The Meduit Innovation Lab Blog

Recent Posts

HFMA Kentucky Conference Update

Posted by Meduit RCM on Mar 6, 2019 1:18:23 PM

The Kentucky Chapter of HFMA held its annual conference February 27-28 in Louisville.

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Topics: healthcare revenue cycle management, 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

Communication with Patients: How to Speak Their Language

Posted by Ali Bechtel on May 10, 2018 6:03:00 AM

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.

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Topics: healthcare revenue cycle management, communicating with patients

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

Are You Wasting Time on Patient Collections?

Posted by Ali Bechtel on Apr 12, 2018 6:00:00 AM

How are you prioritizing patient accounts before calling on outstanding balances?

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Topics: healthcare revenue cycle management, medical debt collections, healthcare KPIs, healthcare data analytics

3 Reasons To Outsource Legacy Work During EHR Implementation

Posted by Ali Bechtel on Mar 22, 2018 6:04:00 AM

 

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.

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Topics: healthcare revenue cycle management, extended business office, legacy AR workdown, AR clean up, conversion assistance, healthcare business process outsourcing

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

FAQ: Can I Collect from a Patient's Estate?

Posted by Ali Bechtel on Feb 22, 2018 6:00:00 AM

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.

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Topics: healthcare revenue cycle management, medical debt collections, medical debt collection laws, healthcare compliance

3 Reasons Your Patient Payment Plans Aren't Working

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

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?

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Topics: healthcare revenue cycle management, medical accounts receivable, payment arrangements, healthcare business process outsourcing