The protocols and standards of the healthcare industry have significantly changed. Since the outbreak of the COVID-19 epidemic, there has been a rapid transition. Some changes were necessary for the public's safety, while the rest were inevitable under unusual circumstances—acceptance of telehealth billing due to the Public Healthcare Emergency (PHE). The influx of patients due to COVID-19 has been overwhelming for healthcare providers worldwide.

While most businesses closed off and people were bound to stay home during the lockdown, medical professionals had no choice but to work overtime and expose themselves to high-risk environments. As a result, the COVID-19 remains to linger. Moreover, life is getting back to normal and physical businesses are slowly restoring their operations.

The impact on the hospital revenue cycle management is one of the things that is not expected to reverse anytime soon—the following changes in the healthcare system will come across.

Shift automation

The idea of automated medical care looks excellent. Moreover, reality is far from theory. There's no doubt that automation helps save us time. It equally minimizes the need for in-person interactions though there are cautions.

Automated systems promise functionality and accuracy. However, automated systems promise punctuality and accuracy; they also require supervision and maintenance. Hence, with the automation of business processes, healthcare debt collection enhances traction across industries while automated healthcare delivery takes some time.

The latest technology helps efficiently handle multiple repetitive tasks, though they cannot truly replace human power. Most decisions in the healthcare industry require thought and intellect, i.e., standard automation does not have such characteristics.

With automated billing and online transactions, things seem convenient to those familiar with the technology. However, nine out of ten customers require customer support, and robotic applications and applications can be disappointing or infuriating. Here, automation is varying degrees across the revenue cycle's front-end, mid-cycle, and back-end processes.

The patient as a payer

The increase in consumerism has led to a comprehensive increase in acceptance of High Deductible Health Plans. Patients are responsible for payment either in whole as self-pay or in parts by way of HDHP memberships.

The 'patient as payer' has affected the healthcare RCM to the most significant degree. With the pandemic on the rise, insurers were hit by an uncontrollable amount of personal injury claims, especially on behalf of worker's compensation and medical malpractice.

Several companies have cancelled their medical malpractice claims. Therefore, the public was forced to pay out of pocket for covering their healthcare expenses. One might assume that private healthcare institutions are still minting money in the form of surprise billing with many hidden costs; however, that's not the case. The latest amendments to consumer collection laws stress accommodating the patients. Fair billing practices get imposed to protect the right and interests.

Remote Work

In the current time, more businesses are working remotely. While your organization needs to work with patients hand in hand, electronic communication between patients and medical experts may not be the right solution every time. First, there's diagnosing and treating a patient. But, in the revenue cycle, remote work has seen the most significant traction—many healthcare providers invested in moving their revenue cycle workforce.

Conclusion

The alteration in hospital revenue cycle management has indeed raised issues for many medical organizations. On the other hand, it might be laying a better foundation for the future. It takes time to get accustomed to the changes, and setbacks here are temporary. Besides, medical debt is a significant concern, and only with the right support can your organization meet all your targets. Get in touch with the experts and start exploring possibilities today.