Saturday, April 30, 2016
From the annual MRI that follows the patient's disease progression to the costly preventive medication, multiple sclerosis is one of the most expensive diseases known to man and yet, it is also one of the most difficult to to be approved for when filing for disability social security. Because this disease causes a bevy of symptoms and possible long term disabilities, MS patients often find themselves in limbo with their medical treatments. Even when a patient is not permanently disabled, short term disability can become a very valid issue, causing missed time away from work, resulting in even less money for expensive medical bills.
Friday, April 29, 2016
According to Medicaid.gov, the Affordable Care Act of 2010 expands Medicaid benefits to millions of Americans. Under this law, individuals can qualify for benefits if they meet specific federal poverty guidelines. You qualify if your income is 133% below the federal poverty level. Keep in mind that states have different qualifications and some states are not expanding Medicaid. The eligibility for Medicaid will vary and is based on your personal circumstances. Moreover, you can meet Medicaid eligibility requirements based on your family status, income, family size, disability and other factors. You should apply for Medicaid if your state has not expanded its Medicaid program. Hospitals are using revenue cycle management systems to help individuals qualify for Medicaid and other healthcare plans.
Wednesday, April 27, 2016
Some patients that are cared for in your medical center facility will pay cash on the spot at the time services are rendered. Others may have insurance that will pay for most services, and the patients may pay their co-pay immediately. Still others, however, will have large bills that need to be collected, and they will not have the immediate means to do so. It can be costly for your hospital to pay for services that are uncollected, and review cycle management services are available to assist in improving the collections process.
One of the provisions in the ObamaCare Act, more formally known as the Affordable Care Act, is the establishment of a marketplace where applicants can get insurance information as well as multiple quotations and seamlessly enroll all on one go. Aside from insurance options, the platform is also a good place to head to if you are looking for information on eligibility for coverages as well as tips on how to lower costs involved in health care. Not many people may know it but there are actually three types of Affordable Care Act marketplace – the federally sponsored marketplace, joint or partnership-run, and the state-based marketplace. This marketplace is oftentimes also referred to as Health Insurance marketplaces and health insurance exchanges. The main difference between the two is typically the qualifications but the process of applying is still the same, and can be done at HealthCare.gov.
Tuesday, April 26, 2016
In any business, there would be always that one client who can be slow when it comes to settling their invoices. Although this can present a huge headache for you, there is actually a way to deal with it. In the hospital and healthcare industry, such way of dealing with ensuring the proper collection of payments is known as Revenue Cycle Management. RCM in Hospitals and the Impact of Incorrect Information The revenue cycle in hospitals typically start as soon as the patient steps in, and ends with them paying the bill. There are cases, however, when the settling of payment can be quite complicated. One good example of this would be when the information encoded in the system is erroneous and the hospital has to take into consideration healthcare benefits such as disability social security. Fortunately, there is a way to deal with this - skip tracing.
Monday, April 25, 2016
Within the medical field, revenue cycle management is defined as the processes and procedures related to the capture and management of revenue. While this might seem sound like a very simple and straightforward procedure, that is not actually the case. In fact, if the revenue cycle management in place is not well planned, it could cause more headache for the medical service providers. You have to remember that revenue cycle management starts from the time the client steps into the medical provider’s office and ends when he or she has finished with the procedure and have settled all current bills. That being the case, you need to make sure that you know how to choose the right service provider for your medical business.
Sunday, April 24, 2016
The medical field may be about helping people but, you have to keep in mind that, it is still a business. That being the case, hospital owners would also need to keep a sharp eye on their revenue cycle management. Fortunately, there are a number of ways by which this can be done, and more. Importance of A Good Revenue Cycle Management System Revenue cycle management companies would tell you that a good collections practice can help ensure the growth of the company. This collection system should not only focus on getting the patients to settle their bill on time, it should also include a system that would allow the fast processing of claims. The people handling such system should have good skills when it comes to negotiating contracts with various third-party providers.
Saturday, April 23, 2016
Healthcare finance professionals are learning how to qualify patients for social security disability insurance. More importantly, hospitals, medical facilities and doctors are also using this strategy to increase revenues. Healthcare systems are facing many financial challenges today. The Chief Financial Officers for medical facilities are exploring and finding new ways to help patients who are disabled. According to the United States Census Bureau, “about 56.7 million people – 19 percent of the population – had a disability in 2010.” Medical finance professionals should take steps to improve their revenue cycle by expanding into Medicaid and disability social security programs.
Friday, April 22, 2016
With today's expanding medical industry, it's more important than ever to keep in mind that health and well-being are the first priority, not making money at the expense of your patients. By tailoring your package, you can build your brand image, ensure that your clients receive the high level of care that they deserve and give your bottom lines their full credit. Knowing the answer to the question, “what is revenue cycle management?”, and how it can be applied in your daily business operations is the proactive way to create and sustain a profitable enterprise. Even if you're only tasked with caring for a small local community, the information and ideas that you generate can have a global impact.
Thursday, April 21, 2016
DECO recently go featured on the July 2015 issue of the Healthcare Financial Management Association (HFMA) newsletter. The spotlight talked about the company in general as a provider of quality new health insurance marketplace coverage options and their partnership with the HFMA. DECO offers a number of programs and solutions which are aimed at assisting hospitals and health systems in converting bad debt into cash. Our company is also dedicated to helping hospitals maximize their third party self-pay revenue reimbursement in Social Security benefits for disabled individuals.
Tuesday, April 19, 2016
One of the keystone provisions of the Patient Protection and Affordable Care Act (ACA) was the expansion of eligibility for Medicaid to individuals up to 133% of the federal poverty level (FPL) beginning in 2014. Because children below 133% FPL were already Medicaid-eligible, this provision could provide health coverage to an estimated 16 million uninsured adults in addition to the subsidies to be provided to another 16 million people who purchase private insurance in a state-based Affordable Care Act Marketplace.