At this year’s MGMA Focus | Financial Conference, we encountered a strong sense of exuberance that today’s financial leaders in healthcare are amid a significant evolution. Thus far, executives have been largely focused on optimizing revenue cycles to advance their organization’s sustainability. During this year’s conference, however, the excitement shifted from optimization to revenue cycle maximization.
We also attended many thought-provoking sessions. Specifically, the speakers, sessions, and even the hallways at MGMA were abuzz with insights about making the most of payer relationships, AI and automation, and strategies for harnessing your workforce even amid ongoing talent shortages — all obstacles and opportunities on the road to revenue cycle maximization.
Did You Know?
Ingenious Med led a session showcasing how a 450-physician multi-site, multi-specialty practice eliminated all missed charges — and increased revenue collection by $2.16 million a year — by leveraging Ingenious Med’s new Charge-Note Reconciliation capability.
Here are our top 3 takeaways from the conference
Here are our top 3 takeaways from the conference- AI, automation, & emerging technologies: Artificial intelligence is all the rage in revenue cycle management these days and MGMA was no exception. We were intrigued by speakers discussing the opportunities that currently exist to automate charge capture, implement emerging technologies to create a better patient financial experience, and leverage AI for coding compliance — all to maximize reimbursement and financial performance.
- Partnerships with payers: This ongoing challenge in healthcare is always a timely topic. With discussions about transparency in coverage, the latest updates in payer contracting, and building an annual revenue cycle playbook, plenty of the speakers and financial professionals in attendance were conversing about tactics and strategies for fortifying their foundation to maximize revenue and drive higher profits
- Workforce: Managing a successful RCM team is not just about hiring and retaining the best talent you can; executives are also developing modern inclusivity strategies for employees over the long-term, considering global and remote staffing strategies to maximize operations and, yes, looking to inject AI and automation into their revenue cycles to increase productivity even while operating with a lean workforce.
While the promise for technologies that improve RCM productivity has been gaining momentum for several years, here at MGMA the need to also factor in the ‘human connection’ to improving workforce management by fostering a sense of community, and knowing the right questions to facilitate discussions that create connections was identified.
Our takeaways from the MGMA conference align with Ingenious Med-funded research, notably around the potential for AI and automation relative to persistent workforce issues. Our survey of 101 finance and operations leaders, in fact, found that more than 85% say AI performs well at managing a wide range of revenue cycle tasks and processes. Those include patient and payer payments, coding, charge capture, cash flow, and denials management.
Further, the survey respondents say that AI and automation will drive double-digit revenue growth in the following areas: 22% payer amount estimations, 21% payer payments, and 19% coding. The executives also believe AI will drive at 16% revenue increases associated with claims lifecycles, payment estimations, and denials prevention and management.
To learn how you can drive ‘revenue cycle maximization’ to bolster the bottom line, increase workforce productivity, and ensure you get the most from payer contracts, schedule a demo today.