HBMA brings together hundreds of billing professionals, administrators, and other healthcare leaders to discuss the innovations, challenges, and opportunities impacting the revenue cycle. Here are our key takeaways!
In September, our team had the pleasure of attending and speaking at HBMA’s 2024 Annual Revenue Cycle Management Fall Conference in Austin, Texas. This conference brought together billing professionals, administrators, and other healthcare leaders to discuss the innovations, challenges, and opportunities that are impacting revenue cycle management today.
In this recap, I’ll share the key takeaways from our session as well as two trending themes based on our time at HBMA’s 2024 Annual Revenue Cycle Management Fall Conference.
RXNT’s Presentation at HBMA: The Power of Data-Driven Decision-Making
Many healthcare professionals are either swimming in a sea of data or they’re operating without enough data.
During the session, “Making Data-Driven Decisions,” RXNT’s COO, Jessica Wagner; Senior Data Engineer, Julian Glenesk; and Director of Product Management, Practice Management, Millie Hoffmann, discussed how to unlock the power of data and use it to drive growth and efficiency.
Throughout the session, they talked with attendees about how recent advancements within the health tech industry have made it possible to harness the power of dynamic reporting insights to quickly perform analysis and build visualizations. These tools have equipped healthcare professionals with the data and insights they need to quickly respond to evolving conditions, spot trends, reduce errors, optimize revenue generation, and improve daily workflows.
The success of any healthcare organization hinges on its ability to make effective decisions, and that’s impossible without reliable data. Use data to guide decision-making and succeed in a few key areas, including:
- Enhanced accuracy and reliability: Data provides a solid foundation for decision-making, ensuring that all decisions are factually backed.
- Minimize bias and assumptions: Everyone is entitled to their own thoughts and opinions; however, with data-driven decision-making, the likelihood of personal bias and assumptions is reduced, leading to more objective and informed decisions.
- Identification of trends and patterns: By analyzing data, organizations are better positioned to uncover trends and patterns that might have otherwise been missed. These insights can help organizations make decisions that drive the organization forward.
- Organizational buy-in: When decisions are based on data, it’s easier to get buy-in from key stakeholders.
- Prioritizing resources and strategies: Data gives organizations the insights needed to evaluate where their time and resources are best spent. By doing so, they can allocate their resources effectively.
- Ability to measure success: With a continuous flow of data, organizations can keep a close eye on their progress, successes, and failures. They can test different strategies and pivot based on the results.
What Was Trending at HBMA 2024?
How Artificial Intelligence (AI) is Transforming Revenue Cycle Management
With all the buzz around AI in healthcare, it’s no surprise that it was a popular topic at HBMA 2024. During sessions like “Transforming RCM: How AI is Revolutionizing Revenue Cycle Management,” and “A Day in the AI Life: A View of the Future of RCM,” attendees got a glance at the current landscape of AI in health tech and how it will continue to evolve over time.
Although AI is still a long way away from being the standard healthcare practice, there are many opportunities for practices that are looking to dip their toes in. One way AI is being used in healthcare is to streamline administrative processes such as billing and claims processing. With machine learning, practices can use automated denial management tools to evaluate claims, providing more time to focus on patient care.
Learn more about what the future of AI in health tech looks like →
Making Seamless Software Transitions
Switching to a new medical billing or RCM software can seem like a daunting task, but it doesn’t have to be. By understanding your needs, crafting a solid training plan, and migrating data, you’ll have a smooth transition and implementation. Solutions like RXNT can help make that process even easier by streamlining setup and assisting with data migration.
Read our tips for implementing a new RCM and medical billing software →
Who Won RXNT’s YETI Giveaway at HBMA?
At this year’s conference, we were thrilled to be able to host a giveaway to give back to the dedicated community of professionals who are transforming the future of healthcare.
Congratulations to Cal LaGroue of Valletta Group for winning our Yeti giveaway!
We’re already looking forward to next year’s HBMA conference! Until then, you can get in touch with us or schedule a demo to learn more about our award-winning suite of healthcare software.
What is HBMA’s 2024 Annual Revenue Cycle Management Fall Conference?
The Healthcare Business Management Association (HBMA) is a non-profit professional trade association recognized as a major authority in revenue cycle management by the healthcare industry and U.S. government agencies.
Their fall conference aims to bring together industry professionals to facilitate valuable discussions, educational experiences, and networking opportunities.
Learn more about HBMA on their website.
