If you are a revenue cycle management company in India, then this is a great phase to be in. The healthcare industry is booming all over the world, and they are all in need of RCM partners to handle the revenue cycle efficiently. India remains one of the popular countries of choice for healthcare brands, especially in the United States.
If you want to grow as a brand, here are four things to stay aware of in 2024.
1. Intelligent automation
One of the first things to be aware of as a revenue cycle management company in India is intelligent automation. While all RCM companies automate some of their processes, it is time to move from mere automation to intelligent automation. This involves the use of Artificial Intelligence and related technologies to ensure automation is done expertly and with precision.
Healthcare brands look at the available technical expertise before they decide to work with an RCM brand and that’s why it becomes even more important for you to focus on technology.
2. Patient experience
Patient experience is something that was considered front-end until a few years ago. Now though, things have changed. Experts in the industry want RCM companies to tweak their existing models to include patient experience as a goal.
If you are a revenue cycle management company in India that hasn’t been doing this, then this is something to start working on. The idea here is that many of the revenue cycle management processes, including documentation, billing, prior authorization, and submission of claims on time directly affect the patients and their overall experience.
Delays in billing, erroneous billing, wrong coding, leading to denials, and not getting prior authorization on time can all delay patient treatment.
3. Denial recovery strategies
All RCM companies would have denial management strategies in place. These are processes that are aimed at managing denials and finding the root cause and eliminating them, so the denial rate comes down in the future.
Denial recovery focuses more on the present and aims to turn a denial into a successful reimbursement.
Let’s say a client had claimed a bill of $12,000 to the payer, and the payer denied it for some reason. Now the revenue cycle management company in India will pass on this case to its denial recovery team.
This team will look into the reasons and decide what to do at that instant to send a successful re-appeal. This team goes out of its way to slash the denial, turn it into a reimbursement, and prevent write-offs, especially for larger bills.
4. Revenue cycle metrics
As a revenue cycle management company in India, if you want to grow and blend into the cream layers and not be the mediocre lot, then one thing you need to focus on is metrics. The RCM industry generates large volumes of data every day, and this data can be analyzed and put together to identify trends that may help the business make vital management-level decisions.
Metrics give rise to business intelligence as a service too, and it is recommended you have BI experts in your team to offer this to clients.
Conclusion
A revenue cycle management company in India has immense potential to grow in the coming years if it chooses to focus on the above four factors. Being in a place of constant learning, investing strategically in the right technology, and having worthy people in the workforce will all stabilize your position as an RCM brand and bring larger clients to your portfolio.
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