Why People Are Still Important to Automated RCM
/ Posted in Revenue Cycle Management (RCM)The healthcare industry is experiencing a massive cultural shift. Organizations across the globe are transitioning away from outdated legacy systems and are upgrading to cutting-edge automated revenue cycle management (RCM) solutions. These technologies promise to improve the patient care experience, increase the efficiency of key billing processes, and streamline the entire revenue cycle. Despite the …
How Increasing Patient Volumes and Expanded Outsourcing Services Are Fueling RCM Market Growth
/ Posted in Revenue Cycle Management (RCM)Over the last few years, the global revenue cycle management market has grown substantially, creating new opportunities at every turn. Revenue cycle management (RCM) encompasses the various components of the financial process for patients receiving medical care. RCM technology tracks every aspect of the patient care episode, from the moment they check in to when …
Revenue Cycle Management Measures to Increase Productivity
/ Posted in GeBBS Healthcare Solutions, Inc., Revenue Cycle Management (RCM)Due to the complexity of the modern medical system, quality revenue cycle management (RCM) technologies are essential to the financial success of healthcare organizations. While these RCM solutions are quickly becoming the norm, many providers are still not fully measuring important aspects of the revenue cycle management process. Instead, they rely on generic quota-based metrics …
Rising Hospital Claims Denial Rates and the Case for Better Claims Management
/ Posted in GeBBS Healthcare Solutions, Inc., Revenue Cycle Management (RCM)Processing medical claims can be a daunting task. Still, it is an essential part of the healthcare revenue management cycle. While most claims are accepted and processed without exception, denials occur, and they are rising. Claims denials have various causes but once received, if mishandled, they could spell disaster for providers and healthcare organizations. Thus, …
How COVID-19 has Negatively Impacted Hospital Margins
/ Posted in Extended Business Office Solutions (EBO), GeBBS Healthcare Solutions, Inc.Last year, hospitals, health systems, physician practices, and other healthcare providers in the United States faced unprecedented challenges, both operationally and financially. Even with the rapid increase in telehealth use and government relief funding in the form of the Coronavirus Aid, Relief and Economic Security Act (CARES Act), as well as the Paycheck Protection Program, …
Mitigating the Fixed Cost Dilemma in RCM Through Technology and Outsourcing
/ Posted in GeBBS Healthcare Solutions, Inc., Revenue Cycle Management (RCM)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., Revenue Cycle Management (RCM)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., Revenue Cycle Management (RCM)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., Health Information Management (HIM)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 …