Healthcare RCM

    Choose Best Revenue Cycle Management Firm The revenue management cycle is important to simplify administration for medical institutions, and hospitals.  Outsourced healthcare companies, offer all-inclusive healthcare and medical services. The services include pre-registration to the scheduling of appointments, medical billing, and coding. Outsourcing firms ought to achieve HIPAA compliance, ISO 27001, and 9001 certifications. An incompetent system may have plenty of other negative consequences that may bring a medical organization to a standstill in various ways. Based on their experience in this area of revenue management, firms that excel in this area offer quality and expedite reimbursement.  They practice improved administrative operations for better results. Revenue Management Cycle Outsourcing Solutions A medical organization or an independent physician, services must be streamlined. By hiring a reputable service provider, their appropriate medical services...

  Covid-19 in 2020 became an unprecedented disruption to all aspects of the healthcare sector in a short period. However, the planet is now, luckily, recovering from the damage. We’re both hoping for better days ahead with the New Year and the Covid-19 vaccine. While the healthcare industry has been slow to adopt digital tools in the past, innovation is now critical to recovering from the losses suffered during the pandemic. During the pandemic, as we were all trapped in our households, digital media played a vital role in keeping the world together.  Healthcare trends  and digital solutions had a much broader impact than we might have expected. There are many ways of using digital means to overcome a crisis during these difficult times. During the pandemic, the prominence of telehealth solutions would reshape a variety of facets of our healthcare system. SIX Healthcare Digital Transformation Trends to look for in 2021 1. Major advancement in Telehealth Telehealth has bee...

    5 Radiology  Billing Errors That Lead to Revenue Drain!   Our healthcare system is still reeling under the economic and operational pressures that the Covid-19 pandemic had brought in its wake. For radiology practices, the economic stress of the pandemic has been particularly severe. Examination volumes have gone down, rules have changed and revenues have started to dwindle. A special report from the RSNA Covid-19 task force has revealed that the drop in examination volumes for some private radiology practices in the last year has been higher than 80 percent!  While the economy is slowly edging back to normal, the threats of a second and third wave loom large over the horizon spelling low profitability for radiology departments and imaging centers. In these challenging times, it is utterly crucial for radiology practices to re-focus on revenue cycle efficiency. This is definitely not the time to leave money on the table for any reason, especially for mistake...

  Imagine putting all your money in a bag with a hole! Most of us would wince at such indiscretion, wouldn’t we? But denials, the proverbial holes in the coffers of healthcare businesses are mostly left unmanaged. An average hospital faces a loss of around $5 million in denials every year. And surprisingly, nearly 65% of those denied claims are not resubmitted again! Why do hospitals and healthcare services choose to close their eyes to this gaping drain in their revenues? Well, studies and interviews reveal that most health organizations are deterred by the time, labor, and cost that denial management calls for! So the question that naturally follows is how hospitals can manage their denials without stretching their resources? The recourse we feel lies in a thorough and holistic approach that looks at denial management from every facet and works at it from the base to the top. We need to devise strategies that address the root causes and work at eliminating them. Here are some hel...

Any business, even if it’s a noble service like healthcare can come to naught if payments are not received on time. Mounting accounts receivables and erratic cash flows are problems that many healthcare services are grappling with today. But surprisingly, the solution to these can be quite simple – diligent A/R follow-ups! Industry statistics tell us that not following up on unpaid claims results in nearly a 25% loss in revenue. Then a clear corollary that we can infer from this fact is that  A/R follow-ups  can significantly ramp up your health practice’s revenues.  What Do A/R Follow-ups entail? A/R follow-ups is a systematic process that billing teams or medical billing companies follow to collect the outstanding payments. An A/R follow up process typically includes three main stages.  Evaluation Analysis and Segregation based on Priority Collection Why are A/R follow-ups important? And if the boost in revenue is not enough reason for healthcare companies to focus...

Challenges and the US Healthcare Industry go hand in hand. From constantly evolving payment systems, increasingly labyrinthine regulations to the terrifying Covid-19 Crisis that’s before us today, the challenges we need to counter are many and possibly, never-ending. To surmount these problems and be ever-ready to meet new ones, we must build strength and resilience from within. One way to do that is to focus on improving our  core operational efficiency .  “Operational Excellence remains a greater imperative than most companies and most executives acknowledge,”   says    Gene Tyndall, President Supply Chain Excellence Advisors. This is especially true of the US Healthcare Industry where administrative costs far exceed those of healthcare industries in other comparable countries.  The Centre for American Progress (CAP) estimates that the annual  Billing and Insurance related costs borne by providers and payers are a startling  $4...

Scheduling is one of the simplest and most basic steps in the healthcare revenue cycle. But it is not any less important. As the first context of contact with the patient, it strongly affects the entire experience that a patient has with your healthcare service. A 2017 study by the University of Utah reports that 39% of patients surveyed considered scheduling a timely doctor appointment as the most important expectation they have from a healthcare service. That is not quite surprising when you consider the results of another study. In this one, more than 30 % of the patients under the study with an urgent medical problem reported that they were not able to schedule appointments on time.  So as a  healthcare provider , the first constructive step towards enhancing the quality of care you provide and streamlining your revenue cycle is to improve your patient scheduling process. But how can you do that? Here are six ways that will surely make your scheduling process run a...

The COVID-19 Crisis has rattled the world. While the action in most other spheres of business has come to a screeching halt or at least slowed down to a snail’s pace, the healthcare industry is frenetically fighting this dreadful virus from the frontlines. The US Healthcare system has faced many challenges in the past but never before had it encountered a challenge of such a catastrophic scale. The latest CDC  reports  have pegged the confirmed number of persons infected with the virus in the US at a startling 632,548 and deaths at 26,930.  Even without data, we can plainly see that the cost of this crisis on our economy is going to be huge. The UN’s trade agency UNCTAD augurs that in 2020, the loss to the economy brought by COVID-19 can get as high as 1Trillion $. What will be the economic impact of the pandemic on our healthcare system that is already reeling under a heavy cost burden?  The cost of the pandemic for Providers Hospitals are overwhel...

Before we get to the reasons why  outsourcing medical billing services  is good, here are some facts to mull over An American Hospitals Association 2019 report has pegged the value of uncompensated hospital care since 2000 at more than $620 billion. A Mckinsey article has reported that out of medical bills exceeding 3000$, a startling 99 % were not paid in full. According to Bloomberg, bankruptcies in the health care sector have more than tripled in 2017. In the first 3  quarters of 2018, 8 hospitals have filed for bankruptcy and 9 hospitals have closed down.  Healthcare providers lose $300 billion a year due to failures in claims processing, payments, billing, and collection of bad debt. These facts call attention to the major problem that US healthcare providers face today – revenue erosion. A lot of factors contribute to this issue. Three major ones are the fragmented nature of the US healthcare system, the complexity of regulations and inefficiencie...