3 Ways to Employ Predictive Analytics

While the prospect of diving into your business analytics seems daunting, it is a necessary step to improve outcomes and focus your organization towards growth. Predictive analytics takes your company information to the next level by estimating future outcomes based on patterns in the historical data.

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In addition to workflow strategies, staff training and being human all play a role in helping healthcare centers get ahead of infections, medication errors and falls, analytics are becoming increasingly important in the new age of digital care. When your company data is looked at from a holistic perspective it gives you the ability to drill down into the areas that need improvement and scale back in the areas where things have reached a point of improvement. Predictive analytics can benefit your healthcare organization in several ways, today we will dive into three that we’re seeing as a trend for 2020.

1. Appointment Management

Sites that operate without fixed schedules, such as urgent care centers and emergency departments, need to vary their staffing levels to ensure they are meeting the levels of patient intake. Using analytics to predict patterns can help ensure these centers are staffed appropriately and patient wait times are kept at a minimum.

In North Carolina, Wake Forest Baptist Health discovered their oncology infusion center was seeing an influx of appointments midday, which overloaded their capacity and left many patients feeling dissatisfied regarding their service. Once they employed an analytic solution, they were able to round out this spike in patient appointments and move the infusions to earlier or later slots to relieve the pressure in the afternoon.

2. Patient Satisfaction and Engagement

As patients are moving to consumers of healthcare services, it has become vital for both providers and insurance companies to look at promoting overall wellness and reduce long-term spending. Predicting patient behaviors has become a key component to develop effective communications and receive feedback for services rendered.

Predictive analytics helps providers know what is working and what is less engaging, and how they can anticipate the best outcomes gives the complex characteristics of their patients. Currently, Anthem is using data analytics to create patient profiles that allow the payer to send tailored messaging to improve customer retention and discover which strategies are likely to have high impact.

When they are able to see the predictive models in action it helps them prioritize the patients that are going to be receptive to changing their habits to improve their nutrition and lifestyle.

3. Stronger Data Security

In an age where digital threats are at an all-time high, it’s important to employ predictive analytics to aid in your company’s cyber security defense. Using analytics to monitor patterns in data access, utilization and sharing are able to give organizations the ability to detect threats and issue an early warning when something is out of the normal string of events for their system. Predictive tools and machine learning techniques can calculate real-time risks for specific transactions or requests and can then craft custom responses based on the historical data outcomes.

“This strategy could be particularly effective for preventing ransomware from affecting a healthcare organization,” added ICIT Senior Fellow James Scott. “Early adoption of sophisticated algorithmic defenses such as machine learning or artificial intelligence solutions will transform healthcare cyber defenses beyond the capabilities of average attackers.”

In order to develop a successful analytics initiative that can overcome every obstacle from data collection to point-of-care reporting, providers must not only understand where the challenges lie, but also what lies ahead once they overcome their issues. Predictive analytics may seem like an over reliance on machines, but in a world with an over abundance of data and information - automation and machine learning are some of the tools capable facilities use to stay on top of the growing workflow.

Get in touch with us for a full analysis of your current system to see how we can increase your bottom line, decrease denials and bring your organization to the next level.

The Future of Healthcare

With the rise of high deductible healthcare plans and the stagnation of wages, the healthcare industry has had to find new and creative ways to treat patients without forcing them to pay more than they can afford. As more and more practices close, merge or are acquired it’s become pivotal to understand where the market is going and how you can prepare for it.

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What does the future of healthcare look like? What will be considered a future disruptor that you can plan for now? We are seeing three trends emerge as new technology and capabilities are developed.

1. Home based infusions

CMS just unveiled a new home infusion benefit to Medicare patients for calendar year 2020. Rather than travelling into a doctor’s office or treatment facility the person administering the treatment comes to the patient’s home. “Home infusion therapy allows for the administration of intravenous or subcutaneous drugs or biologicals in an individual’s home through the use of durable medical equipment.” CMS explained in the final rule.

Home based infusions, while not always beneficial to the practice, are extremely convenient for patients who have difficulty leaving their home or are left feeling weakened after treatment. Patients who have trouble finding transportation or the energy to commute for infusions are often left exhausted just by the process of arriving to the practice, let alone having to deal with what the infusions do to their system. While it could be inconvenient to the practice, offering this benefit could drive patient satisfaction and increase your overall revenue – especially if the process is made more efficient.

