30 Dec The Future of Revenue Cycle Management
If you’re a billing company or are thinking of outsourcing revenue cycle management to a billing company—listen up.
This blog explains the impact that the choices you make and the approach you choose for revenue cycle management have on your organization.
Watch this video to learn why it may not be best to stick with what you’ve always done.
Should You Innovate or Stick with the Status Quo?
It can be easy to think it’s best to stick to what you’ve always done, but let’s look at a recent example of a company that did that as compared to its competitor that decided to innovate and see how they fared.
- Very high overhead
- Slow to change
- Low overhead
- Embraced change
- Led with technology and innovation
While Blockbuster spent tons of money on lots of physical stores and locations in high-traffic areas, and on hiring people to work in those stores, Netflix didn’t. Netflix focused on providing DVDs via self-service kiosks or mail, and even started offering online streaming before the market was really ready for it. While Blockbuster was leading with people and thinking “if we throw more people at the problem, we’ll give better service and people will stick around,” Netflix was innovating, offering convenience, and thinking ahead.
Blockbuster went out of business and Netflix is still thriving today. The movie industry may differ quite a bit from revenue cycle management, but the concept is the same.
You need to stay competitive and build a solid foundation for the future of your organization. The best way to successfully do this is to:
- Lead with technology
- Lower labor costs
- Keep service offerings fresh and innovative
If you’re outsourcing your billing and about to hire a billing company, think about the tools that company is using. Are they engaging automation? Do they have any AI platforms? Are they just using your tools, or are they bringing something to the market?
Choose firms that will take you in the direction of Netflix, not Blockbuster, so you can look back on your innovation and success in a few years, not look back and wish you’d made different choices.
Check out this free guide to learn how to reduce labor costs department by department today!