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
    headphones can create health problems
    The Harmful Health Effects of Using Headphones
    September 24, 2021
    Headache causes
    4 Causes Of Headache You Probably Didn’t Know About
    December 28, 2021
    follow these steps to recover from your injury
    What Steps Should You Take to Recover More Quickly from an Injury?
    April 12, 2022
    Latest News
    7 Most Common Healthcare Accreditation Programs: Which Should You Use?
    August 20, 2025
    Hospital Pest Control and the Fight Against Superbugs
    August 20, 2025
    Hygiene Beyond The Clinic: Attention To Overlooked Non-Clinical Spaces
    August 13, 2025
    5 Steps to a Promising Career as a Healthcare Administrator
    August 3, 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
    private
    Private Exchanges: Getting Ready for Individual Health Insurance to Be the Standard
    January 9, 2014
    valueable healthcare programs
    5 Most Valuable Healthcare Programs in 2023
    March 8, 2023
    Johnson & Johnson to Release Clinical Trial Data in Agreement with Yale Medical School
    February 4, 2014
    Latest News
    How Social Security Disability Shapes Access to Care and Everyday Health
    August 22, 2025
    How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
    August 22, 2025
    How One Fall Can Lead to a Long Road of Medical Complications
    August 22, 2025
    How IT and Marketing Teams Can Collaborate to Protect Patient Trust
    July 17, 2025
  • Medical Innovations
  • News
  • Wellness
  • Tech
Search
© 2023 HealthWorks Collective. All Rights Reserved.
Reading: What Is Next Generation Revenue Cycle Management?
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 > What Is Next Generation Revenue Cycle Management?
BusinessFinanceHospital AdministrationPolicy & Law

What Is Next Generation Revenue Cycle Management?

Andy Salmen
Andy Salmen
Share
4 Min Read
SHARE

next-generation revenue cycle managementIn the healthcare world, revenue cycle management covers all of the administrative processes that deal with revenue to you and your practice, and should include your claims processing, collections and payments, and all other relevant tasks for revenue generation.  In other words, it should help you monitor your claims and payments throughout the life cycle of every interaction

next-generation revenue cycle managementIn the healthcare world, revenue cycle management covers all of the administrative processes that deal with revenue to you and your practice, and should include your claims processing, collections and payments, and all other relevant tasks for revenue generation.  In other words, it should help you monitor your claims and payments throughout the life cycle of every interaction with your patients.  It begins when a patient first schedules an appointment and ends after all payments for that encounter have been collected and delivered to your practice.

The next generation of revenue cycle management looks to improve service to patients and to reform healthcare payment and delivery systems by taking advantage of the new regulations driven by the PPACA.  Shifting the focus from the current fee-for-service system to a value-based system can enable incentives for both preventive care and extended treatment plans for chronic care.

With the legacy fee-for-service structure, revenue is primarily driven by volume.  Patients are billed per visit, per item, or per service which may end up looking like shopping list healthcare.  The next generation revenue cycle approach is a way of addressing value-based care which actually structures health treatment programs for your patients.  For example, you can take advantage of bundled payments, where you receive a fixed amount for a bundle of services or an overall care program that the patient is expected to need during a defined time period for the entire episode of care.  This creates an incentive to provide preventive care and better overall care coordination.

As you look to incorporate the next generation methods, you should assess what your practice needs as a whole.  Evaluate your current revenue cycle processes to determine if they are thorough enough to take on the new requirements as is, or whether you need to look for help in implementing better processes.  At the same time, you should be open to service providers who can take you to a new level of revenue cycle management, and establish a clear vision on how new processes can best serve your patients.  While many new technology solutions are appearing to fill the need in this space, you should consider your options carefully and not make hasty decisions until you understand what you need and what solutions are available.  It is unlikely that simply implementing a new technology will meet all your needs.

When you begin to assess how to implement a value-based revenue system, and are looking for service providers to get you there, keep the following basics on your list of needs:

  • Help on improving overall monthly cash flow by addressing the delays caused by dealing with co-pays, deductibles, insurance claims and appeals, and collections.
  • Reimbursement maximization by reducing errors in general billing processes and by ensuring that codes are being properly applied.
  • Compliance expertise for both old and new regulations that will help BOTH monthly cash flow and reimbursement maximization.
  • Experience and expertise around revenue management to enhance overall efficiency.
  • Knowledge and experience with the new payment paradigms available in the marketplace today. 

Image courtesy of: David Castillo Dominici/ Freedigitalphotos.net

Share This Article
Facebook Copy Link Print
Share

Stay Connected

1.5kFollowersLike
4.5kFollowersFollow
2.8kFollowersPin
136kSubscribersSubscribe

Latest News

engineer fitting prosthetic arm
How Social Security Disability Shapes Access to Care and Everyday Health
Health care
August 20, 2025
a woman explaining the document
How a DUI Lawyer Can Help When Your Future Health Feels Uncertain
Public Health
August 20, 2025
physiotherapist at work
How One Fall Can Lead to a Long Road of Medical Complications
Health care
August 20, 2025
Common Healthcare Accreditation Programs
7 Most Common Healthcare Accreditation Programs: Which Should You Use?
Health News
August 20, 2025

You Might also Like

Health Care Buzz Today

June 15, 2011

AMCs: The Journey from Idea to Action

November 12, 2011

Obesity Devices Gain From Drug Woes

February 8, 2011

Should Medicare negotiate drug prices? Probably not

February 11, 2016
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?