Many healthcare organizations are advancing beyond the implementation of electronic health record (EHR) solutions and are now faced with new challenges: how to improve the health information exchange and to enhance the overall financial performance of the care facility. It has become imperative that providers, payers, and patients have expedited accessibility to health information. However, with this expanded access to data and the widening necessity of interoperability, healthcare organizations can no longer survive with segmented data or siloed processes, and must face these new challenges by first addressing their revenue cycle automation.
Modernizing the revenue cycle can help optimize financial performance and improve interoperability efforts. As the transition from fee-for-service payment systems to value- based care reimbursement occurs, new payment models will need to be adopted industry-wide, but this will not be an easy feat. The transition from fee-for-service to pay- for-value has been referred to as one of the greatest financial challenges facing the U.S. healthcare system.