Balancing the competitive landscape that comes with physician practice consolidation combined with population health and the shift to value-based care is a lot to consider for busy hospital physician practices. Add in the constant changes in regulatory guidelines, enhancing the patient experience and most importantly – a continued focus on quality and safety and most hospital administrators have little resources left to focus on improving the revenue cycle.
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 CollectionsHospitals 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 …
Be Prepared for “Surprise” Medical Billing
Posted in Medical Billing BPO, Offshore Medical Billing, Outsourced Medical Billing, Patient Access Management, RCM Solutions, Revenue Cycle Management (RCM)A recent article on the Radiology Business Management Association (RBMA) web site discussed consumer’s frustration with the cost of medical care as being at an all-time high as many purchasers of narrow-network, high-deductible and high-co-pay health plans are finding out that the benefits they get from their monthly insurance premiums are much more limited than …
Streamline Your Revenue Cycle Management
Posted in Business Process Outsourcing (BPO), Medical Billing BPO, Offshore Medical Billing, Outsourced Medical Billing, Revenue Cycle Management (RCM)In their May 6, 2016 newsletter, the AMA stated that: “Patient care is the top priority and a source of passion for physicians, but making sure the business side of your practice is ‘healthy’ also can contribute to better outcomes and patient satisfaction.” We couldn’t agree more! This has been GeBBS Healthcare Solutions’ philosophy from …
End-to-End Revenue Cycle Management Will Keep You Out of the News
Posted in Business Process Outsourcing (BPO), Medical Billing BPO, Offshore Medical Billing, Outsourced Medical Billing, Revenue Cycle Management (RCM)A large Chicago-based health system recently posted an operating loss of about $186 million in 2015, nearly 15 times the amount reported in the previous year. In addition, the system will lay off 250 employees and leave 450 jobs unfilled. The health system has told its bondholders that it will write off $53 million of …
CMS Chronic Care Management (CCM) Initiative Can Help Improve Bottom Line for Physicians
Posted in Business Process Outsourcing (BPO), Coding Outsourcing, Medical Coding BPO, Medical Coding Outsourcing, Offshore Medical Billing, Offshore Medical Coding, Offshore Revenue Cycle Management, Outsource Coding, Outsourced Medical Billing, Outsourced Medical Coding, Remote Medical CodingIn today’s healthcare delivery environment, physicians are constantly looking for new ways to earn and increase their bottom lines. For example, the 2015 Medicare Physician Fee Schedule (PFS) will pay for non-face-to-face services for CPT code 99490 — Chronic Care Management (CCM), which reimburses practices on an average of $42 per patient, per month. Of all …
Medical Coding Outsourcing is More Than Staffing
Posted in Business Process Outsourcing (BPO), Coding Accuracy, Medical Coding BPO, Medical Coding Outsourcing, Offshore Medical Billing, Offshore Medical Coding, Offshore Revenue Cycle Management, Outsource Coding, Outsourced Medical Billing, Outsourced Medical Coding, Remote Medical CodingOutsourced medical coding’s traditional approach has been staff augmentation. It has been typically used to meet short-term gap needs due to turnover, extended absences, or electronic medical record (EMR) changes. In other words, it has been used when a healthcare provider needed temporary additional resources to supplement its existing resources. However, from our experience, this …