Healthcare organizations know how important it is to maintain a high level of operation when dealing with revenue cycle management. In order to keep better track of the revenue cycle, healthcare experts suggest incorporating supply chain management into revenue cycle management practices, according to RevCycleIntelligence. Merging the two could have positive effects on healthcare organizations' revenue streams, sustainability measures and decision-based operations. According to nThrive, combining the two also leads to increased revenue cycle integrity.
Here are three other reasons supply chain management and revenue cycle management technologies should be combined:
1. More Accurate Billing and Reimbursements
Money management can be made more efficient with logistics software. When the revenue cycle and supply chain are linked by technology, hospitals and other healthcare organizations have more control over patient payments and other forms of revenue coming in through their systems. This in turn leads to reduction in cost in a world of steadily rising patient responsibility and healthcare costs.
"Hospital supply chain costs are increasing at the same time double-digit health premium increases are spurring greater scrutiny by payers of medical supply costs," said health care professionals Michael Darling and Sandy Wise in an article for Materials Management in Health Care. "For hospitals, this is increasing demand for greater efficiency, pricing transparency and accountability throughout the entire hospital supply chain and driving a new level of discipline in supply chain management."
2. Supply Is Easier To Monitor
Inventory control is a big part of supply chain management, and it's no different in the healthcare sector. According to RevCycleIntelligence, up to 40 percent of the standard operating budget for a hospital can be taken up by supplies. It's important for healthcare providers to be aware of the equipment they have and the medications they can offer patients; logistics software can help them keep track of all those numbers. With mobile data collection linked directly into the healthcare provider's existing systems, the location, use and restock necessity of certain supplies can all be found without fuss.
3. Increased Office Productivity
Supply chain logistics management software helps automate and streamline workflows, and when combined with revenue cycle management solutions can help maximize the time devoted to revenue capture by office staff of hospitals. When staff members are no longer worrying about inventory and other management tasks, the time saved can be applied to doing other things related to ensuring the best possible patient outcomes.