Due to escalating unemployment associated with the COVID-19 pandemic, more patients have lost their employer-provided insurance, and providers are missing reimbursements from those patient accounts.
Topics: extended business office
Implementation of a new Electronic Health Records system (EHR) is an expensive endeavor. Up-front costs can be enormous, but there are also many hidden costs that can be extremely problematic for hospitals and physician groups during the conversion process. Outsourcing legacy support can take some of the strain off your revenue cycle and your staff.
To properly monitor, manage, and maintain your revenue cycle processes you must first understand where they are and how they got there. This is where benchmarking comes in.
Healthcare business process outsourcing (BPO) used to be a strategy for cutting costs. Then for a time the BPO growth trend slowed as more organizations underwent mergers and acquisitions. Newly formed parent systems began to build Central Billing Offices to bring revenue cycle tasks back in house and to streamline their vendor relations.
However, the new reality is a need to balance the overwhelming need to keep up with a rapidly changing industry with growing patient expectations.
Price transparency is a critical element for ensuring not only a healthy revenue cycle, but also patient engagement and overall organizational success. With the spread of consumerism in healthcare, more patients are expecting pre-service estimates and a seamless billing and payment process. However there is one primary factor in that process that can be less than clear: insurance coverage.
Of the many emerging trends in the healthcare industry, one in particular is swiftly becoming the status quo. Hospital merger and acquisition activity jumped 70% from 2010 to 2015, and the trend is continuing upward toward a much more consolidated market.
Insurance claim denials plague most hospital and medical practice billing offices, although to what extent can be hard to determine. There is a noticeable lack of information on the industry average for denied claims.
Are there consistent errors within your medical accounts receivable management processes that are restricting your organization’s cash flow? There are a few common problems that plague healthcare providers that can be avoided in a few simple steps.
Often references to the healthcare revenue cycle can be vague or over-broad, and as a result this critical element of an organization’s success can be oversimplified or misunderstood.