Revenue Cycle Management
Following an "industrial model of care," New York's Westmed Medical Group analyzes data from more than 2,200 processes and procedures to drive accountability and results. This has led to 15-fold growth and $285 million in annual revenue.
Though over 30 states have passed or proposed legislation to increase healthcare price transparency, and released median prices for specific services, many supporters of price transparency have pushed for more detailed data.
Commercial insurers inaccurately process about 20 percent of claims filed by medical practices. It's an industry standard that has weathered the test of time -- though not in a good way.
The offical transition to the ICD-10 coding set takes place next October (or so we hope). Many providers have already spent a good deal of money preparing for the inevitable, but even so, you need to make certain that select ICD-10 costs are included in your 2015 budget.
Improving the health of at-risk, vulnerable and chronically sick populations remains a massive challenge for healthcare organizations' financial administrators. In order to properly manage complex populations, comprehensive and reliable data on patient health and demographics are required.
Significant inpatient pricing variation between hospitals in the state of Washington is "putting some consumers at financial risk," according to a recent study by the Washington Health Alliance. But the state's hospitals are questioning the report's conclusions, claiming that price variation should not be surprising.
More than ever before, physicians and managers are feeling the stress of running a practice. Though most medical schools do not teach business principles to physicians in residency, it is just as important to invest in education about the business side of medical practice as in the clinical aspects.
Physician practices have the lowest revenue growth in the healthcare industry. When every dollar counts, anything from a lost referral to a bad online review can impact profitability. Here are some common revenue leaks and tips on plugging them.
While reducing reliance on expensive inpatient care is a sensible goal for hospitals, the transition away from a bricks-and-mortar, fee-for-service model is creating tremendous pressures on chief financial officers.
Like many other industries, healthcare is looking to leverage information technology to transform financial payments and automate the posting of accounts payable and accounts receivable processing systems. But which method to choose?