2. Telehealth

Home-based care is a large and growing market in the US and is expected to grow by 7% annually from $103 billion in 2018 to $173 billion by 2026. This one source of revenue is set to outpace all other streams, including hospital care and physician services. Due to high deductible plans, services like Teladoc are allowing patients to call in, receive a diagnosis over the phone with their prescription being sent to their pharmacy of choice.

Health systems and hospitals are frequently turning to telehealth to extend their patients care beyond the treatment facility to improve outcomes, reduce costs, and tap into the home healthcare opportunity. Video doctor visits extend the reach of the physician and enables them to be in constant relationship with their patients.

 3. Remote Patient Monitoring (RPM)

Healthcare organizations are looking to invest more in remote patient monitoring solutions to reduce the amount of readmitted patients and increase patient satisfaction with their services. Patients who are high-risk or considered chronically ill are especially good candidates for RPM as it provides a continuous stream of real-time health data back to the healthcare provider.

More than 133 million Americans representing 45% of the US population have at least one chronic disease, killing almost 1.7 million Americans every year. RPM solutions have been proven effective at early symptom management and allows risk-bearing organizations to remotely monitor patients with chronic conditions to help them control their healthcare costs, improve quality of care, and increase access to care for patients in low-income areas.

With more and more patients looking to avoid healthcare costs, employing solutions such as home-based infusions, telehealth and remote patient monitoring can reduce hospital readmissions, emergency department visits and overall utilization of the healthcare industry.

ImagineBillingTM is at the forefront of patient management and care discovery. By utilizing our tools such as ImagineIntelligenceTM and ImagineDiscoveryTM, we can help you determine what your patients plans cover and how you can best serve them to reach optimal outcomes. Give us a call today to see how we can help you become the Future of Healthcare.

Sources:
CMS Details New Home Health Medicare Payments, Home Infusion Benefit, Nov 8 2019
The US Home Healthcare Report: How US Providers are Using Telehealth to tap into the booming home healthcare market, Nov 13, 2019

Healthcare 2020: Prepare for Disruption

Status quo can no longer be acceptable in the changing landscape of value-based healthcare. As patients are moving towards consumers of healthcare services, it’s important that organizations stay on top of industry trends to ensure they stay relevant in their field.

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Care for a patient no longer revolves around the medical office, but instead encompasses payers, pharmacies, and sometimes drug manufacturers. In the last year there has been a strong movement to coordinate care and empower patients to reduce their medical costs such as telehealth, coverage transparency and estimation. As the focus shifts to overall population health, we could be seeing reimbursement rates decrease for older patients.

So how do you prepare for a healthcare landscape that is constantly changing and driven by innovation?


1. Ensure payment accuracy

The healthcare reimbursement system has evolved to provide checks on claims reimbursement to ensure your patient is aware of the insurance eligibility, cost of services, and final balance. If you have the right partner, your patients will understand what their final bill looks like and have the tools in place to pay it.

By verifying your patient’s demographic and insurance information upon check-in you are saving your staff time and energy, especially if the verification prevents their claim from being denied. The future of healthcare requires each practice to provide financial transparency to their patients, safeguarding them from surprise final statements. ImagineDiscovery is one of our solutions that you can employ that works seamlessly with ImagineBillingTM and ImaginePayTM to give your patients a positive financial experience with your practice.


2. Employ Automation

As claims move through the revenue cycle, accuracy checks are crucial to preventing denials and speeding up payments. As Artificial Intelligence continues to grow in the healthcare industry, it’s important to know how this helpful tool could increase your productivity and reduce your “pajama time.”’

The average flu shot takes 37 clicks to administer – all while you are busy looking at a screen verifying information and updating electronic health records instead of interacting with your patient. But when automation is involved, the administrative work has been done for you by the software. The burden of looking up patient health history, coding and billing have been replaced by your sparkling personality and having the opportunity to really listen to your patient and identify their treatment plan.

After the visit your patient claim moves seamlessly through your billing system as their demographic and insurance information has already been verified, meaning you get paid 30% faster. ImagineIntelligenceTM is the automation arm of ImagineBilling. By automating routine tasks you free up your staff to spend time where it matters – with your patients.


3. Stop, Collaborate and Listen

As the Internet of Things (IoT) continues to grow, the most successful companies will be those that collaborate with each other within the healthcare ecosystem. This kind of collaboration requires seamless connection with consumers and their healthcare team, and the sharing of appropriate, necessary data for achieving better care at a lower cost.

