21 Dec A Strategic Imperative in the Current Healthcare Economy
In today’s climate, healthcare providers face increased economic, regulatory and competitive pressures, all of which threaten to reduce revenue and squeeze already decreasing margins. Rising bad debt costs due to the uninsured, increased government scrutiny, and a rise in hospital consumerism are forcing physicians and hospitals to improve clinical, financial and operational performance.
The recent issues in the economy have only exacerbated many of these challenges, driving hospitals and ambulatory physicians to cut costs through layoffs and freezing capital spending – drastic moves and abrupt changes for an industry traditionally seen as insulated from economic woes. These actions may aid in alleviating short-term financial challenges; however, they do very little to help achieve the long-term outcomes of efficient, high-quality healthcare.
Ambulatory practices and hospitals alike must now turn toward improved process and futuristic technology within revenue cycle management. Specifically, Business Intelligence alone won’t get this done but a “Predictive Performance Management Solution” called RAP (revenue acceleration process), available only from Meridian’s RCM services will help accomplish both short and long-term goals. An integrated predictive performance billing management solution using futuristic process and technology from Meridian Medical Management RCM, can help physicians transform data into actionable information through proactive identification of patterns, anomalies and bottlenecks that lead to cost savings and increased billing efficiencies. Through the combination of Meridian’s improved processes, multiple sources of information, a predictive performance management solution provides insight into key clinical, financial and operational areas to ultimately improve information transparency and management accountability across the organization. Contact us for more information on how Meridian can help your business.