In today’s world, healthcare organizations have to deal with a variety of challenges when it comes to managing their revenue cycle. One of the biggest challenges is the lack of interoperability between different healthcare systems and organizations. This is a major concern for healthcare executives as it can lead to poor financial outcomes for their organizations. Interoperability in healthcare, especially in revenue cycle management, has never been more important. In fact, interoperability is crucial for the financial success of healthcare organizations and how it can help them meet their patient consumers where they are.
1. Streamlining Financial Processes
Interoperability in healthcare revenue cycle management means streamlining financial processes across different healthcare systems and organizations. This can help healthcare organizations avoid wasting resources on a duplicative process while managing revenue and financial tasks. Improved workflow can lead to better accuracy, faster payment cycles, and ultimately, increased revenue.
2. Improved Patient Experience
When healthcare organizations can access patient data from different healthcare systems and organizations, it improves the patient experience. Patients can have a seamless experience from the moment they check in until they receive a bill. Interoperability reduces the time and effort expended by patients and providers alike in the healthcare process. It creates a greater sense of collaboration between care providers and patients by providing visibility into costs, are-easier-to-understand billing, and promoting fast and accurate channels for communication and query resolution.
3. Empowering Data-driven Decision Making
Interoperability helps healthcare executives make better data-driven decisions. By sharing patient data across different healthcare systems and organizations, executives can better understand their patients’ needs, and they can make better decisions to serve them. For example, executives could identify areas of opportunity to merge departments or open new ones based on usage patterns or even develop new offerings based on patient demand.
4. Compliance with Federal and State Regulations
Interoperability is a requirement in healthcare compliance and a key part of healthcare reform. In 2020, the Office of the National Coordinator for Health Information Technology (ONC) issued new guidelines and rules through the 21st Century Cures Act. The act aims to achieve broad data sharing while ensuring the privacy and security of sensitive patient information. Interoperability is a critical element to meet these requirements, making it a vital part of achieving compliance.
5. Cost Savings
Interoperability helps healthcare organizations avoid the costs associated with paper-based and manual data entry. Using interoperable systems can reduce these costs significantly by streamlining data management and financial processes. This will ultimately lead to cost savings as staff can spend more time on essential tasks, allowing them to focus on available resources to improve more urgent and primary areas of which patient care is one.
Interoperability in healthcare revenue cycle management has never been more important. By streamlining financial processes, improving patient experience, empowering data-driven decisions, achieving compliance, and cost savings, interoperability is crucial for the financial success of healthcare organizations. Healthcare executives who are committed to improving financial results and patient outcomes should prioritize implementing interoperable solutions. This will help organizations to keep pace with the ever-changing landscape of healthcare, which is increasingly being driven by data. Ultimately, the adoption of interoperable solutions will assist in meeting the needs of modern-day patient consumers and the healthcare industry.
To learn more about Zotec’s RCM capabilities, explore zotecpartners.com or schedule a demo here.