Revenue Cycle Management
Prior authorization continues to be the area with the lowest adoption rate, with only 21% of medical plans having fully electronic transactions.
Some organizations use up to four vendors, each of whom handles different components of the revenue cycle process.
The AHA data doesn’t yet include figures from the COVID-19 pandemic that consumed much of 2020.
Getting paid has become imperative during a time when both hospitals and patients may be cash-strapped.
Northwell reportedly sued thousands of patients last year for unpaid medical bills averaging $1,700.
“A big contributing factor to this success was the creation of auto-text templates for common procedures, all pre-verified by coders to meet billing requirements,” said the health system’s CMIO.
Inpatient length of stay went up 8.7% year-over-year but ER visits fell 15.5% and operating room minutes declined 12.2%.
The system made no furloughs as a result of COVID-19, was able to give out bonuses and raises, and is on track to meet its financial baseline.
The agency is covering monoclonal antibody therapies at no cost for a broad range of providers and suppliers.
A positive side for Providence is its expanded virtual care offerings, which are expected to reach 1.4 million video visits by the end of the year.