Like the rest of the economy, healthcare has been upended by the coronavirus. Not just emergency rooms, but primary care physicians, specialists, and long-term care facilities, too. Struggling to continue providing care in a time of social distancing, many have turned to telehealth in record numbers. Even providers who may have previously viewed telehealth skeptically – perhaps […]
The COVID-19 pandemic has been devastating across all areas of health and business. Physician practices, for example, on average are reporting a 55% decrease in revenue and a 60% decrease in patient volume, according to the results of a Medical Group Management Association survey. Nearly all surveyed medical groups (97%) report a negative financial impact […]
Northwell Health executives share practical, in-depth strategies to help revenue cycle leaders prepare for additional COVID-19 surges and other emergencies. Health system leaders around the country can look to systems like Northwell Health in New York for guidance about how to best prepare their own revenue cycles for a possible second wave of COVID-19 cases as states ease restrictions […]
Every year, the Trends in Healthcare Payments Annual Report is distributed to start a conversation about the current state of the industry and shine a light on areas where change is needed. For healthcare providers, the report has consistently found that more of their revenue is dependent on out-of-pocket payments from consumers and less is covered […]
How to code Medicare Part B claims for reimbursement. These past few months have been a whirlwind for everyone, but it’s fair to say medical coders have been hit with a category 5 hurricane. New codes and revised guidelines have been whirring about, making our heads spin. And now we have another new CPT® code […]
For several years, we’ve seen Medicare and the American Medical Association’s Current Procedural Terminology (CPT) manual slowly approach the age of telehealth. Despite a lot of discussion and many headlines during each of the past few years, the codes and coverage embracing the modern age of medicine have lagged far behind the technology. This isn’t […]
Stakeholders need to work collaboratively to ensure that diagnostic information is complete and accurate. The COVID-19 pandemic has created many overwhelming and heartbreaking medical challenges. In theory, the easiest task is accurate diagnosis coding for suspected exposure, confirmed and presumed cases, and possible disease. The new ICD-10-CM codes are few and clearly defined. However, […]
The Centers for Medicare & Medicaid Services (CMS) released on May 13 the July 2020 quarterly update to the HCPCS Level II file. There are 61 added codes to describe healthcare equipment and supplies not identified by CPT® codes, as well as nine deleted codes and three revised codes. The July update to the HCPCS […]
CMS set the reimbursement rate for Medicare Administrative Contractors covering the main type of coronavirus antibody test at approximately $42, per an update Tuesday. That rate exceeds investment firm William Blair’s $25 estimate for the category of tests, boding well for future reimbursement policy for antigen testing, analysts noted. Last month, the agency doubled its reimbursement for high-throughput molecular […]
The Medical Group Management Association (MGMA) reported in late April that 97 percent of medical practices have experienced a negative financial impact directly or indirectly related to COVID-19. This includes a 60 percent decrease in patient volume and a 55 percent decrease in revenue since the beginning of the pandemic, resulting in many practices […]