This is a transformative time for healthcare, with virtual medical assistance and virtual care along with other technologies, which are quickly on the rise.
While the economic challenges of 2024 are reverberating across industries, the healthcare realm is posing new challenges for providers in the upcoming year as well.
One area that is particularly a hazard for the providers is aging hospital accounts receivable buckets. As the industry is constantly evolving and patient behavior is transforming, it is becoming difficult for providers to run their accounts receivable management services.
To abate the risks of lost revenue, you need to optimize your medical billing and coding processes and bolster operational workflow.
As we move towards 2025, trends like automation technology, data analytics in AR, artificial intelligence, and outsourcing of administrative tasks are likely to reshape the industry parameters and practices.
Future Trends of Hospital Accounts Receivable
1) Analytics in AR:
Traditionally, practices used to struggle to manage accounts receivable data due to its vast size and sensitivity. Any error within the medical billing and coding process can lead to increasing AR days which is the most significant challenge.
Transitioning from 2024 to 2025 will mark a shift from uncertainty to confidence. You can leverage accounts receivable analytics for better predictions and better cash flow management in your practice.
You can improve hospital accounts receivable services by implementing data integration, predictive modeling, segmentation analytics, performance metrics, and so on.
2) AR management automation:
Practices across the country are grappling with the tedious and repetitive process of hospital AR services.
The evolution of advanced technology and tools within healthcare billing and coding services led to sophisticated automation tools, enabling seamless invoice generation, and payment reimbursements, revolutionizing AR management by improving the accuracy and efficiency of the process.
In fact, Robotic Process Automation (RPA) can commendably improve hospital accounts receivable solutions by automating repetitive tasks, data management, follow-ups and collections, data reporting, and so on.
3) Harness real-time payments:
With the industry evolving, the patient’s financial responsibilities within the care process are increasing and so are healthcare costs. Implementing a robust real-time payment system and establishing a defined collection culture can reduce AR buckets in your practice.
You can consider instant payment gateways, API integration, automated payment confirmation, and QR code payments for collecting reimbursements. More payment options for payors and patients can improve the overall collection process and reduce the number of days in the AR bucket.
4) Outsourcing:
Hospital AR management services require tedious and daunting workflows which hinder adaptability and responsiveness.
Furthermore, the industry is already struggling with consistent skill shortages, and the economic challenges are contributing to rising labor costs as well. Therefore, managing an in-house team dedicated to hospital accounts receivable solutions is difficult.
Outsourcing has been emerging as a more plausible solution as it provides you with an agile workflow with a huge talent pool of revenue cycle management experts.
To Conclude,
As we step into 2025, we can see an unprecedented change and growth in the healthcare industry. Technology and regulatory protocols are transforming every now and then and posing new challenges to healthcare providers.
The integration of upcoming innovations and strategies can transmute the functional and financial well-being of your practice. By staying abreast of industry trends and adopting new technologies, you can stay ahead of the competition. Embracing change and continuously improving your services will help ensure long-term success for your practice.
While integration of technology and automation can eliminate errors, it can incur a significant portion of your revenue. Also, you need to invest an ample amount of time in training and staying updated with the changes within the system.
However, an agile workforce from an outsourced hospital accounts receivable company is a wise decision when it comes to industry best practices and revenue optimization.
Regardless of the impending changes, a team of healthcare revenue cycle management experts is one of the most cost-effective ways to transform your practice’s performance.
By outsourcing revenue cycle management, you can benefit from their expertise in maximizing reimbursements and reducing denials, ultimately improving your practice’s financial health. This allows you to focus on providing quality patient care without the burden of managing complex billing processes.
Your strategic partnership with outsourced RCM can help you leverage cutting-edge technology and domain expertise, future-proofing your practice’s financial and functional stability.
