Tag: Healthcare RCM

Strategies For Optimizing Revenue Cycle Management

Strategies For Optimizing Revenue Cycle Management

In today’s healthcare environment, optimizing revenue cycle management (RCM) is no longer a luxury. It is necessary rising costs, complex regulations and rising patient deductibles are forcing healthcare organizations to spend every penny they can. Fortunately, you can use some effective strategies to streamline your RCM process, reduce errors, and increase profitability. Understanding currency conversion: […]
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The True Cost of Claim Denials in Healthcare

The True Cost of Claim Denials in Healthcare

According to a survey, claim denials are considered the biggest obstacle in revenue cycle management, with over 20% of providers reporting an annual loss of $500K due to these denials. A recent survey of healthcare leaders conducted by leading medical billing company revealed that claim denials are causing a significant and costly issue for healthcare […]
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Hospital Expenses Have Increased 23 Percent Since 2016

Hospital Expenses Have Increased 23 Percent Since 2016

Supply chain issues, medication costs, and labor challenges sparked by the COVID-19 pandemic have contributed to the spiking hospital expenses. Hospital expenses have increased 23 percent since 2016, a spike researchers attributed to continuous COVID-19 challenges, according to a recent analysis. By analyzing American Hospital Association data, investigators noticed hospital expenses increased 47 percent in 2020when […]
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CMS Issues Contract Year 2023 Final Rule for Medicare Advantage Organizations and Prescription Drug Sponsors

CMS Issues Contract Year 2023 Final Rule for Medicare Advantage Organizations and Prescription Drug Sponsors

  On April 29, 2022, the Centers for Medicare and Medicaid Services (“CMS”), issued the final rule on Contract Year 2023 Policy and Technical Changes to the Medicare Advantage and Medicare Prescription Drug Benefit Programs (the “Final Rule”).  CMS promotes the Final Rule as advancing “CMS’ strategic vision of expanding access to affordable health care […]
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What is the HIPAA Security Rule?

What is the HIPAA Security Rule?

The HIPAA Security Rule requires covered entities and business associates to implement technical, physical, and administrative safeguards. The Health Insurance Portability and Accountability Act of 1996 (HIPAA) required the HHS secretary to develop rules for safeguarding electronic protected health information (ePHI). Out of these requirements, HHS created the HIPAA Privacy Rule and the HIPAA Security […]
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Revenue Cycle Leaders Experience Price Transparency Rule Burden

Revenue Cycle Leaders Experience Price Transparency Rule Burden

Revenue cycle leaders noted that the confusing regulations included in the CMS price transparency rule make it difficult for their organizations to achieve compliance. The majority of revenue cycle leaders were dissatisfied with aspects of the CMS hospital price transparency rule and expressed doubt about the regulation’s efficacy, according to a KLAS report RevCycleIntelligence received […]
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5 Tax traps physicians should avoid

5 Tax traps physicians should avoid

With Tax Day on the horizon, don’t fall into these specific traps. Our last installment provided some details and basic rules every doctor should know about tax planning, including who is responsible for the information on your tax return, details about what income you have to report, and a look at the sales techniques promoters […]
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Value-Based Payment Models Associated with Lower Acute Care Use

Value-Based Payment Models Associated with Lower Acute Care Use

Medicare Advantage beneficiaries who received care under value-based payment models, including two-sided risk models, saw lower acute care use than beneficiaries under a fee-for-service model. Medicare Advantage beneficiaries whose primary care organization participated in a value-based payment model saw lower rates of hospitalizations, observation stays, and emergency department visits, according to a study published in […]
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Medicare Patients Received 54.5M Office Visits Via Telehealth in 2020

Medicare Patients Received 54.5M Office Visits Via Telehealth in 2020

Office visits represented 48 percent of all telehealth services used in the first year of the pandemic, making it the service most accessed via telehealth, federal data shows. Medicare beneficiaries most often used telehealth for office visits in 2020, receiving 54.5 million virtual office visits in the first year of the COVID-19 pandemic, according to […]
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