The 2019 Becker’s Hospital Review 5th Annual Health IT + Revenue Cycle Conference (October 9 – 12) was an opportunity for healthcare organizations and related businesses to come together to learn, share ideas, and gain actionable takeaways for their business practices. As operators of and investors in healthcare IT and RCM companies, NCP was present at the conference to meet with innovators and stay on top of this year’s trends in the space. Below are some key takeaways from the conference.
Patient Engagement is More Crucial Than Ever to the Revenue Cycle
As patients’ financial responsibility changes, their engagement in their own healthcare grows more vital. In both the Healthcare IT Track and the Revenue Cycle tracks at the conference, there was no shortage of panel discussions addressing patient engagement and the patient financial experience. Topics within the panels included strategies for improving patient engagement, how patient engagement impacts revenue, the financial relationship between provider and patient, and how providers can better understand the patient experience.
Data Analytics and AI are Changing the Game
Data analytics and artificial intelligence (AI) are useful in several areas of health IT and the revenue cycle, including medical billing, coding, natural language processing (NLP), predicting patient behavior and outcomes, and driving efficiency of revenue cycle management. Panels on best practices for using data analytics, ROI of analytics, improving efficiency, applications of AI, and the role of blockchain technology.
Technology is Evolving the Revenue Cycle
Several panels on modernizing, improving, and innovating RCM practices featured major technological components. Topics within these panels included practical applications of telehealth technology, cybersecurity and regulator issues, price transparency, transitioning to value-based payments, and multi-site practice integrations.
Clinical and Cultural Outcomes are Closely Tied to Technology
Sessions dedicated to improving clinical care using Health IT were abundant at the conference. Themes of these panels included using technology to consider the social determinants of care, how mobile apps can help deliver care, the changing roles of CMOs and CIOs, and physician engagement.
If you’d like to learn more about our investment focus in the Health IT and RCM industries, check out our case studies on Collect Rx, a niche RCM company, and Teladoc, now the largest and oldest telemedicine company in the United States.