Technology has come a long way in a short period of time. Computers that once occupied entire rooms now easily fit on a desk, and modern phones can do much more than call a friend. Like it or not, technology is a part of your everyday life and it’s not going away anytime soon.
Denials can hit your healthcare organization where it hurts. According to MGMA, the average denial rate of a physician practice ranges from five to 10 percent. The median 350-bed hospital saw average write-offs from denials rise to $7 million in 2017.
As the healthcare industry changes certain things become outdated, and medical facilities are not immune to these changes. Ongoing medical research constantly unearths new and innovative ways to treat people. This leaves facilities, notably specialized facilities, unneeded and abandoned. Unfortunately, many of these establishments have tragic pasts, and some are even rumored to be haunted. This Halloween we’re telling the stories of 5 abandoned institutions that are sure to make your hair stand on end.
In a recent survey of hospital CEOs, the American College of Healthcare Executives reports that CEOs ranked financial challenges as the number one issue facing hospitals. Some of the top financial challenges these CEOs identified include Medicaid reimbursement, revenue cycle management, managed care and commercial insurance payments, and reducing operating costs.
It's clear hospitals should track specific financial key performance indicators (KPIs) to monitor and evaluate financial health and profitability. But at every turn, hospitals are expected to measure and deliver indicators – from quality to financial to clinical to operational. With so many required indicators to report, it may feel overwhelming for hospital leaders to know exactly which financial KPIs they should track. Our hospital revenue cycle experts at eSolutions have created a list of the top 5 financial metrics any hospital should closely watch.
Why is automation important in a claims clearinghouse? Automation adds intelligence and agility to your claims submission process and revenue cycle. This equals less stress for your team, cleaner claims and improved reimbursement.
Providers should use Electronic Data Interchange (EDI) as more than a simple pipeline to submit claims. Many organizations don’t tap into existing sophisticated EDI functionality that streamlines processes, finds missing revenue, improves cash flow and so much more. An advanced clearinghouse with automated features takes full advantage of EDI functionality.
If you're a healthcare provider outsourcing your medical billing, you put enormous trust into a third party biller to manage the most important aspect of your business - your revenue. Check out our latest infographic that outlines six key areas to watch closely if you outsource your Medicare billing.
How do you know if your healthcare organization’s business performance is clicking on all cylinders? Many organizations have invested in business intelligence tools to help measure internal performance, evaluate areas of improvement, and identify best practices to improve cash flow. Yet, what exactly are “best practices”? How can organizations know if their practices really are best? How do you get a true apples to apples comparison?
Processing times, denial rates, cash flow and alternative payment models – all just a few of the many business challenges healthcare organizations face. As providers identify areas in which to focus their efforts and maximize performance, a growing number are investing in business intelligence (BI) solutions featuring comparative analytics. These solutions help organizations identify areas of the business in which improvements will offer the greatest ROI.
Hospitals had to reduce readmission rates. Now it's the post-acute sector's turn.
In 2012, Medicare’s Hospital Readmissions Reduction Program (HRRP) required hospitals to reduce their own 30-day readmission rates or face potential payment penalty. Now it’s the post-acute care (PAC) market’s turn to help reduce hospital readmission rates or face consequences.