2021 may not have started as the fresh page everyone was hoping for, but a new administration could be making some well-worn strategies more relevant. In a new Healthcare Strategies podcast, the editors of Xtelligent Healthcare Media shared their predictions and priorities for 2021. In the revenue cycle and healthcare finance space, some of those […]
More than 80% of survey respondents stated that they have confidence in their organization’s ability to “rapidly adjust their plans and strategies.” Healthcare finance leaders are more optimistic about the ability to adjust to a changing business environment and utilize quality data in the decision-making process, according to the 2021 Healthcare Financial Trends Survey report released by Syntellis […]
Coders should also take note of the new HCPCS Level II codes CMS is considering. CMS released the calendar year (CY) 2021 Medicare Physician Fee Schedule (MPFS) on August 3, introducing 39 new CPT codes, mainly for cardiovascular services. If finalized, the new codes will go into effect January 1, 2021. The proposed update includes five new codes for […]
Though healthcare organizations have endured a global health crisis that has severely taxed their bottom lines, there are areas for growth coming out of the pandemic. The outbreak of coronavirus disease 2019 (COVID-19) caused one of the most financially crippling situations for healthcare in decades. Besides the clinical implications, hospitals and health systems that typically […]
Doctors are fond of complaining that they didn’t go to medical school in order to practice business, but independent physicians do spend much of their time on their practices’ finances. That requires mastering revenue cycle management (RCM), the financial process practices use to administer all the functions associated with claims processing, payment, and revenue generation. […]
CMS’ proposed 2020 Medicare Physician Fee Schedule includes substantial changes to the rules for obtaining and maintaining Medicare billing privileges. A one-paragraph statement in the proposed rule calls for applying Medicare enrollment approval and revocation rules for opioid treatment programs to all physicians and other eligible professionals. The proposal would allow CMS to revoke Medicare […]
Healthcare organizations have a tremendous opportunity to harness artificial intelligence in an area that may not seem flashy but is important nonetheless: revenue cycle management. Although 94 percent of companies firmly believe AI can give healthcare organizations a “massive competitive advantage,” according to Change Healthcare’s Adam Sullivan, PhD, less than 5 percent have extensively incorporated […]
An overwhelming majority (92 percent) of patients want to know their payment responsibility prior to visit. This statistic, from InstaMed’s seventh Trends in Healthcare Payments Report, highlights the recent shift in patient financial engagement. Patients have become consumers who seek transparency and flexibility when paying for healthcare expenditures. However, medical groups are lagging when it comes to meeting […]
In April, the U.S. Department of Health and Human Services (HHS) announced five new alternative payment models for primary care, known as the CMS Primary Cares Initiative. The five alternative payment models are: Primary Care First Primary Care First – High Need Populations Direct Contracting – Global Direct Contracting – Professional Direct Contracting – Geographic […]
The global medical billing outsourcing market is poised to expand for years to come as medical practices face challenges related to multiple payers and medical code representation, and large practices consolidate, according to a new report by Grand View Research. Five billing trends, based on the report: The global medical billing outsourcing market is projected to reach […]