Mitigating the Fixed Cost Dilemma in RCM Through Technology and Outsourcing
/ Posted in GeBBS Healthcare Solutions, Inc.So much of revenue cycle management optimization is about reducing errors and streamlining processes to increase profits and track a more accurate projection of cash flow for a hospital system. But with costs and competition rising, there are other factors for executives to consider for a more complete RCM approach. Among the most compelling and …
The Complex Effects of COVID-19 on Risk Adjustment Strategy
/ Posted in GeBBS Healthcare Solutions, Inc.It’s been nearly 25 years since the United States government first began using risk adjustment in the Medicaid program and more than 20 since the country started using it in Medicare Advantage. During the past couple of decades, the ways in which the healthcare industry has employed risk adjustment have noticeably changed. However, the COVID-19 …
Outsourced RCM: Offering Improved Profitability and Expert Efficiency
/ Posted in GeBBS Healthcare Solutions, Inc.Analysts estimate that hospitals and health systems in the United States could collectively lose $53 billion in revenue this year. And that’s an optimistic assessment. Even before the COVID pandemic, hospitals in the U.S. were experiencing downward revenue pressure from both government and commercial payers. Strong financial performance is essential more than ever for healthcare …
The Precise Role of Optimized Billing in a Complete RCM Process
/ Posted in GeBBS Healthcare Solutions, Inc.Contrary to many opinions, revenue cycle management (RCM) is not solely a function of billing. Furthermore, the two terms, RCM and billing, are not interchangeable. The focus on revenue here devalues the fact that it is a cycle with multiple contributing elements. That said, billing is certainly a core function that could use some help …
Mitigating Error in Record, Revenue and Health Information Management
/ Posted in GeBBS Healthcare Solutions, Inc.Top of mind for most health system operations teams is the optimization of revenue cycle management (RCM). This critical starting point serves as a lynchpin for the success and profitability of the organization, helping to track and predict cash flow, process claims, and propel the business forward. But RCM affects more than just the bottom …
Powering the Patient Experience Through Front-End RCM
/ Posted in GeBBS Healthcare Solutions, Inc.When reflecting on revenue cycle management optimization across health systems, much of the conversation revolves around internal processes and staff. Often overlooked is the critical role that patients play in revenue generation and claims processing. The path to successful claims management starts with the information collected during patient intake. If that data is inaccurate or …
Revolutionary Robots: How RPA Can Take RCM to a New Level
/ Posted in GeBBS Healthcare Solutions, Inc.Robots and artificial intelligence (AI) have long been features of sci-fi lore that intrigued and engaged our imaginations. But while it might seem like a drastic leap to envision AI playing a critical role in health system operations, that day has already arrived. Robotic process automation (RPA) challenges organizational leaders and stakeholders to think beyond …
How Improved Patient Access Solutions and the Patient Experience Produce RCM Success
/ Posted in GeBBS Healthcare Solutions, Inc.In most healthcare organizations, such as hospitals and nursing homes, medical billing and collection staff have among the highest rates of turnover. However, these employees are crucial to the continued operation and success of any healthcare business or medical facility. These employees, often called the patient access staff, do not always get the opportunity to …
How AI, NLP Technologies Automate Risk Adjustment Processes
/ Posted in GeBBS Healthcare Solutions, Inc.Even before the COVID-19 pandemic emerged last year, health care payers were facing numerous challenges. From rising costs and uncertainty about the Affordable Care Act (ACA) to struggles with systems integration, alignment of incentives with providers and consumer engagement and education, these entities were faced with attempting to improve member health while addressing an array …
The Importance of Automated RCM Solutions for Health Systems
/ Posted in GeBBS Healthcare Solutions, Inc.Hospitals and other players in the health care system don’t need to be told twice about the impact of the coronavirus on operations and practice management. What many administration executives may have missed, however, is just how quickly facilities and systems transitioned to new technologies and automation to soften the damaging operational impact of the …