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.
Topics: healthcare revenue cycle management, medical accounts receivable, healthcare KPIs, healthcare data analytics, process improvement, 5 Metrics, benchmarking
How are you prioritizing patient accounts before calling on outstanding balances?
Topics: healthcare revenue cycle management, medical debt collections, healthcare KPIs, healthcare data analytics
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.
Topics: healthcare revenue cycle management, extended business office, legacy AR workdown, AR clean up, conversion assistance, healthcare business process outsourcing
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.
Topics: healthcare revenue cycle management, extended business office, insurance denial management, healthcare KPIs, healthcare data analytics, process improvement, benchmarking
In recent months a number of our MedCollect clients have asked whether they can attempt to collect from a patient’s estate after the patient has passed and, if so, how to go about it. Whether to attempt to collect a patient’s account balance after their passing is a business decision every healthcare organization must make, and if yours has decided to pursue these balances there are a few key regulations to consider. Please note that the regulations discussed in this article are part of the Fair Debt Collections Practices Act (FDCPA) and therefore apply to third-party debt collectors, like your medical collection agency.
Topics: healthcare revenue cycle management, medical debt collections, medical debt collection laws, healthcare compliance
As out of pocket costs increase and deductibles rise, healthcare organizations of all sizes and specialties are seeing an increase in high-balance accounts. Without much assistance from insurance patients are looking for new and better payment options. Payment plans can be a valuable option for both the patient and the provider when administered properly. So why aren’t they working for you?
Topics: healthcare revenue cycle management, medical accounts receivable, payment arrangements, healthcare business process outsourcing
We are proud to welcome you to the future of healthcare revenue cycle management – welcome to Meduit! Please allow us to introduce ourselves and share a little bit about what you will find here on the Innovation Lab Blog. Then we want to hear all about you.
Calling patients to request payment can be stressful and difficult, but it doesn’t have to be. Like every other touch point you have with a patient, the first and most important requirement for a successful patient collection call is to create a connection.
Topics: medical debt collections
Reform is rampant in the healthcare industry, from payment models to data security it seems there is always a new overhaul underway. But unlike many trends, patient engagement has remained a hot topic for many years. It is no secret that providing a great patient experience can improve your bottom line, so what is different about this trend that has kept it in the spotlight?
Topics: healthcare revenue cycle management, patient engagement
Your receivables management partner should be monitoring and adapting to the ever-changing regulations in both the health care and debt collection industries on your behalf. However, there are a few reporting best practices you should follow to ensure that your agency, and your practice, can maintain compliance. In this article we will discuss the most important information you should be sharing with your medical collection agency or RCM partner on a regular basis.
Topics: medical debt collections, medical debt collection laws, credit reporting, healthcare compliance
