Patient Collection Rates Are Plummeting as Out-of-Pocket Costs Rise – We Weren’t Surprised!

Posted in Affordable Care Act, Healthcare Revenue Billing, Insurance Billing Solutions, Medical Billing BPO, Offshore Medical Billing, Outsourced Medical Billing, Self-Pay Collections

Hospitals reported that patient collection rates dropped by 17.6 percent once patients owed more than $1,200 in out-of-pocket costs, a Crowe Horwath study recently confirmed. Hospitals collect significantly less from patients with higher out-of-pocket costs. The study revealed that collection rates for patient accounts with balances greater than $5,000 were four times lower than collection …

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Top 10 Reasons Why You Should Outsource Your Revenue Cycle Activities

Posted in Affordable Care Act, Business Process Outsourcing (BPO), Insurance Billing Solutions, Medical Billing BPO, Medical Coding, Medical Coding BPO, Offshore Medical Billing, Offshore Medical Coding, Offshore Revenue Cycle Management, Remote Medical Coding, Revenue Cycle Management (RCM)

In today’s healthcare environment of shrinking reimbursements, due to governmental mandates and Medicare policy changes, the importance of maintaining a healthy revenue cycle is second only to providing the best patient care possible. Without an adequate margin there can be no medical mission. One way to ensure your revenue cycle remains as healthy as possible …

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Why ERAs Are More Efficient than EOBs

Posted in Affordable Care Act, Electronic Remittance Advices (ERAs), Explanations Of Benefits (EOBs), Revenue Cycle Management (RCM)

It is no secret that the healthcare industry is burdened with costly administrative processes. A good example of this are paper explanation of benefits (EOB) forms that have been estimated to cost nearly $18,600 per physician per year in administrative fees. With the availability of tools like the electronic remittance advice (ERA), medical practices, hospitals, billing …

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Healthcare Financial Professionals Seek New Ways to Rescue Revenue Cycle Management

Posted in Accountable Care Organizations (ACOs), Affordable Care Act, ICD-10, Insurance Billing Solutions, Revenue Cycle Management (RCM)

Business pressures are forcing healthcare financial managers to re-evaluate their present revenue cycle management solutions, and look to the next generation of solutions for answers to their financial woes.Shifting payment models, new regulations and healthcare reform are forcing healthcare leaders to redirect previously launched budgets, priorities and strategic plans to assess if new solutions can …

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Strategies for Managing the Increased Self-pay Revenue Stream

Posted in Accounts Receivable (A/R), Affordable Care Act, Revenue Cycle Management (RCM)

In an earlier blog, we admonished healthcare providers not to let their revenue cycles be swamped by the rising number of new self-pay patients entering the healthcare delivery stream. Under the Affordable Care Act (ACA), the self-pay portion of a healthcare provider’s receivables is going to increase significantly. According to a recent Healthcare Financial Management …

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Managing New Patient Volume Driven By The Affordable Care Act

Posted in Affordable Care Act, Revenue Cycle Management (RCM)

The good news about the Affordable Care Act (ACA) is that more patients should have insurance coverage and seek care from physicians. The bad news is that some practices may need to turn away patients due to the fact that they are “closed” to new patients or patients will have long waits for initial appointments. …

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Hospital RCM May See More Bad Debt Due To ACA

Posted in Accounts Receivable (A/R), Affordable Care Act, Revenue Cycle Management (RCM)

Hospital Revenue Cycle Management is about to be challenged by an unintended consequence of the Affordable Care Act (ACA). Even as hospitals are set to see an influx of newly insured patients, industry watchers warn that bad debt may become an even larger problem under theACA, putting more pressure on already thin margins. The projected …

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The Impact of Accountable Care on Your Revenue Cycle

Posted in Accountable Care Organizations (ACOs), Affordable Care Act, Business Process Outsourcing (BPO), Evaluation and Management (E&M) Requirements, GeBBS Healthcare Solutions, Healthcare Revenue Billing, Knowledge Process Outsourcing (KPO), Medical Coding, Revenue Cycle Management (RCM)

Becoming an accountable care organization (ACO) requires that your facility adopt a completely new point of view when it comes to revenue cycle management. The goal of an ACO is to reduce costs by improving the quality of care provided to patients. Providers are encouraged to and boost preventative efforts that may ultimately reduce the …

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How to Deal with Today’s Shortage of Certified Medical Coders

Posted in Affordable Care Act, Business Process Outsourcing (BPO), Evaluation and Management (E&M) Requirements, HIPAA, Medical Coding

In the face of today’s uncertain healthcare financial environment brought on by the effects of the American Recovery Reinvestment Act (ARRA Public Law 111-5) and Health Information Technology for Economic and Clinical Health Act (HITECH) and the House and Senate’s versions of the Affordable Healthcare Act for America, how can your healthcare organization deal with …

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Top 5 Questions and Answers on Accountable Care

Posted in Accountable Care Organizations (ACOs), Affordable Care Act, Revenue Cycle Management (RCM)

The federal government spends around $1 trillion a year on health care programs. Different communities — the elderly, the disabled, military and civilian federal employees, low-income individuals and their families, and others — benefit from these programs. The two largest programs are Medicare and Medicaid. Although nearly 48.6 million Americans are uninsured (source: The Commonwealth …

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