In 2015, Medicare and Medicaid will be expanding the bundled payments for services and there is uncertainty in the healthcare field regarding the implementation of ICD-10. Due to the bundled payment options, historical payments will drop, and if Congress decides to implement ICD-10, hospitals will have to code based on procedure rather than revenue. This will likely be a stressful combination for hospital financial managers, who will have to deal with these issues on top of an already demanding workload.
The key to handling both of these developments efficiently is having a solid RCM system in place. In order for the hospitals’ financial leadership to understand the monetary impact the bundled payments will have, it is absolutely critical to become adept at revenue cycle management.
Furthermore, regardless of whether ICD-10 is implemented this year or not, hospitals should be making the necessary changes. Those that already take revenue cycle management seriously will be in better shape than those who do not.
Far simpler than hiring and training new staff to cope with the coming changes would be to hire an outside firm specializing in RCM, already equipped to handle bundled payments and ICD-10 documentation, and ensure that no money is left on the table.