With continued pressure, as well as the expectation to collaborate with external entities, businesses such as wholesalers, payers, pharmacies, and practices need to be agile and equipped to adapt with competitive and compelling intelligence.

 As we shift focus into 2020 it’s important more than ever to reassess your practice and find out where the gaps in your revenue cycle management lie. Will automation improve your productivity? Will payment accuracy improve your patient financial experience? Will collaboration bring about a lower cost of doing business? We believe so. In thinking and preparing for the future now, you mitigate the risk of disruption to your business and the costly expense of catching up later.

Cyber Security Rx: 10 Questions for Your IT Team

In order to gain a deeper understanding of cyber security and using effective safeguards, it’s imperative for C-Suite executives to get first hand knowledge of how cyber criminals are using advanced tactics to lure victims into their traps.

The average cyberattack for a small healthcare provider can cost upwards of $1 million in recovery. Download white paper, "Healthcare, Cybersecurity, and You."
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David Miller, Chief Administration Officer at ImagineSoftware and former FBI Chief of Strategic Initiatives, was invited to share his expertise on cybersecurity prevention at Canopy Partners earlier this month with executives and decision makers for numerous healthcare facilities.

In 2017 we awoke to the dawn of a new era of ransomware in healthcare. This ransomware initially started with a few medical devices becoming encrypted and “held for ransom” until the cyber criminals demands were met, or the devices were replaced. Ransomware has now affected numerous hospitals, healthcare facilities, and major city databases, holding their files hostage for millions of dollars. With over 90% of successful cyberattacks originating through phishing, Miller implored the attendees to spend adequate time with their IT departments and ask the following questions:

  1. Show me how we filter our incoming emails for malicious links and content.
  2. Show me how we encrypt our outgoing emails that contain sensitive information.
  3. Show me our password policy and how we enforce it.
  4. Tell me about the tools we use to prevent (and/or detect) an attack on our network and explain how these tools work.
  5. Show me how we are managing admin access to our network and explain how we are preventing unauthorized use or misuse of these credentials.
  6. Explain how we monitor for insider threats and show me the tools we have in place to detect and prevent a rogue insider.
  7. Explain our process for disposing of old computer equipment and how we ensure that no sensitive information remains on the equipment once we dispose of it.
  8. Show me our mobile device management policy and explain how we audit and enforce it.
  9. Show me our policies for updating and patching our applications and ensuring that our applications are properly configured.
  10. Describe our cybersecurity awareness training program and tell me how we ensure all staff “participate in security.”

Miller states, “The approach in this talk is to ask open ended questions. When you work closely with IT you are putting your faith in someone to protect your company, it’s important that they have the ability to explain to you how they are doing that.”

The approach is to not have close ended questions or one-word answers. With the questions being behavior based it gives your IT department an opportunity to fully explain how their cyber defense systems work and share their knowledge on the subject.

“You’re putting faith in someone to protect your company, they need to be able to tell you how they’re doing that,” says Miller. By asking these questions you gain a deeper understanding of the protections in place and the IT department gets a chance to engage with upper management, which gives everyone a better peace of mind by understanding how the process and systems work.

From phishing to misconfigured application settings, breaches have become more common instead of less frequent. Over 5 million patient records have been hacked due to misconfigured databases, and the impact to your facility and brand is high enough that a breach could ruin your business.

“’What else should we be doing and how can I help?’ Is the key question executives should be asking their IT departments,” says Miller. Engaging with your IT department and discovering what they need to keep your data safe will ultimately be one of the underpins of keeping your company successful long term.

Your healthcare facility needs to prepare for when a breach happens, not if it happens, and then testing your employee’s response to the breach. The good news is that most executives and decision makers are already concerned about cyber security, the key is to bridge the gap and become engaged with your IT department. As a company concerned about your future success, we implore you to engage with your IT department, ask them these questions and give them the budget they need to protect your business.

Phishing: Don't Take the Bait!

Security incidents are common but can be prevented if you have a staff that knows what to look for. The most common attack organizations face is phishing. Here’s information you can use to ensure you and your staff don’t take the bait.

