Revenue Cycle Management is a vast operation for every healthcare organization starting prior to patient intake and continuing on through to financial reporting. Each stage of the healthcare revenue cycle has its own terminology that, for mere mortals (all of us), can increase the complexity of our day-to-day and make the job harder!Read More
A recent study released by HIMSS Analytics found that 31% of providers do not have a formal denials management tool in place and use a manual process.
Healthcare IT News responded with this article on how this creates opportunities for providers and vendors alike, as 60 percent of respondents that do not utilize a denials management tool plan to purchase one within the year. “That means the industry is essentially on the cusp of all providers needing a modern and effective way to handle denied claims,” says the article.Read More
Building a winning team in your business office is achieved by hiring, developing and retaining talented individuals - and by making a clean break with those staff who are culture killers. Over the past few years, OS has changed its hiring model from pursing candidates with experience to seeking out specific characteristics and values using interview techniques and skills assessments.Read More
Keeping your high dollar balances in check can have a huge impact on your A/R and cash flow. The key is to find that sweet spot, where 80% of your outstanding A/R makes up about 20% of the total number of accounts. Simply put, the goal is to touch the least amount of accounts while having the greatest potential to bring in cash, or as the phrase goes, the biggest bang for your buck. But keeping staff focused on resolving those high dollar accounts in the most efficient manner can take creativity.Read More
Past delays have left Providers wary of the impending ICD-10 transition date, currently set as October 1, 2015. Some groups are pushing for a delay, some are not. Some groups are ready; others are still compiling resources to prepare their staff. No matter the stance or preparedness, all providers seem to have one thought in common - the uncertainty of the ICD-10 deadline.
However, with the recent passing of the Medicare reform package (SRG bill) that made no mention of an ICD-10 delay, most organizations closely following ICD-10 believe the October 1 transition date will stand firm. At this stage, providers should actively test with their vendors and major payers and ensure contingency plans are in place.Read More
Do you know your payers' average turnaround times? Using analytics to pinpoint payment speed can mean big benefits for your business office.Read More