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, …

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Can Outsourcing Save Struggling Hospitals?

Posted in Extended Business Office Solutions (EBO), Health Information Management (HIM), Revenue Cycle Management (RCM)

Anyone working in healthcare finance knows all too well the struggles US hospitals have been facing for years, only recently intensified by the COVID-19 pandemic. In fact, a recent report issued by Kaufman Hall indicates that at least 39% of hospitals are likely to experience negative operating margins in 2021 – a number that could …

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In the Extended Wake of COVID-19, is Outsourcing Medical Coding the Answer?

Posted in Extended Business Office Solutions (EBO)

COVID-19 has hit healthcare organizations extremely hard – from both a financial and operational perspective. Managing new safety protocols, staffing, caring for COVID-19 patients, managing surge capacity, and allaying patients’ concerns all while trying to preserve the volumes needed to maintain operational margins. In 2020, 29 more hospitals filed for bankruptcy, and many more are …

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COVID-19 Recovery Phase 1, Resuming Elective Procedures: How Hospitals Are Preparing for a ‘New Normal’

Posted in Extended Business Office Solutions (EBO), Health Information Management (HIM), Revenue Cycle Management (RCM)

Everywhere you turn, you see the phrase ‘a new normal’, but what does it really mean for busy healthcare organizations on the front lines of responding to COVID-19? The answer is – no one really knows, but it’s time to start planning for it. In all likelihood, the new normal will be different for just …

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COVID-19 Considerations for Hospitals: From Surge Planning to Staffing Management to Planning for the Future

Posted in Extended Business Office Solutions (EBO), Health Information Management (HIM), Revenue Cycle Management (RCM)

During a normal year, most hospitals see fluctuations in patient volumes based on seasonality, national trends and other factors.  Never before have ALL our nation’s hospitals seen such a drastic, almost instant decrease in volumes like hospitals are facing right now during the COVID-19 pandemic. It’s uncharted territory – and knowing how to handle and …

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Improving Revenue Cycle Management with Point of Service Collections via Estimation and Eligibility Checking

Posted in Extended Business Office Solutions (EBO), Revenue Cycle Management (RCM)

A significant share of today’s hospital and doctor reimbursements now come from patients rather than commercial payers, yet many providers haven’t updated their collection practices. As charge amounts on medical bills continue to rise, healthcare providers are increasingly challenged to collect the high deductible amounts owed them. Patients are also more conscious of how much they spend on healthcare services as medical costs consume an increasingly large portion of their paychecks.

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Pre-authorization as a Service Requires Both Technology and Human Components

Posted in Extended Business Office Solutions (EBO)

Most claim denials are due to the lack of verifying benefit information prior to services being provided. Insurance verification process is crucial for all hospital encounters, whether inpatient, outpatient or ambulatory care. It will ensure that the hospital or physician receives payment for services rendered and will help determine the patient’s share of the charges referred to as the patient’s responsibility.

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Transforming the Business of Healthcare

Posted in Extended Business Office Solutions (EBO)

The overall theme of this year’s HFMA Annual Conference is “Transforming the Business of Healthcare,” and it is right on target. No other industry is experiencing more evolution and transformational change than healthcare. It seems that the only thing we can count on is change — this is even more true for the business side of healthcare delivery.

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