Lexology October 31, 2024
US hospitals and health systems find themselves at a crossroads. Organizations are under extraordinary pressure to reduce costs: from 2021 to 2023 alone, labor costs skyrocketed by over $40 billion and inflation far outpaced Medicare reimbursement growth, resulting in a growing financial gap that is outpacing payer reimbursement. Facing these financial headwinds, providers continue to make necessary technology investments to optimize revenue collection.
This has made effective revenue cycle management (RCM)—the process by which providers bill, track, and collect payments—invaluable. But optimizing RCM is not easy. Ongoing payer barriers, workforce shortages, operational roadblocks, and regulatory changes make it difficult to know how best to proceed and where to invest. One recent report found that the majority of healthcare organizations surveyed...
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