High-deductible health plans and the rising cost of care have placed an increased financial burden on patients to pay healthcare providers. Consequently, providers are collecting a decreasing portion of what patients owe, and are being sold self-service patient options as a panacea for providers to resolve these cash accounts. But in the end, is it really a cure-all or more of a red herring?
COVID-19 has inadvertently set the table for artificial intelligence (AI) to transform the revenue cycle. Now more than ever before, providers need to gain control over declining revenues and plan for the next crisis. AI is a game-changing tool that is transforming the revenue cycle for hospitals and health systems across the country.
While the healthcare universe begins to rebuild clinically and financially from the impact of COVID-19, the Meduit team is innovating a “new normal” where our clients have access to tech-powered solutions that accelerate the revenue cycle efficiently and effectively. In the June 2021 edition of Meduit’s digital RCM magazine Cycle Up, we focus on strategies to maximize revenue cycle management that will ensure our clients’ financial resiliency. To that end, I am pleased to deliver the June edition of Meduit’s national award-winning digital RCM magazine Cycle Up.
Topics: Cycle Up
High-deductible health plans and the rising cost of care have placed an increased financial burden on patients to pay healthcare providers. Consequently, providers are collecting a decreasing portion of what patients owe. Are self-service patient options the panacea for providers to resolve these cash accounts to ensure their own financial health?
Technology is having a profound impact on the entire healthcare revenue cycles of everything from large health systems and independent hospitals to large physician groups and small practices alike. The types of technologies vary widely, too, from existing tried-and-true technology that is being reapplied in innovative ways to brand new artificial intelligence solutions that are being invented in near-real time today.
When an eight-hospital system required assistance resolving claim denials, health system leaders reached out to Meduit. After analyzing the issues, the Meduit team leveraged its artificial intelligence (AI) solutions to process coordination of benefits denials in less than 60 days.
To resolve one of the hospital system’s largest denial reasons, the MeduitAITM team developed and released a second application, a targeted Modifier 25 Appeal Process. This application was released within the first 90 days of the contract. The team is developing two additional applications within the next four weeks. These two applications will handle:
In case you missed Meduit’s third podcast of our three-part series, Employing Predictive Analytics to Work Smarter Revenue Cycle Management, you can now download the transcript for easy reference here… and you can still listen to it below.
In this podcast, Jason covers how providers can utilize advanced predictive analytics to:
Concerned about collecting on aged accounts for your practice? A recent survey concluded that 83% of small physician practices with fewer than five doctors report that slow payment of accounts from high-deductible health plans is their biggest cash flow hurdle (Source: Black Book).
Before you give up on those accounts, take a look at Meduit One – our virtual collection agency that leverages automated technology with human revenue cycle expertise to resolve past due accounts.
Meduit One is an innovative solution designed to strengthen finances for physician practices, specialists, dentists and veterinarians. This full-service, virtual collection agency improves cash flow for healthcare providers.
Drive cash flow into your practice and manage bad debt accounts through technology.
The best part is there are no upfront fees and no risk. You only pay for success.
Learn more about how you can fuel more cash to your bottom line: https://www.meduitone.com/
Topics: Meduit One
In case you missed Meduit’s second podcast How Web Bots Solve Healthcare RCM Problems, you can now download the transcript for easy reference here… and you can still listen to it below.
In this podcast, Jason Petrasich, Senior Vice President of AI for Meduit, takes you through game-changing tools that are designed to work hand-in-hand with staff to maximize results across the board. By aligning the right tasks with AI and RPA technologies, providers can generate cash faster, increase efficiencies and lower cost.