The Meduit Innovation Lab Blog

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Posted by Meduit RCM on Sep 13, 2019 10:00:00 AM

Artificial Intelligence is Driving Autonomous Coding

Artificial Intelligence (AI) is expected to have a big impact on the revenue cycle process. Today’s healthcare providers are looking to AI for revenue cycle solutions that will help them reduce costs and become more efficient.

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Topics: healthcare revenue cycle management, process improvement, healthcare revenue cycle solutions

Leveraging Revenue Cycle Technology for Better Outcomes

Posted by Ali Bechtel on Jun 14, 2018 6:00:00 AM

Revenue cycle processes have had to continuously evolve over the years to keep pace with the rapid changes occurring in the healthcare industry. As a result, RCM vendor partners are now utilizing technology that hospitals do not have access to on their own. To be successful in this new climate of increasingly complex payment models, providers need to focus more on how to streamline their processes to optimize reimbursement rather than on insurance denial management.

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Topics: healthcare revenue cycle management, insurance denial management, patient engagement, insurance reimbursement, insurance claim denials, process improvement, healthcare business process outsourcing

Submitting Clean Claims: Best Practices & Breakdowns

Posted by Ali Bechtel on May 24, 2018 6:00:00 AM

How well are your revenue cycle processes working? A good indicator is the age of your accounts from final bill or claim date. Generally, a clean claim gets paid in 30 days or less. If a claim is older than 60 days there is typically something wrong with it, and once you pass 180 days, collectability on that account dips to 5%.

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Topics: healthcare revenue cycle management, insurance denial management, insurance reimbursement, insurance claim denials, process improvement, healthcare business process outsourcing

5 Simple KPIs for Monitoring Revenue Cycle Health

Posted by Ali Bechtel on Apr 26, 2018 6:00:00 AM

In healthcare, as it is in many industries, cash is king. All healthcare systems have financial teams to dive deep into performance throughout the year, but on a regular basis many hospitals and practices assess the health of the revenue on cash flow alone. However, even at face value accounts receivable is only one metric to monitor.

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Topics: healthcare revenue cycle management, medical accounts receivable, healthcare KPIs, healthcare data analytics, process improvement, 5 Metrics, benchmarking

Benchmarking Your Way to a Better Bottom Line: How to Use Data for Process Improvement

Posted by Ali Bechtel on Mar 8, 2018 6:00:00 AM

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.

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Topics: healthcare revenue cycle management, extended business office, insurance denial management, healthcare KPIs, healthcare data analytics, process improvement, benchmarking

Get a Revenue Cycle Check Up: Measurements for Success

Posted by Ali Bechtel on Dec 22, 2017 10:39:07 AM

In healthcare, as it is in many industries, cash is king. Of course your financial team will deep dive into financial performance throughout the year, but on a regular basis many hospitals and practices assess the health of their revenue cycle based on cash flow alone. However, accounts receivable is only one metric to monitor. Here are five additional simple key metrics that have been identified by the AAFP to measure regularly to ensure the health of your revenue cycle.

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Topics: healthcare revenue cycle management, insurance denial management, medical debt collections, healthcare KPIs, healthcare data analytics, process improvement, 5 Metrics, benchmarking