Charlotte, NC – Meduit, a national leader in healthcare revenue cycle management (RCM), announced today that Janice Ridling has joined the Meduit team as Revenue Cycle Sales and Operations Executive Advisor. Her addition to the team will support accelerating the company’s expansion strategy to improve cash flow for more hospitals, health systems and physician practices throughout the country.
Topics: Meduit blog
According to a recent Black Book survey of over 4,640 individuals from 522 hospitals and healthcare delivery networks, approximately 26 percent of US hospitals do not have an effective healthcare revenue cycle management (RCM) solution in place. This figure is down from 35 percent of hospitals reporting no RCM strategy in 2012. Without a viable RCM solution in place, hospitals are very likely leaving significant revenues on the table.
At Meduit, we are driven by compassion, and there’s no better time than Thanksgiving to lend a hand and share some holiday joy. On Friday, November 16, our team members, in partnership with Publix Supermarkets, delivered 100 Thanksgiving meals to the Charlotte Rescue Mission for their yearly Thanksgiving Food Box Drive. Together we were able to bring smiles and Thanksgiving dinner to families who otherwise may not have had resources available to celebrate the day.
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.
Topics: healthcare revenue cycle management, insurance denial management, patient engagement, insurance reimbursement, insurance claim denials, process improvement, healthcare business process outsourcing
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%.
By now you’ve heard that engaging patients in their care is essential to positive outcomes - and therefore reimbursement - so many times you’ve lost count. You’ve read the guides on how to develop better engagement campaigns (psst…if you haven’t, we have one for you here), attended sessions on the importance of activation at association events, maybe you even created focus groups within your own facility to determine how you can empower patients to take control of their care. But all the training and campaigns come down to one thing: proper communication.
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.
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.