Bill Gates once said, “The first rule of any technology used in a business is that automation applied to an efficient operation will magnify the efficiency. The second is that automation applied to an inefficient operation will magnify the inefficiency.”
If you’ve been tuned into the current news in healthcare you’ll know that the proposed $37,000,000,000 (yes, that’s billion dollar) merger between Aetna and Humana recently fell through, and Cigna and Anthem are fighting over a $48,000,000,000 deal. Those heavy hitters of insurance companies set the standards for the rest of the industry, and also may have a direct impact on healthcare organizations’ bottom line.
The well regarded restaurant Le Cirque at the Bellagio in Las Vegas offers incredible French cuisine, and every aspect of the service experience has been perfected with a specific and unique skill set. The wait staff never bothers you during a meal, yet the moment you need something, a member of their team is there, already having anticipated your need. If you aspire for an equivalent, high touch patient pay program, perhaps an approach similar to Le Cirque’s will work.
Topics: Self Pay
If you understand the importance of Hierarchical Condition Category (HCC) coding, but don’t know where to start with this complicated but critical element of coding in a value based world, there is a light at the end of the tunnel.
If your coding department is identifying inefficiencies, dealing with coding-related backlogs and/or getting by with a shoe-string budget and slim staff, chances there is an impact — and not a positive one — on your organization’s bottom line. Medical coding has an ever increasing impact on revenue cycle performance, so making improvements to your coders’ work environment, finding relevant topics for training and maximizing available technology can all positively affect total cash collected at the end of the day, week, month or year.
Aging claims may not have been touched for a long time, but why?
Sssh, listen. Do you hear that?
Your aged A/R is trying to tell you something. Almost every organization has a bucket (some substantial, some negligible) of aged A/R. That’s not a good thing; even if you rebrand it and call it vintage A/R, or if it’s really old, you may have some classic A/R on your hands, the trouble is, unlike a car or coveted 80’s fashion items, those older claims are not bringing in any revenue.
MediRevv’s onsite fitness facility gets a lot of traffic these days, thanks to our RevvUP wellness program. Drew Chamberlin, CEO of Haabit, LLC, has been a personal trainer for almost ten years, and his brains (and brawn) are invaluable to wellness at MediRevv. His goal is to help able-bodied individuals get up off of the couch and realize their mental and physical potential.
Healthcare reform is definitely not kindergarten. By now, every physician is aware of the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA) — the most significant and far-reaching change to Medicare since its inception in 1965 — but few truly understand the magnitude of the changes that came with the calendar flip to 2017 and how it will impact them.
We’re off to races, starting a whole new revolution around the sun. What revenue cycle goals do you aim to achieve within your healthcare organization in 2017?
Because there are both opportunities and hazards on the road ahead, revenue cycle leaders should start now to ensure a smooth ride to the finish line.
Topics: Revenue Cycle
In revenue cycle, payment posting and collections often take the starring role. After all, this is where the money comes in. But, the truth is, the champion of the revenue cycle often gets overlooked — that is, until there is a glaring problem.
In the new era of value-based reimbursements, never before has the process of medical coding had such a powerful impact on revenue cycle performance.