Friday, September 30, 2016
Because revenue cycle management has undergone changes and adjustments with arrival of the Affordable Care Act (ACA), hospitals need to constantly adapt. They must deal with financial pressures stemming for the act to ensure that the facility’s revenue cycle continues to be efficient.
There are several challenges that hospitals may face, prompting them to consider hiring a firm that specializes in enhancing elements that drive revenue cycle management services.
Mistakes in Billing and Collections
Because patients are becoming more acclimated to settling out-of-pocket costs, hospitals may have a hard time collecting all revenues paid at point of service. Their billing process must be improved in a way that allows the staff to collect all payments without unduly pressuring patients.
Monday, September 26, 2016
Wednesday, September 21, 2016
Saturday, September 17, 2016
For disabled patients, Medicaid and Medicare are extremely important for dealing with medical conditions or mental disabilities. As a hospital, you can help patients receive these awards by taking these measures.
Monday, September 12, 2016
Sunday, September 11, 2016
Since the Affordable Care Act (ACA) became law in 2010, the number of uninsured Americans has sharply dropped. According to data from the Centers for Disease Control and Prevention (CDC), fewer than 1 in 10 citizens were uninsured in 2015, the lowest number ever in the country’s history.
That said, it’s not just everyday people who were spared from the financial strain that illnesses caused. The Affordable Care Act marketplace helped bolster the bottom lines of hospitals as well. With more people medically insured, healthcare providers encountered fewer unpaid medical bills, the bane of their revenue cycle management.
With the landmark law now in its sixth year, there are numerous developments of which hospitals need to stay abreast. The more they know about these trends, the more able they are to continue reaping the benefits of the Affordable Care Act.
Saturday, September 10, 2016
Treating patients is hard work, but even more so when dealing with disabled children. Whether congenital or acquired through injuries, a disability requires specialized care and closer medical attention than most other patient cases. Furthermore, while some disabilities can be rehabilitated over time, others--such as mental impairments--remain for life.
Child disabilities are not a rarity in the country. According to the U.S. Census Bureau, there are about 2.8 million school-age kids with disabilities. As expected, caring for a disabled child can be financially taxing. Advocacy group, Autism Speaks, reports that the cost of caring for a person with autism is around $2.3 million over the course of a lifetime--a huge burden for parents and other family members.
Friday, September 9, 2016
The Kaiser Family Foundation has diligently tracked public opinion of the Affordable Care Act (ACA) since it passed into law in 2010. Six years later, most Americans still dislike the law, with 46% opposed to it and 40% for it.
The proposed expanded eligibility for Medicaid especially irks opponents. Critics say such a move will present a costly burden to states that implement expansion. If you operate a health facility, no doubt you’ve heard that expanded coverage will overwhelm hospitals with an influx of patients. The reasoning seems sound: With more people covered by medical insurance, more patients will flock to healthcare facilities.
Thursday, September 8, 2016
It won’t be an instantaneous change, but the days of fee-for-service healthcare are coming to an end. If you run a medical facility, you’ve undoubtedly heard about the value-based care model, in which hospitals will receive incentives for providing excellent patient care. Reduction in repeat visits will be one of the key metrics.
This paradigm shift, promulgated by insurers who are aggressively reducing reimbursements to healthcare providers, is forcing many providers to abandon the fee-for-service approach in favor of value-based care. This model maintains that the fewer times a patient returns to a doctor, the better the medical care received, resulting in lower healthcare costs for all involved.
On the flipside, hospitals unable to help patients achieve lasting and measurable health improvements can face steep penalties. Therefore, merely hiring revenue cycle management companies no longer suffices.