Medhealth Review

Transfiguring Revenue Cycle Management: Change Healthcare Leads the Way in 2023

De Crescenzo

President and CEO

With the acquisition of advanced algorithms and data analytics, Change Healthcare helps healthcare providers in identifying and correcting payment inaccuracies which makes them one of the best and reliable sources in the Revenue Cycle Management Solution Providers list. They also aim to improve revenue integrity and also contribute to compliance with regulatory requirements.

As the healthcare landscape has grown over the years, with the advancing technologies, managing revenue cycles efficiently is one of the major concerns for providers to ensure financial sustainability and optimal patient care. Change Healthcare, is one of the torchbearers in the healthcare technology sector, and has also grown up as a trailblazer in offering cutting-edge solutions for Revenue Cycle Management (RCM). Year by year is passing its very crucial to delve into how Change Healthcare continues to revolutionize the healthcare financial landscape. In this article, we will be talking about Change Healthcare as a Revenue Cycle Management Solution Provider in 2023.

Change Healthcare is a derivative of various healthcare processing along with the consultation services acquired by McKesson over several years. In recent years, these processing assets were contributed to a joint venture and in June 2019 public shares were issued with McKesson retaining the majority interest. McKesson sold all of its shares in the public processor as of the conclusion of the March 2020 quarter. Core services include administrative and consulting services to help healthcare providers improve payment coding, billing, and collections, as well as an insurance (healthcare) claim clearinghouse for healthcare payers.

The healthcare industry has gone through a major transformation in recent years, with the changing evolving changes along with the technological advancements, and also overall increases the focus on the care of the patients, because of which the old and traditional revenue cycle management processes have become quite outdated and out of the streamline, making the healthcare providers think to seek innovative solutions to streamline operations and enhance financial performance.

Change Healthcare has got up in the field as one of the major Revenue Cycle Management Solution Providers in RCM by providing an array of comprehensive solutions which is quite well-designed to point out and find the challenges faced by healthcare organizations and provide the best solutions to them. The services provided by Change Healthcare circumscribe the entire revenue cycle, starting from the eligibility verification of the patient to the processing of the claims the payment pacification to denial management.

Change Healthcare’s RCM solutions start from where the patient’s access is started. By the use of advanced tools for insurance verification, pre-authorization, and patient financial counselling, providers can minimize claim denials and optimize the revenue cycle from the outset. The company aims to provide the usage of the most modern techniques and leading-edge technology and even includes artificial intelligence and machine learning, for the smooth running of the claims processing. Automated coding, real-time editing, and intelligent analytics enhance the accuracy and speed of claims submission, reducing the risk of denials and accelerating reimbursement.  Strong denial management tools in Change Healthcare’s RCM platform assist clinicians in quickly determining the underlying reasons for claim denials. The method ensures that valid claims are immediately compensated by streamlining the appeals process.

With the acquisition of advanced algorithms and data analytics, Change Healthcare helps healthcare providers in identifying and correcting payment inaccuracies which makes them one of the best and reliable sources in the Revenue Cycle Management Solution Providers list. They also aim to improve revenue integrity and also contribute to compliance with regulatory requirements.

Change Healthcare’s promise of consistency and compatibility is one of the major key points which makes it stand out from the crowd. Change Healthcare’s RCM solutions seamlessly integrate with existing Electronic Health Record (EHR) systems, practice management software, and other healthcare IT infrastructure making them one of the most reliable Revenue Cycle Management. The interoperability leads to the smooth flow of information and resources through the entire healthcare landscape even promotes data accuracy and leads to less administrative complexities.

As time is moving forward, and along with that technology is also advancing the threat to data in the digital era is also increasing. Change Healthcare have a strong prominence on data security and compliance. The company clings to rigorous industry standards and even includes advanced encryption and authentication protocols to safeguard the important data related to the patients and their treatment.

Change Healthcare is one of the best examples of creativity and effectiveness in revenue cycle management as it goes through the complexity of the contemporary healthcare environment. Change Healthcare aims to influence the direction of healthcare management in 2023 and beyond by providing the best and complete solutions to achieve financial sustainability and a more efficient and lucrative revenue cycle.