Compliments of RevCycleIntelligence. Understanding the terms and provisions in a payer contract is key to maximizing reimbursement, preventing denials, and operating a smooth revenue cycle. Providers are in the business of keeping their patients healthy. But confusing payer contracts riddled with “legalese” and other complicated provisions can get in the way of improving patient… Continue reading Key Terms, Components of Payer Contracts Providers Should Know
Compliments of RevCycleIntelligence. About 46 percent of leaders expect value-based reimbursement to increase profitability in 2018 compared to just 23 percent two years ago. Approximately 46 percent of healthcare executives and managers expect value-based reimbursement contracts to improve their organization’s profitability, according to a recent KPMG survey. Healthcare leaders are more optimistic about the impact value-based… Continue reading More Execs Expect Value-Based Reimbursement to Up Profitability
Compliments of Health Management Technology. Instead of fighting for the same pool of patients, hospital systems are growing bigger by merging—but they need to focus on streamlining and being more efficient after such transactions, Derrick Walker, senior director at Optum Advisory Services, said at HFMA’s Annual Conference. His session, “A Glimpse into the Revenue Cycle… Continue reading Consolidation presents challenges, opportunities for hospital revenue cycles
Compliments of RevCycle Intelligence. With value-based reimbursement and healthcare consumerism taking hold of the industry, provider organizations are under pressure to ensure their healthcare revenue cycle is operating at maximum efficiency. To effectively track healthcare revenue cycle performance, provider organizations should develop key performance indicators (KPIs), advised Sandra Wolfskill, Director of Healthcare Finance Policy and Revenue Cycle… Continue reading Breaking Down the Top 5 Healthcare Revenue Cycle KPIs
Compliments of Health Data Management. More analytics and IT expertise are being applied to keep dollars flowing to healthcare organizations. In accounts receivable, cash has always been king. Now so is data. Value and quality-based reimbursement contracts are becoming more common, making the revenue cycle ever-more complex and potentially squeezing margins. In response, revenue cycle… Continue reading Revamping the Revenue Cycle
Compliments of RevCycle Intelligence. Providers are slated to save more this year by adopting electronic claims management processes as health plan web portals stall the transition away from manual processes. Transitioning from manual to fully electronic claims management would save the healthcare industry $11.1 billion annually, with providers seeing the greatest share of the savings,… Continue reading Electronic Claims Management Adoption Could Save Providers $9.5B
Compliments of RevCycle Intelligence. Financially clearing patients is becoming an important part of revenue cycle management, as it helps hospitals and clinics avoid debt collection. Revenue cycle management remains relatively elusive in the new healthcare landscape, as new regulations and reforms have led the industry to evolve and left many hospitals scrambling to keep their… Continue reading Top 5 Ways to Optimize Healthcare Revenue Cycle Management
Compliments of Healthcare Finance. Workable payment plans can't be too burdensome and should take into account FICO score, 90-day payment history and any residual or related income. Hospitals, take note -- patients want to pay. They're not always in the best position to fulfill their financial responsibility, but given the right options they'll do what they can… Continue reading Hospitals boost revenue cycle by personalizing payment plans
Compliments of Rev-Ignition. Revenue cycle management, or RCM has steadily grown to become an important factor in the financial health of many medical and healthcare organizations. A lot of clinics, hospitals and other groups find themselves trying to balance the needs of providing quality medical care, while at the same time cutting costs. This is… Continue reading How the Shift to Cloud-Based Revenue Cycle Management Is Boosting Technology Spending.
Compliments of Healthcare Finance Magazine. A new philosophy is emerging around the hospital revenue cycle that it bookends episodes of care. When it comes to revenue cycle, a patient-centric culture is the future. By the way, make sure you include your employees in that philosophy and understand how technology can help get there. The dominant… Continue reading HIMSS18 Revenue Cycle Recap: Patient-centric approach takes communication, flexibility and motivated staff.