Cycle Up

FTC’s New Safeguards Rule Compliance Deadline Extended

The FTC’s Standards for Safeguarding Customer Information, the Safeguards Rule for short, requires covered entities to develop, implement and maintain an information security program with administrative, technical and physical safeguards designed to protect customer information. While the rule was set to go into effect December 9, 2022, the FTC has extended the compliance deadline to June 9, 2023. Our Compliance and Information Security Teams have been diligently working to update our internal policies and procedures to ensure compliance with the new rule and continue our commitment to protecting our consumers’, clients’ and employees’ private information.

As hospital, health system and physician group leaders look toward 2023, most are still facing persistent challenges that impact nearly every area of the industry. Let’s take a look at the top pain points and strategies to mitigate them.

In each edition of Cycle Up, we sit down with one of the leading voices in the firm. In this issue, we’re talking with Lisa Keffer, Relationship Manager at Meduit, about the importance of nurturing client relationships.

Meduit’s Net Promoter® Score (NPS) from client surveys for 2022 is in. We are very pleased to report we’ve achieved a rating of 68, which is an increase of TEN points over 2021. To compare, other companies received these scores:¹ 

Modern Healthcare has named Meduit the number one healthcare revenue cycle firm in the nation for total client contracts for 2022, illustrating the company’s commitment to strategic growth and expanding its geographic footprint.

Hospitals and health systems have lost significant revenue, including bad debt from Medicare accounts, because of the impact of the COVID-19 pandemic. While the Centers for Medicare and Medicaid Services (CMS) provide reimbursement for roughly $3.5B of unpaid deductible and coinsurance amounts per year to hospitals for Medicare bad debt, nearly every hospital in the U.S. has an average of over $1M in recoverable net revenue. Many organizations simply do not have the staff to identify and collect these missing dollars.

Want to learn more about the right balance of self-service and full-service patient billing strategies? Check out our recent and upcoming webinars. We are partnering with HFMA chapters for webinars in March and May. In case you missed our HFMA Kansas webinar in February, you can watch it here. 

1. HFMA Kansas – 2/08
   An Examination of Self-service vs. Full-service Patient Billing 
   Jeff Nieman and Greg Rassier
   
2. IRHA Indiana - 3/22 @ 12pm EST
   An Examination of Self-service vs. Full-service Patient Billing
   Jeff Nieman and Greg Rassier
3. Wisconsin Hospital Association - 5/18 @ 12pm EST
   An Examination of Self-service vs. Full-service Patient Billing
   Jeff Nieman and Greg Rassier

Did you know that most hospitals are missing as much as $1 million in unclaimed Medicare bad debt reimbursement from CMS? F2 Healthcare (a Meduit company) helps hospital partners identify and collect this revenue that would otherwise be lost.

Have comments or questions regarding an article in this issue or a topic you’d like our editorial team to consider for an upcoming issue? Send us your thoughts at info@meduitrcm.com. And be sure to like and follow us on social media:

Meduit is one of the nation’s leading revenue cycle solutions companies with decades of experience in the RCM arena, serving 850 hospitals and large physician practices in 48 states. Meduit combines a state-of-the-art accounts receivable management model with advanced technologies and an experienced people-focused team that takes a compassionate and supportive approach to working with patients. Meduit significantly improves financial, operational, and clinical performance, ensuring that healthcare organizations can dedicate their resources to providing more quality healthcare services to more patients. For more information, please visit https://www.meduitrcm.com/about