Revenue cycle management dominates master plans for hospitals in 2015

Jun 25, 2015 | Hospital Budgets

Medicine is a field that thrives on innovation, yet some facilities may be too preoccupied with making ends meet to invest in new technology, renovations and other needs. A 2015 study by Hospital Finance Management magazine found that revenue cycle management is central to medical facilities' ability to expand according to their master plans. 

"Deliberate and careful planning to meet new reimbursement models and revenue challenges is happening at facilities across the country," the survey found. "A quarter of respondents said that their facility master plan was updated in the past six months, compared with 19 percent of respondents in last year's survey. Meanwhile, 28 percent said their facility master plan was updated more than two years ago, down from 34 percent a year ago."

The survey also found that new technology is playing an increasingly significant role in the upgrades care facilities are selecting. Another trend is attention to bedside care, with 20 percent of respondents indicating that they plan to "decentralize" support services, focusing instead on point-of-care in patient rooms. Experts say this approach improves patient satisfaction, even if meeting the financial challenges of decentralization is a struggle. Thirty percent cited automation across the patient experience as a leading goal for building and investment. 

If your health care facility is overwhelmed with a large volume of outstanding claims, the decision to outsource receivables management can relieve accounts receivable administrators to focus on high-priority claims. This benefits the overall revenue cycle and allows facilities to focus on their long-term planning. Contact Professional Medical Services today to learn more about how our solutions can help hospitals, private practices, clinics and other medical centers achieve those goals.