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...

    Revenue Cycle Management (RCM) is a hot topic in the Healthcare IT industry that refers to the revenue and cash-flow management of healthcare organizations through the use of revenue cycle software. The revenue cycle of a hospital includes items such as medical billing of patients, collections, filing of insurance claims, reimbursements, refunds, and claim rejections, among other things. Thus, RCM software is integrated with EHR and Accounting systems within Healthcare Organizations to ensure proper management of various financial and operational functions. Recent business trends and rapid technological changes are posing a significant challenge to many  healthcare rcm services  institutions. Hospitals that use outdated RCM systems with poor revenue cycle processes lose a significant portion of their earnings each year. As a result, it has become critical for businesses to implement an up-to-date RCM tool to save money and improve their processes. Implementing th...

  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...

Crisis begets change. True to the saying, the Covid-19 crisis we face today has ushered in many changes in the US healthcare system. It has changed the way we see and it has definitely changed the way we do things. For instance, it has transformed the way we deliver healthcare. One of the positive changes that the pandemic has brought about is the acceleration of Telehealth’s foray into mainstream medicine. Telehealth is not by any means new to US healthcare. It was already touted as the fastest-growing medical care service by an AMA study conducted in 2019, pegging the growth rate at a striking rate of 53% with more than 76% of hospitals in the country offering the service. This year the pandemic is slowly yet forcefully pushing this number closer to 100. From big multispecialty hospitals to small single physician practices, every player in the healthcare business is now looking at telehealth as a viable way to continue serving the community with quality healthcare. But...

You have set up your independent medical practice and you’re slowly climbing up the first leg of growth. Then comes the big challenge – the increasing complexity of medical billing. The one question that looms large over your sky at this point is this: ‘To outsource or not to outsource?’ Before arriving at an answer let us look at some facts Nearly 80% of all medical bills have errors and in around one-fourth of these bills, the errors involved a significant amount of money. The average cost to file an initial claim is $ 6.75 while the average cost to rework a denied claim is around 25 $ In the last seven years, there has been a 70% increase in data breaches in the healthcare industry So what do these data tell us? They tell us that precision and attentiveness are absolute musts to reach a satisfactory level of efficiency in medical billing. And we know that efficiency improves when any task is handled with more specialized knowledge and expertise. Medical billing compa...

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...