Major Challenges in Hospital Revenue Management

Collecting payments before services are received is a major part of the revenue cycle and the one where issues can happen quite often. The tricky part of this stage is that many patients can't afford or are not willing to pay the whole amount in advance, which creates a need to manage debts.

Fremont, CA: Finance management that is consistent and organized is critical for any hospital or medical organization. Incoming payments, claims processing and reimbursement, margins, and other transactions are all part of the daily operations of a hospital, and executives are constantly looking for ways to improve this process. Revenue cycle management is a complicated but manageable process that can be improved with benchmarking and automation.

What are the key hospital revenue cycle management challenges?

Payment Collection and Billing

Collecting payments before services are received is a major part of the revenue cycle and the one where issues can happen quite often. The tricky part of this stage is that many patients can't afford or are not willing to pay the whole amount in advance, which creates a need to manage debts.