By David Zetter, Zetter Healthcare, National Society of Certified Healthcare Business Consultants
Revenue is the lifeblood of any business and any significant impact to the revenue of a business could mean many things, including closure. Therefore, revenue cycle management is important, but even more so to medical practices because the source of the revenue can come from so many different people and payors. What is even more of a concern is that the payors have many rules by which a practice and its providers have to comply with in order to receive the remuneration the practice so rightly deserves.
Yet, the healthcare landscape is changing. And through this change, a higher percentage of this revenue is the responsibility of the patient, hence the term, consumer driven healthcare. Most of us are paying more for healthcare today than we did yesterday, last year and in years prior. Because the landscape is changing, practices can no longer run “business as usual.” The policies, systems and tactics previously utilized in the revenue cycle management process will no longer ensure that the funds will show up in your bank account or in your mailbox. Changes in the industry now require changes in billing and collections.