across RCM. By automating tasks such as claim status checks and coding, these technologies help reduce errors and accelerate payment processes. In particular, automation is now being applied to complex tasks like prior authorization, allowing RCM staff to focus on revenue-generating activities. On September 20, 2024, we’ll be publishing a blog titled How AI and Automation Are Redefining Risk Adjustment in Healthcare Payments. This article will examine how AI is enhancing risk adjustment accuracy, improving financial outcomes, and streamlining coding processes​.

 

2. Workforce Shortages and Outsourcing

Healthcare teams continues to struggle with workforce shortages, particularly in RCM roles such as billing and coding. As a result, more organizations are turning to outsourcing to maintain operational efficiency. By partnering with third-party providers, organizations can address staffing gaps while ensuring consistent cash flow.  Future articles on RCR|HUB will explore how RCM outsourcing is helping healthcare providers overcome labor challenges and improve their revenue cycle performance​.

 

3. Denials Management

Denials remain a major pain point for healthcare providers, particularly with the growing complexity of Medicare Advantage claims. Organizations are focusing on proactive denial management strategies, including improving coding accuracy and deploying AI to identify patterns that can prevent denials before they occur.  Look for upcoming articles that will delve into how these strategies can reduce the cost of appeals and increase the likelihood of payment​.

 

4. Patient Financial Engagement and Transparency

With patients bearing a larger share of healthcare costs, providers must offer clearer financial information and flexible payment options. Organizations are leveraging digital solutions to provide price transparency and improve patient satisfaction. This shift not only improves the patient experience but also increases the likelihood of timely payments.  Next week, RCR|HUB will release an article focused on Patient Financial Engagement and Transparency.  How are organizations improving billing communication and payment collections​?

 

5. The Shift to Value-Based Care

The transition to value-based care models continues to reshape RCM, requiring financial processes to align more closely with patient outcomes. This shift necessitates stronger collaboration between clinical and financial teams to ensure that reimbursement reflects the quality of care provided. In a future article, we’ll discuss how healthcare organizations adapt to value-based care models while optimizing their revenue cycle​.

 

What’s Next?

RCR|HUB is dedicated to providing insights that help healthcare organizations navigate the changes in RCM. Follow our newsroom for in-depth coverage of these trends and actionable strategies to optimize your RCM.

Stay tuned to RCR|HUB for all the latest updates and expert insights!