What does ICD 10 Mean for Your RCM?

ICD-10-reasons-to-not-delay1st October, 2014 will officially mark the mandatory transition into ICD-10 in the United States. As we gradually get accustomed to the new system, it will improve clinical documentation, revenue cycle performance and business operations. Due to the greater specificity and detail for decision making and outcome research, ICD 10 will lead to collection of more data about quality of care. This data can be used in a productive and meaningful way to handle complications, design clinically robust algorithms, track the outcomes of treatment and better manage the revenue cycle.  Continue Reading

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How to Optimize Your Revenue Cycle For Higher Returns

There are multiple parameters to gauge the success of a medical practice. Mainly, it depends on factors like patient satisfaction, awards, employee satisfaction, etc. At the end of the day however, you will use the oldest tool to evaluate your practice: The Revenue. Cash flow is crucial to performance. No wonder that more and more healthcare agencies are turning to automated methods of revenue management. Most healthcare organisations are now looking at a move to ACO solutions, RCM, HIEs (health information exchanges) and EMRs or electronic medical records. Continue Reading

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Time to Bring RCM Systems into Your Practice

The last few years have revolutionised the face of the health care industry. With different standards and regulations been introduced, this sector, which largely focused on moving labour intensive practices towards complete digitization. These changes include electronic billing, claims processing, medical coding systems being standardized, and certifications of compliance. Now, with the major transition to ICD 10 coming up with the October deadline, healthcare seems poised for another big step. Continue Reading

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Healthcare Institutes Wish to Replace RCM Systems

What has brought about this sudden change?

It is a known fact that with the growing technological needs, every industry needs to ensure that they keep up with these technological trends and changes so as to not lag behind, the healthcare field being no different. In fact, the healthcare field can be considered one of the top industries that need to be in harmony with the changing technological developments so that they can offer their patients superior services. Continue Reading

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Why RCM Integration Crucial For the Provider?

Necessity is the mother of not just invention, but adaptation too. The healthcare industry is facing an existential challenge today. As the healthcare environment grows more and more complex, it is getting increasingly difficult to strike a healthy balance between compliant patient care and revenue management. With an erratic health benefit scenario, billing operations are becoming complicated as self-payments are on a steady rise. In such an environment, medical practitioners who can step up to effectively organize and manage their revenues are the ones who will survive. This is precisely why integrated revenue management (RCM) systems are the need of the hour. Continue Reading

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Demystifying RCM Claim Over Payments

In 2012, the Office of the Inspector General found that Boston’s Brigham and Women’s Hospital received $1.5 million in overpayments for calendar years 2008 through 2010.  According to a recent report, the Medicare fee-for-service (FFS) program was responsible for $32.4 billion in overpayments during 2012 alone!  Continue Reading

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Accountable Care Organizations

The healthcare in US has been much talked about recently. However, a great aspect of this otherwise controversial topic has not been given its fair share of the lime-light. The Affordable Care Act has brought with it some interesting and encouraging innovations which can have considerable impact on the future of health care. Continue Reading

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Switching to ICD 10: The Opportunity and Challenges

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Coding rules framed by ICD-10 will help healthcare service providers, physicians, or other coding agencies to make their coding process efficient by reducing errors and inconsistencies. Thus, healthcare providers are likely to see a significant increase in their collection rates by switching to ICD-10.  Continue Reading

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Meaningful Use: Moving to Stage 2

laptop and stethoscope

Electronically stored health records can be a great tool in the hands of providers and benefit patients immensely. Practically however, the results depend on how these records are used. The Centers for Medicare & Medicaid Services (CMS), which govern the use of electronic health records, have defined a standard called ‘Meaningful Use’. The CMS incentive programs allow eligible providers and hospitals to earn incentive payments by meeting specific criteria. You can find details of the incentive programs on the CMS website. Continue Reading

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