The average cyberattack for a small healthcare provider can cost upwards of $1 million in recovery. Download white paper, "Healthcare, Cybersecurity, and You."
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Over 78% of organizations have experienced one or more serious cyber security incidents in 2018, and with ransomware scheduled to make a comeback in 2020 it’s important that your employees are armed with knowledge to protect your systems and themselves. The most common attacks are infections resulting from phishing emails, lack of confidential data through email, and targeted email attacks launched from compromised accounts.

Bad actors are frequently using web-based tactics and deploying diverse techniques to target human weakness – one of the most popular is sophisticated phishing attacks. These cyber-attacks masquerade as login verification emails, your account status being compromised, targeted ads, social media, and malicious browser extensions. With over 46,000 new phishing sites going live each day, there’s a misconception that existing security defenses are sufficient to fight the viruses that are out there, but this simply is not true. The greatest concern decision makers and executives face is having their log on credentials stolen through email-based phishing, computers getting infected with malware through email-based attacks, end points getting infected with ransomware, and senior executives credentials getting stolen through spearphishing. We want to walk you through the most common ways bad actors are trying to use phishing to infiltrate your system.

Email Based Phishing

Users continue to be the weak link in the security chain. Only 30% receive training once per year and only 21% are trained twice per year. This means that only one-half of users are not trained often enough to make them an effective barrier against security threats, especially against today’s sophisticated and legitimate looking attacks.

Most organizations security defenses are getting better over time at stopping malicious emails, but not at stopping CEO Fraud/Business Email Compromise and ransomware attempts. The problem is that while email security has been focused on the right hand of cyber-attacks, the left hand is still wreaking havoc and causing issues. We’ve protected one side but not the other.

Phishing is typically the most common threat that organizations face. A well-timed phishing email may trick a distracted employee into clicking a malicious link or attachment. These devious attempts may take the form of a company asking for more information for the latest order that was placed, a fake email from HR during benefits open enrollment or a fake iTunes receipt.

These phishing attempts lure victims into revealing their credentials for file sharing sites such as one drive, dropbox or google docs. Users will often be asked to enter their credentials to download an encrypted file, after which the credentials will be stolen, or malware will be installed on their endpoint. One of the ways you can check the validity of the email is to click the drop-down arrow at the top of your email. If the address looks suspicious or you don’t remember placing an order to that particular company, it’s always better to close the browser, reopen and navigate to the actual site or pick up the phone and call customer service directly to inquire about the email you received.

Malware

Malware infects computers and systems through a number of ways. The most common way is through emails whether that be through harmful embedded links or attachments that pose as an invoice or helpful piece of information.

Bad actors are also relying on social media posts and drive-by web attacks to infiltrate vulnerable systems. What’s frightening is that in this new age of digital technology, the new forms of malware are file-less in order to avoid detection by anti-virus software programs. Malicious sites are inserted into the html and javascript browser memory directly and do not require an .exe to operate. Which means the malware begins working in the background from the moment you open the suspicious email – so if you’re unable to verify where the email came from, it’s best just to dump it in the trash.

Ransomware

The phishing attacks that got everyone talking last year centered around ransomware. The dreaded email you accidentally open that encrypts and locks down your entire system until a fee or ransom is paid to lift the encryption and release your files. There are hospitals and healthcare facilities that are still operating on partial systems due to ransomware attacks that took over their systems in 2018. After a ransomware encryption has taken over your system there is little that can be done to de-crypt the files. Again, if you’re unable to verify where the email came from, it’s best to forward it to your IT department and delete the email from your system.

Spearphishing

Finally, the last type of cyber-attack we want to address is spearphishing. This is often the most successful and dangerous type of phishing on the web. Spearphishing requires social engineering and research acquired at a high level to ensure the bait is taken. The main goal of a spearphishing attack is to gain login credentials of a high-ranking C-Suite executive in order to compromise their company’s data and infrastructure or to gather their personal information to infiltrate their finances and possibly steal their identity.

Another attack vector with spearphishing is the bad actor sending an email that looks like it could be from your CEO or another high-level administrator asking you to verify your credentials or open an attachment. There is never an incident where double checking the validity of an email is unwise. There are no stupid questions, especially when it comes to cyber security and keeping the data of your company safe from outside attacks. When in doubt – verify.

As an employee you are the last line of defense against phishing attacks in your organization. If the firewall, IT department and spam folder have all failed – it is you, armed with knowledge, that stands between you and the bad actor gaining control of your company data. Remember to trust but verify – and always keep your company data protected even if it means asking a question that could be perceived as unintelligent. Keep your company’s best interest at heart, and if it looks suspicious – don’t take the bait.

