The 10 Best Revenue Cycle Management Solution Providers 2018 Cycle Management Final File optimize | Page 4

Editor’s Column
T
he revenue cycle in healthcare has been following the
fee-for-service reimbursement strategy for a long time
now. According to various healthcare experts, this
process has proven to be very time-consuming. Patients are
paying more for the out-of-the-pocket services, which are not
very beneficial, and opting less for the necessary services. All
of these concerns call out for a change in the existing revenue
cycle management system. This is where the value-based care
reimbursement strategy comes in.
The value-based payments bring to us the opportunity to lower
the cost of patient care while improving the quality. The
process is solely based on charging medical bills for positive
clinical outcomes. Not only does it increase the sense of
accountability in healthcare organizations, but it also shifts the
burden of financial responsibility from payors to providers.
Transiting to the
Value-based Care
Reimbursement
The question that arises is - can we do this? Yes! Although, the
transition from fee-for-service to value-based payments is not
easy, it is definitely possible. A few strategies can help make
the process faster and smoother. Data analytics play a major
role in analyzing quality metrics of an organization and
monitoring its progress. This will help in keeping track of the
quality of the services provided. The medical bills can then be
tied to outcomes of those services.
Alongside, healthcare companies should promote collaboration
among its several professionals, like nurses, doctors, finance
managers, and so on. Often, due to lack of sync between these
role-players, the payment process becomes confusing and is
delayed. Also, front-end revenue cycle tasks are to be paid
attention to. If the patients are educated about their financial
responsibilities at every step, the transparency and ease in the
entire process can be maintained. Population health
management is another factor to be considered. Providing
preventive and post-treatment care can aid to this.
As it is said, change is the only constant thing and such a
change for better results is today a necessity in healthcare. By
adopting value-based care reimbursement system, the industry
can holistically improve its revenue cycle.
andhar
Aishwarya Naw
Aishwarya Nawandhar
Editor