Capminds Blog

Why improving patient collection important?

Improving patient collections is one of the important key components of effective revenue cycle management. Medical payments have undergone a drastic change over the past few months due to the COVID -19 and patients are becoming increasingly affected by the rising healthcare costs and expensive medical bills.

The U.S healthcare system has undergone new technological changes and both the providers and the patients are facing new challenges daily to adapt to today’s healthcare reform. The frequent alterations of medical billing rules and regulations and the value-based compensation models can cause revenue losses for providers across the United States.

In recent times, Prior Authorization (also known as Pre-certification) is one of the trending terms in the healthcare industry. From this article, you will get a clear picture of Prior Authorization, why it is important in RCM, and the most effective tips to handle PA in your practice.

Even if you are known for the greatest healthcare in the world, if your financials aren’t right, then you will not survive for a long time. Organizations need to be notorious when it comes to managing their finances, otherwise, they will never know why they are in a position to shut shop. It is exactly why healthcare organizations need to understand the healthcare revenue cycle.

COVID-19 is the sort of black swan event that no one could have predicted in a million years. Sure, Bill Gates did say that the next biggest crisis that the world would face will not come from nuclear warheads, but from a virus. But even he could not have predicted when it would happen, which is exactly why the entire world is jaywalking like headless chickens as the entire circus that unfolded caught us unawares.