Interoperability is quickly rising to the top of a large and growing list of priorities that every provider grapples with. An essential building block of interoperability is accurately identifying the patient across multiple EHR’s, billing systems, as well as a multitude of ancillary systems such as lab, radiology, oncology, decision support, and more.
Getting full reimbursement from Managed Care Contracts requires careful attention to detail throughout the Revenue Cycle. Below we'll explore some of the specific areas you can address and actions you can take to improve cash collections.
As a follow up from our post last week about how fundamental it is to have a strong integration plan, let's discuss the basics of creating the framework that will set your healthcare organization up for success.
There are times that healthcare organizations (specifically healthcare IT) fail to make integration planning and leadership a fundamental component of general IT operations. While they recognize the importance of doing so, time and expertise are often in short supply. Integration needs get missed entirely, or are addressed on an ad-hoc or reactionary basis.
Topics: Financial Optimization
In an earlier blog post my colleague, Daphne Fleming, discussed the possibility of hospitals and other providers no longer accepting currency (paper cash and coin) for healthcare services, essentially the beginning of the cash acceptance portion of the revenue cycle. In this post, I want to share my perspectives on the tail end of the cash acceptance portion of the RevCycle.
Remittance Processing. Cash Balancing.
Editor's note: We are introducing a new series exploring the ins and out of the complete Revenue Cycle. Fittingly, we thought we'd start at the beginning and do a deep dive into preservice and going cash free. Every other week leading up to HFMA in June we'll be exploring another step along the way. Let us know what topics you are most interested in reading about.
Have you been part of the team checking off the days until October 1st? Are you working on those final details such as additional training, testing, and parallel coding? Chances are you realize that even though October 1st is the deadline you’ve been working towards for years, you know your work won’t be over a week from today. There are several challenges you’ll be facing in the coming months:
Topics: Financial Optimization
As the daughter of two aging parents with chronic diseases and working in healthcare IT for the last few decades, I am thrilled to see CPT 99490. You might say – really?, thrilled about one little Medicare Physician Fee Schedule change? I say, YES, really! We have long been talking about the financial burden chronic diseases are on the healthcare system, not to mention the patients. Two thirds of Medicare beneficiaries have two or more chronic illnesses such as Alzheimer’s, Arthritis, Asthma, Cancer, COPD, Diabetes, Depression, Heart Failure, and Osteoporosis. One third have four or more. (Source, Source) Those conditions are hard enough to manage one at a time, but the coordination of care on multiple chronic disease conditions is time consuming, expensive, and complicated. I think about it each time I see my parents’ long medication list and fear that the drug-drug interaction alone is like a Jenga game – one false move and my parent will fall apart and end up in the hospital receiving great, but expense care. My goal is to keep them out of the hospital and as healthy as possible.
When a healthcare organization converts to a new or upgraded financial system there are often challenges that can negatively impact accounts receivable. Some of these conversions will happen simply because it’s time to upgrade, some will happen because of new governance, others because of hospital acquisitions and mergers. Regardless of the reason that prompted a need for a new financial and billing system it is imperative to be prepared and have a plan that will help minimize the impact of disrupted operational workflows and processes. One example: hospitals already operate with a level of uncompensated care which, according to the American Hospital Association, has reached a total level of $459 billion since 2000. (Source). If there is already an innate risk due to bad debt and charity care it is best to alleviate financial pressures found in other places.