All of us in business have, at one time or another, been told to think outside the box. If you’re in healthcare, it’s time to tear the box into pieces and throw it in the trash.
The enormous shifts taking place in healthcare and the pace at which they’re occurring means everyone providing services to physicians, like Revenue Cycle Management or outsourced Medical Billing, needs to completely rethink the way they do business. Until very recently, you were hemmed in on all sides— geographically where you could effectively provide services, how long it took to process claims (the shift from paper to electronic), how you supported the practices you served, and so on. Today’s cloud-based technology has removed all those limits, and those who realize the potential business advantages will steamroll past their competition.
A thoughtful article from the National Association of Certified Valuators and Analysts (NACVA) talks about the megatrends affecting today’s businesses, as outlined by Dr. Geoffrey Moore, author of Crossing the Chasm.
- Digitization: the migration of text to the digital form as a format of preference
- Virtualization: business is conducted online rather than in person
- Transformation: business is transitioning from large, integrated corporations to enterprises that staff a hybrid network of in-house and remote support personnel
Yes, the article was written for accounting professionals. But the principles are the same for medical billing companies. As practices and supportive services move to the cloud, limitations fall away, and RCM companies must revamp the way they do business and adjust the way they add value for their clients.
Physical limitations. Billers are no longer tied to a geographic location, the amount of paper they can keep track of, the size of their computer hard drive, or the staff they can fit in their office.
Regulatory limitations. Cloud-based billing software solves the majority of HIPAAdata-related security issues.
Data limitations. With front office, clinical, and back office all working on a unified system, new access to financial and clinical aspects of the practice allow medical billers to function more like CFOs rather than bookkeepers.
For medical billing companies, the question is not if these changes are coming, but how quickly they will be embraced. The technology is here—so medical billers must decide whether or not they’re ready to throw out the box. Those who choose to stay within its confines may find themselves on the wrong side of the dumpster.
Photo Credit: LPHR Group
Last Updated on December 16, 2013