Question

What are some of the desired system capabilities when it comes to supporting an effective and efficient revenue cycle?

Answer 1

The desired system capabilities supporting an effective and efficient revenue cycle are described below:

• The ability to leverage and cope up with the new technology and services can help in optimising and filling up the gaps in the existing system. Such growth will help in increasing the demand for the organisation and pace up as per the changes in the environment.
• Understanding the utility of the current technology and optimal utilization of the technology is very important One must understand the process, procedures, handling, directing of the technology so that it can be fully utilized and can then differentiate and upgrade as per the requirement.
• The technology must be customer centric that can be easily handled by the consumer/customer. The technology must be an easy one for very quick and transparent use of the customers. They can then easily find all the details about the organisation through these technologies.
• There must be some goals that must be set to be achieved. Also there must be various parameters to measure them and determine the accuracy of the goals. The loop holes then can be figured out and reached out to higher management for reaching the expectations. Various training programmes can be organised for proper enhancement and development.
• Various management softwares are available nowadays which help in proper tracking of revenue of the organisation. These help in handling various situational issues as well.
• One can outsource the revenue part which saves time as well as resource. One can outsource these works who can then handle the revenue concern separately.
• Follow up action is the most important and core part of revenue management in an organisation. In fact follow up counts to play a major role in management of any organisation. It helps an organisation to find its area of improvement.