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Hospital Patient Revenue Cycle: Providers Can Turn Pain into Gain - Industry Analysis by Loyale Healthcare

LAFAYETTE, Calif., Nov. 6, 2019 /PRNewswire-PRWeb/ --AJust last month, experts from consulting company Navigant published insights titled "5 Pain Points for Revenue Cycle Executives." Their analysis was based on a survey of Hospital Revenue Cycle Executives conducted in partnership with the Healthcare Financial Management Association (HFMA) and prepared by professionals with direct experience working with healthcare professionals in executive and revenue cycle leadership. Their conclusions align with many of our own experiences processing 40 million patient transactions in the last year alone.After working with some of the largest, most innovative healthcare providers in the country to improve patients' financial experiences and provider financial performance, we can emphatically affirm the report's assertion that "The revenue cycle must use its unique vantage on operations, outcomes, and financial health to drive and support responsible, savvy changea??not just within its traditional scope but across the organization." As healthcare's transition into the consumer-driven "New Health Economy" accelerates, Revenue Cycle's strategic participation in planning, management and execution is now an operational imperative for every healthcare provider who intends to survive the change. Specifically, Navigant's analysis identified 5 pain points afflicting Revenue Cycle Executives. Significantly, the survey analysis points out that these concerns affect leaders in all disciplines including clinical.The five pain points identified were:1.AAAAOptimizing the return on the Electronic Health Record system (EHR) investment
2.AAAAEnhancing Patient Engagement
3.AAAAImproving Clinical Integration
4.AAAAManaging Cost and Scale, including through robotic process automation and the forging of innovative partnerships
5.AAAARebalancing Health System Revenues, as one would with an investment portfolio a?? rationally and strategically
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