511 - from data to dollars: optimising the revenue cycle.
In this episode of Talking HealthTech , Peter Birch speaks with experts from Australia's private hospitals to tackle the significant issues around revenue cycle management.?
We’re diving into the old-school coding headaches, job shortages, and the hiccups in keeping the dollars flowing smoothly.?
There’s also some buzz about whether AI and automation can step in and save the day, all while we brainstorm more efficient, financially sustainable ways to run our healthcare systems.
This episode was recorded as a live session in partnership with InfoMedix , bringing together representatives from across Australia's digital health ecosystem, including private hospitals, vendors, consulting firms, and government bodies, highlighting a broad interest and engagement with the topics discussed.
Getting to Grips with Revenue Cycle Management?
Private hospitals down under are dealing with some unique challenges when it comes to managing revenue. They’re stuck wrestling with outdated coding systems and having a hard time finding and keeping skilled workers. Cathy Ryan , Group Director of Health Funds & Patient Services at Cabrini HEALTH , points out that they are like foreign exchange, having to code in multiple versions and remember all the subtleties around rule changes. That’s a massive callout for health info managers to be on their game to sort through this maze and make sure billing and payments are done right.
Riding the Data Wave?
Data is at the heart of streamlining hospital operations. We’ve got data coming out of our ears, but the key is working out how to use it to make things better. Secure data sharing is necessary to ensure everything runs like clockwork and cuts down on the paperwork shuffle. Charles Lie , Group GM - Revenue Cycle Management at Healthscope , hits the nail on the head when he says that the art here is going to be, “How do we capture the relevant points of data that are really, really, really relevant.” By focusing on what matters, hospitals can boost their efficiency and the care patients receive.
AI and Automation: Hopes and Hurdles?
AI and automation sure sound like the dream fix for lightening the load on hospital coders and admin teams. But it's a bit tricky. The current Australian coding standards ask for a lot of detailed information, which isn't exactly easy for AI. Dean Breckenridge , Chief Policy Officer at Ramsay Health Care , highlighted that AI will be required to understand the patient's entire treatment pathway as long as we continue to have such complex coding standards. The details make it a bit of a challenge to bring AI on board in a big way, but who knows what the future holds?
Policy’s Big Role in the Healthcare Scene
Government policies are a major player in how hospitals get things done. The rules can either grease the wheels or throw a spanner in the works. One major step forward would be a unified data-sharing approach, which could make life a lot easier for everyone. Dean mentions a lack of understanding from the government on how they contribute to inefficiency. There’s a real call for policy shakeups to let AI and tech do what they do best in hospitals and beyond.
Mind the Gap Between Public and Private Health?
The episode shines a light on how different things are between public and private hospitals. Public facilities can sometimes lean on government help when the going gets tough, whereas private hospitals often have to fend for themselves. Cathy puts it simply, “We don't have a government to bail us out.” Making funding models more straightforward and letting tech handle some of the elbow grease can help level the playing field and make things smoother across the board.
Joining Forces for Better Healthcare?
The chat circles back to the idea that teamwork makes the dream work. Hospitals, funders, and policymakers must come together to shake things up and share ideas. Charles mentioned that if we could get a smooth way of sharing information that supports any of our funders and maintains confidentiality and security, then we’re all winners. It’s all about getting everyone in the same room to work towards common goals.
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Onwards and Upwards
So, what’s next for Australian hospitals looking to streamline their revenue cycles? By teaming up, simplifying how they do things, and using tech smartly, they can make big strides in efficiency. Advanced analytics, sticking to best practices, and working together on tech are the way forward. Embracing these steps means a more sustainable healthcare system that’s all about keeping patient care front and centre.?
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InfoMedix is proud to be an Australian owned and operated company with a wealth of experience in delivering software solutions to hospitals since 2000.
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