Both healthcare providers and medical collection agencies alike hear a common complaint among patients who have been sent to bad debt: “I didn’t know I owed a bill.” More than likely your healthcare organization has a procedure in place to send several statements over a period of time, and best practice organizations will also follow up early and often by phone.
Price transparency is a critical element for ensuring not only a healthy revenue cycle, but also patient engagement and overall organizational success. With the spread of consumerism in healthcare, more patients are expecting pre-service estimates and a seamless billing and payment process. However there is one primary factor in that process that can be less than clear: insurance coverage.
When attempting to collect from patients it is easy to make simple mistakes that could cost your practice money. Financial conversations can be stressful, and in order to make it as comfortable for the patient as possible representatives may be too accommodating and make arrangements that do not benefit the practice in order to maintain the patient relationship.
In light of evolving threats - like the recent WannaCry ransomware outbreak - the data security industry is seeing a shift in approach from traditional signature-based tools to more behavioral analytics. This is a particularly important trend for the healthcare industry to follow given the targeted attacks many systems across the country, and throughout the world, have experienced in recent years.
Of the many emerging trends in the healthcare industry, one in particular is swiftly becoming the status quo. Hospital merger and acquisition activity jumped 70% from 2010 to 2015, and the trend is continuing upward toward a much more consolidated market. M&A is becoming increasingly critical to success as hospitals focus more on providing coordinated and cost-effective care in the face of lower reimbursement and more payer disputes.
With the creation of more integrated health systems also comes growth for revenue cycle management software and services.
After more than a year of planning and months of crafting, the initial draft of the long-awaited American Health Care Act was released on March 6th. The bill was meant to deliver on President Trump’s campaign promise to make replacing the Affordable Care Act, unofficially known as Obamacare, a top priority.
Insurance claim denials plague most hospital and medical practice billing offices, although to what extent can be hard to determine. There is a noticeable lack of information on the industry average for denied claims. Insurers are hesitant to release data about how often claims are denied, or for what reasons. So how can your billing staff know what to be on the lookout for when filing insurance claims?