Lessons from COVID-19
Among COVID-19’s many effects on providers, revenue cycle is one of the most impactful. Top challenges include decreased revenue/increased costs, telehealth care reimbursement and remote staffing.
On the other hand, valuable lessons were learned, according to Grant Thornton’s Christopher Baratta, principal in Healthcare Transformation: “COVID-19 experiences taught us a lot. For providers, it was quickly being agile and seeing what a remote workforce looked like.”
Looking to the future, Baratta expects the revenue cycle to transform, thanks to cultural and technological changes. “I think as the revenue cycle evolves over the next five to 10 years, some of the more mundane tasks will go away and be replaced by automation,” he said. “That means that the staff we have on hand will have to deal with more complex payers, conversations on the front-end side, complications related to authorization, and issues dealing with the function side rather than the technical side.” He predicted greater understanding of the data will enable revenue cycle staff to be more proactive and gain synergy with clinical staff.
For more insights on the current and future state of revenue cycle, listen to the discussion between Baratta and BESLER The Hospital Finance Podcast host Michael Passanante.