Tech, investments, efficiency, patient experience, underpayment recovery, and coding automation are some of the themes that will drive the revenue cycle market momentum in 2022 and beyond. Coming at the back of a long period of adversity due to COVID-19 and an already challenging economic environment for hospitals and healthcare systems, we see a new wave of consolidation, invention, and innovation. In this paper, we discuss some of the trends we are seeing.
TIGHTENING PROFIT MARGINS – A PANDEMIC RAVAGED REVENUE CYCLE TO BOTTOM OUT.
Kaufman Hall predicts that hospital operating margins will fall 80% below pre-pandemic levels by the end of 2021. With hospitals operating on extremely tight margins, projecting cash flow and the ability to extract the maximum out of the revenue cycle is more critical than ever before. This will drive key technology, and process innovation as revenue cycle leaders and managers strive to improve business outcomes.
In this article from Medical Billing Wholesalers, we bring you the broad trends in each of the major revenue cycle processes.