By using this site, you agree to the Privacy Policy and Terms of Use.
Accept
Health Works CollectiveHealth Works CollectiveHealth Works Collective
  • Health
    • Mental Health
    Health
    Healthcare organizations are operating on slimmer profit margins than ever. One report in August showed that they are even lower than the beginning of the…
    Show More
    Top News
    health benefits of taking a vacation to reduce stress
    Relaxing European Destinations to Reduce Stress Risks to Health
    October 11, 2021
    pain management tips
    Managing Pain Differently: Alternative Pain Management Techniques
    January 12, 2022
    5 Ways to Promote Wellness in Your Home
    April 12, 2022
    Latest News
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 2025
    Why Custom Telemedicine Apps Outperform Off‑the‑Shelf Solutions
    July 20, 2025
    How Probate Planning Shapes the Future of Your Estate and Family Care
    July 17, 2025
    Beyond Nutrition: Everyday Foods That Support Whole-Body Health
    June 15, 2025
  • Policy and Law
    • Global Healthcare
    • Medical Ethics
    Policy and Law
    Get the latest updates about Insurance policies and Laws in the Healthcare industry for different geographical locations.
    Show More
    Top News
    CDC’s State of Aging and Health in America [VIDEO]
    October 18, 2013
    aca supreme court.jpg
    Breaking News: Supreme Court Upholds ACA
    June 28, 2012
    New Ways to Track the Flu
    January 17, 2014
    Latest News
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
    How Health Choices and Legal Actions Intersect After an Injury
    July 17, 2025
    How communities and healthcare providers can address slip and fall injuries with legal awareness
    July 17, 2025
    Let Your Lawyer Handle the Work Before You Pay Medical Costs
    July 6, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: 5 Things to Look for in a Next Generation Revenue Cycle Management System
Share
Notification Show More
Font ResizerAa
Health Works CollectiveHealth Works Collective
Font ResizerAa
Search
Follow US
  • About
  • Contact
  • Privacy
© 2023 HealthWorks Collective. All Rights Reserved.
Health Works Collective > Business > Finance > 5 Things to Look for in a Next Generation Revenue Cycle Management System
BusinessFinanceHospital Administration

5 Things to Look for in a Next Generation Revenue Cycle Management System

Andy Salmen
Andy Salmen
Share
5 Min Read
SHARE

ID-100264979

ID-100264979

Many challenges are cropping up for healthcare providers in light of trends which are currently flooding the scene.  Consumer-directed healthcare, increasing patient payment amounts, pay-for-performance programs and bundled payment programs, are just a handful of developments with the potential to lead to big changes for professionals and patients alike.

It’s becoming clear that healthcare practices will need to adopt next generation revenue cycle management systems in order to stay current and profitable.  These systems can also serve to streamline tasks and processes which currently call for untold numbers of staff hours.

More Read

Using Medicare Data to Rate Physician Quality
Wal-Mart and Your Health Care
Reducing Hospital Readmissions: An Interview with Robert Wood Johnson Foundation’s Anne Weiss
Technology Migration in Global Wound Closure Markets
Get Your Yearly Health Screenings, Earn an iPhone: Are Healthcare Incentive Programs Coming to U.S. Healthcare?

Of course there is much to keep in mind when choosing the perfect system for your healthcare practice’s needs.  Here are five points to consider when choosing a next generation revenue cycle management system:

Real-Time Information – It’s critical that any system be as kept as current as possible.  Older revenue management systems might not be able to keep providers up-to-date on policy changes and other critical developments on the part of insurance companies, which could result in much wasted time and effort in the form of denied claims.  Next generation revenue cycle management must feature the ability to provide such information on a real-time basis.  This will also prove beneficial to the patient, as any questions they have regarding the amount of coverage provided by their insurance carrier can be answered accurately even at the point of care. 

Financial Features – It’s important that both the provider and the patient be aware of the financial obligation incurred as a result of treatment.  Ideally, next generation revenue cycle management systems will make it possible for the provider to inform the patient of their financial responsibility in advance, and to design a treatment plan which will make it as easy as possible for the patient to handle that responsibility.  The payer’s policies will be clearly outlined for the provider to review prior to ordering tests or procedures, in order that treatment may fall in line with those policies.  This also proves valuable when it comes time to write prescriptions, and avoids surprises on the part of the patient when they discover that a new prescription isn’t covered under their plan.

Exception-Based Workflow – Outdated revenue management systems require untold amounts of manpower to operate and implement.  Reports must be developed and run, payers must be contacted by the collector in order to check the status of a claim, etc.  When exception-based workflow is built into next generation revenue cycle management systems, however, the system can automatically submit inquiries, and is able to prioritize tasks so staff members can address the highest level accounts first, rather than wasting time figuring out which accounts/tasks should take priority.

Virtual Office Functionality – Another area where manpower is most commonly used is claims processing.  This multi-step process is rather labor-intensive and leaves much room for error.  Next generation systems cut out the middle man by performing all claims-related processes in the background and on a continual basis.  This cuts down on lag time, hours spent laboring over processing and potential errors which result in even more wasted time and effort.

Online Functionality – It would seem like a no-brainer that patients would want an enhanced online experience when it comes to their care, and yet many providers do not yet offer such opportunities for their patients to take a more proactive role.  A next generation revenue cycle management system should ideally include online functionality which will allow the patient to perform such tasks as scheduling appointments, estimating their financial responsibility, even online bill payment and account management.  This will go a long way toward patient satisfaction.

Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

technology in medical research
The Tools Helping Medical Researchers See the Full Picture
News Technology
August 3, 2025
5 Steps to a Promising Career as a Healthcare Administrator
5 Steps to a Promising Career as a Healthcare Administrator
Health
July 31, 2025
holistic dental
Holistic Dentist Services Are Natural and Safe
Dental health Specialties
July 28, 2025
botox certification
Help Improve People’s Skin Health Via Botox Certification
Skin Specialties
July 22, 2025

You Might also Like

healthcare innovation
BusinessMedical InnovationsNews

Intermountain Healthcare Opens Innovation Center

September 6, 2013
Business

Think Like A CEO: Must-Have Skills For Business AND Medicine Today

November 20, 2012

No, This isn’t a Hotel

April 13, 2012

Ingredients of an Effective Antibiotic Stewardship Program: Be Sure to Add Health IT and Medical Device Innovation

June 15, 2012
Subscribe
Subscribe to our newsletter to get our newest articles instantly!
Follow US
© 2008-2025 HealthWorks Collective. All Rights Reserved.
  • About
  • Contact
  • Privacy
Welcome Back!

Sign in to your account

Username or Email Address
Password

Lost your password?