Top Healthcare Revenue Cycle Trends to Watch in 2023

As we round out the first quarter of this year, many of us are still setting and already tracking goals, both personally and professionally. In my years in the industry, I’ve learned that one place to start with goal setting is to look at what’s trending and where experts see the changes and challenges on the horizon. For 2023, here are the revenue cycle trends I think we all should watch.

Increased investment in revenue cycle management resources

Healthcare professionals are still feeling the burnout brought about by the pandemic—from those in administrative roles to providers. Trends suggest that this year we’ll see an increase in investments that help cull some of the burden, including revenue cycle tools and outsourcing, stronger revenue cycle staff development programs, and collaboration across all teams that are affected by revenue cycle management activities.

Focus on the patient financial experience

Across all facets of the healthcare sector, the patient experience is more important than ever as we see a rise in healthcare consumerism. The same goes for the patient financial experience. From further enactment of the No Surprises Act to good faith estimates for medical services to payment options and plans offered to patients, the revenue cycle of health systems, hospitals and individual practices will certainly be impacted by this shift in focus.

Challenges in working with payers

Many in the revenue cycle industry are finding that payers increasingly push back on reimbursement, request extra authorizations and medical records, and deny more claims. The good news is that trends show work is being done to reduce this stressor between medical billing and coding professionals and payers.

Emergence of artificial intelligence as a revenue cycle management tool

Google Chief Clinical Officer Michael Howell, MD has said, “What I think we’ll see in 2023 is some high-quality evidence come out about the impact of AI and ML on actual health outcomes and on healthcare processes.” We foresee revenue cycle management included on that list of processes aided by AI. We’re not talking about AI replacing humans at this point, but potentially making operations easier.

First Coast Billing Group has first-hand experience in handling all of these trends. We go beyond a promise to improve reimbursements and limit claim denials. We customize services to fit seamlessly with your practice style and technology. Our team of experts can take care of your medical billing and coding, including specialized services such as EKG “over-read” billing and collecting on older accounts receivable.