Revenue Cycle Management Essay - 717 Words

Synopsis - Integrated solution for Revenue Cycle Management and Medical Records Overview Physician practices are being called on to do more than ever before. Today’s physicians must treat more patients, document interactions more meticulously, wrangle with more complex managed care rules, keep track of an ever-expanding array of drugs, submit and track claims and pay rising malpractice insurance bills. In many cases, physicians must treat 20 percent more patients than they did five years ago to generate the same revenue. In the face of these burdens, some practices are struggling to remain financially viable. For many practices, the biggest impediment to meeting these challenges is continual administrative burden, a lack of automated†¦show more content†¦filing prescriptions, searching for patient histories, coding etc) have burdened physician’s schedules and bred inaccuracies Business Opportunity (USA) †¢nbsp;nbsp;nbsp;nbsp;nbsp;Significant majority of physicians are in solo/small group practice (63.3% of total physicians in non-federal practice are either solo or in groups of upto 3) †¢nbsp;nbsp;nbsp;nbsp;nbsp;Physician’s ICT spending will grow from 6.44 billion USD in 2004 to 8.5 billion USD by 2008 at a CAGR of 7.2% †¢nbsp;nbsp;nbsp;nbsp;nbsp;EMR investment by small group physicians’ practices will grow from 366 million USD in 2003 to 829 million USD in 2008 †¢nbsp;nbsp;nbsp;nbsp;nbsp;Currently only 25% of the 1.8 billion claims submitted by physicians are in the form of scanned documents or in electronic form †¢nbsp;nbsp;nbsp;nbsp;nbsp;Only 5% of physicians in solo or small group practices of three or lesser in size currently use some form of electronic medical records Definition of the service Integrating the revenue cycle management solution to medical records thus enabling real-time access to digitized clinical patient information from everywhere, simplifying clinical decisions, saving time, improving standards of coordinated care andShow MoreRelatedThe Link Between Patient Revenue Cycle Management1555 Words   |  7 PagesHospital Financial Management: The Link between Patient Revenue Cycle Management and Profitability in America’s Nonprofit Hospitals Introduction The profitability of American Hospitals is linked to their ability to manage revenue and grow equity. 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