Revenue Cycle Management
With all of the energy around meaningful use, ICD-10, HIE, accountable care, Medicare reimbursements, and other changes and trends within healthcare, it is likely that you are busier than ever.
With labor costs in 2013 accounting for approximately 60 percent of hospital and health system operating budgets, many healthcare systems and hospitals have begun assessing high-labor cost areas with an eye to curbing those costs.
U.S. nonprofit hospitals' financial performance in fiscal year 2012 wasn't strong, and the outlook for FY 2013 doesn't appear to be much better.
It's no secret: The U.S. healthcare environment is changing swiftly and dramatically. Healthcare organizations are steadily moving away from longstanding, traditional fee-for-service models to value-based care and reimbursement models.
One thing that strikes fear into the hearts of many physicians is the impending switch from ICD-9 to ICD-10, but experts say preparation and planning should keep their accounts receivable from stalling altogether.
According to a revenue cycle management study released by market researcher Black Book, 72 percent of physician practices expect declining to negative profitability next year because of underutilized or inefficient billing technology.
With implementation of the Affordable Care Act fast approaching, the eligibility process could be queuing up for an overhaul.
The Centers for Medicare & Medicaid Services has recommended that hospitals start testing for ICD-10 in 2013, but so far, many have not heeded that recommendation. That mistake could ultimately hit hospitals in the wallet.
A 25 percent cut in the Medicare physician payment rate, driven by the "sustainable growth rate" formula, looms Jan. 1 unless Congress takes action to avert. The American Medical Association's president believes a permanent solution is on the horizon.
State-of-the-art revenue cycle technologies can not only speed up the claims submission and payment process, but also make the lives of business office staff much easier. Here are 4 key technologies that help providers collect what they're owed.