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Exceptional Coders | Innovative Technology

Revenue Cycle Management Expected to Grow 11% Annually

Posted by David Fong on Jan 11, 2018 7:00:00 AM

The medical sector has been undergoing a series of interminable changes over the last few years. In consequence, healthcare revenue cycle management (RCM) market is set to witness a marked growth because of the rising need for timely bill reimbursements and insurance claims. Increased complexity in the medical coding process has led to the necessity of RCM solutions that help reduce billing errors.

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Healthcare spending is projected to grow rapidly over the span of the next few years, which will lead to the government implementing cost-cutting measures such as reduction in bill reimbursements. Both these factors will have a positive impact on healthcare revenue cycle management market, which, according to Global Market Insights, Inc., was worth more than USD 39 billion in 2015. The rise in the number of medical care providers adopting revenue cycle management practices will further augment this market, which will grow at a CAGR of 11% over 2016-2024.

 

One of the major drivers for the growth in RCM was the passage of the Affordable Care Act signed in 2010. This legislation produced has several changes in the medical sector by creating compulsory medical insurance and increased Medicaid coverage in the U.S. This statute is now under fire and is rapidly changing, but is expected to continue to significantly propel the U.S. healthcare revenue cycle management industry, which is projected to exceed $38 billion by 2024.

 

The heart of good revenue cycle management is advanced medical coding that guarantees accuracy and turnaround times. Aviacode uses only the best credentialed and experienced coders in the industry. All of our coders are AAPC or AHIMA certified and have three years or the requested experience by the healthcare organizations. They use our proprietary coding platform, ProCoder®, built from the ground up to respond to enhance their workflow, and provide faster service that responds to today’s and tomorrow’s coding challenges.

 

Another key factor to good RCM is an ongoing comprehensive accuracy review of coding-related practices aimed at maximizing revenue efficiency, identifying potential coding compliance risks, and stopping coding-related denials. Aviacode provides a comprehensive accuracy review of your current coding process, which will identify mistakes and help prevent future coding-related denials

 

Aviacode auditors utilize ProAuditor software, our proprietary application developed to streamline and standardize audits, and provide audit results that are actionable and easy to understand. We offer chart audits to any size organization, from stand-alone physician clinics to multi-site hospital facilities. Our coders and auditors have deep experience from facility, pro-fee, and HCC / risk adjustment.

Denied claims can severely impact your revenue cycle. Aviacode provides a cost-effective solution for revenue recovery that ensures the appropriate payment is received for services provided. Our denials team is committed to improving your coding-related denial management process so you can free up cash and increase revenues.

Improved clinical documentation is another key factor to maintain a strong revenue cycle. Aviacode provides simple, effective, and affordable training tools that teach the clinical documentation techniques necessary to improve reimbursement for ICD-10 coding and can help identify areas of relevant compliance concerns. Our staff of certified and experienced trainers assist physicians in clarifying and identifying the requirements for precise and complete documentation. They can also train on relevant compliance concerns, which will also improve revenue cycle management.

 

Topics: Medical Coding, HIM, Clinical Documentation, Denial Management, Coding Compliance, Medical Coding Audits