To start increasing profit, it’s essential to understand common challenges in revenue cycle management and other issues that can hinder profit. Revenue management challenges look different for the healthcare, higher education, and government sectors, which have unique struggles due to tight regulations. These are businesses, and optimizing profits is key to continuing to provide quality care, education, and services to the public.
Challenge in Revenue Cycle Management #1: Compliance
Compliance is one of the most relevant revenue cycle management challenges in the healthcare, government, and higher education verticals. These fields deal with sensitive, personal information that has to remain protected during financial processes. Without compliance, they could incur costly penalties.
Compliance is not something to take lightly, so one of the best solutions for this issue is to outsource help to revenue cycle management experts who can ensure that you meet all regulations during payment processes. Outside of outsourcing help, you should also create strict financial procedures for your staff to follow.
Challenge in Revenue Cycle Management #2: Inaccurate Billing
Entry errors are yet another common challenge in revenue cycle management and can be very costly for these industries. There are many different medical codes for billing, and they vary for every test, procedure, and visit. Inputting a slightly incorrect code can become costly.
Revenue Management Challenge #3: Poor Data
Optimizing data is a struggle, especially for the government at times. However, it’s vital for the process of revenue management. There are so many unpaid fines and fees and uncollected taxes—all sources of revenue that can be lost if data isn’t streamlined and under heavy analytics.
The same can be true for healthcare or higher education. If you don’t log information correctly and continually monitor it, you could be missing out on revenue. The quick fix is to use software to organize, manage, and analyze. If you want to do it yourself, start by auditing existing data systems and looking for weak spots.
Overcome with CORE
These challenges don’t have to be your enemy. CORE’s revenue cycle management software will help optimize your profits. You won’t have to worry about compliance, incorrect billing, or poor data collection again. Our system integrates seamlessly and automates tasks for you. Get started today!