Cited: 2019 Osterman Research White Paper “Addressing the Top 10 Security Issues Organizations Face”

Cyber-Security: Are You the Weakest Link?

Cyber and ransomware attacks are on the rise as criminals are finding more ways to infiltrate companies that house critical demographic and financial information. It’s important to determine where your weakest links are in your cyber defense system and how you can fortify your infrastructure to guard yourself from these types of attacks. How can you put a stop to these crimes and ensure your healthcare information stays safe?

The average cyberattack for a small healthcare provider can cost upwards of $1 million in recovery. Download white paper, "Healthcare, Cybersecurity, and You."
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In 2018 over 184 million ransomware attacks occurred, with damages estimated at almost $8 billion no company can afford to miss critical updates or stay with an outdated software system to keep their company data safe. What’s disturbing is that in an age of information, employees are still every company’s weakest link. Your employees are the ones downloading malware, clicking email links, sharing passwords, and internet surfing on unsecured sites – which leaves your organization vulnerable to outside attacks.

What are some steps you can take to safeguard your company from cyber-attacks and ensure your weakest link is armed with knowledge?


1. Train your Employees

Recent research has shown that 3% of users have never been trained on security issues or how to prevent them. What’s even more troubling is that 30% of employees receive training only once a year and 21% are trained only twice a year. In a world where threats are advancing and hospitals are being held hostage by ransomware, twice a year security trainings are not nearly enough to protect your practice from being hacked.

Every new and current employee should have quarterly trainings on cyber security and data management. Do your employees understand how to detect fraudulent emails or links? Are they aware of how to detect a suspicious site and avoid downloading malicious content? While cyber criminals are getting more advanced, you can stay one step ahead by keeping your employees well trained and vigilant in their security of your system. When all else fails, they are your last line of defense.


2. Create IT Safeguards

Having a reliable and knowledgeable IT staff will help protect your system from all sides. Your IT department should be a driving force behind your cyber security, and the enforcer of your IT safeguards.

One of the easiest safeguards you can practice is to regularly have your employees change their passwords. When was the last time you had to change your desktop password? If you’re operating a smaller practice, chances are it’s probably not that often. At a minimum, passwords should be changed every 90 days if not every 60 days. Your password guidelines should also be robust in nature, such as: no sequential numbers, “password” cannot be used as a password, require more than 10 characters with a mixture of lower case, capital letters, numbers, and symbols.

Secondly, your system should automatically prompt to authenticate system or program installations or downloads. This certifies that unauthorized programs don’t infiltrate your system and unknowingly leak information when you’re not aware.

Thirdly, it’s easy for employees to bring in software or programs that affect your infrastructure from the outside if you don’t lock down their laptops and desktops from being accessed via USB. Many USB’s contain programs that run automatically once plugged into a computer (plug and play devices). Denying these ports of access to have connectivity limits the amount of data that can be transferred on and off your system, thereby creating another layer to safeguard your practice.


3. Create a Security Culture

Creating a security culture means regularly discussing cyber safety and awareness from the top down. Your CEO’s, CFO’s and CIO’s should all be regularly discussing and defining what it means to guard and secure your business from cyber-attacks. It only takes one person to reveal the right information at the wrong time to make your practice vulnerable to attack.

Give your employees permission to stop being polite. If their co-worker can’t access a program, they need to call IT. Sharing passwords is never okay. Your managers need to preform regular security checks and reinforce changing passwords and locking down sensitive information. A security culture is not driven by IT, it’s driven by management in every corner of your organization. When you value the time it takes for your employees to be trained in the areas of cyber-security it places responsibility and trust on their shoulders. It takes an entire organization being knowledgeable and well versed in “what could happen” so it doesn’t happen.

With cyber attacks increasing year over year, it’s important to have a security strategy as you move forward in your business. With cyber security losses of over $1.42 billion in the USA, this is not a small security issue that you can ignore, or hope will go away. Worldwide, cybercrime is netting over $608 billion – and that’s just in 2018. It’s important that you train your employees, give your IT department the resources it needs to defend your practice, and your employees are armed with the best knowledge to combat the seemingly innocent emails and links they encounter on a regular basis.

If you’re unsure about your system or security, give us a call. We would love to give you a security assessment and see how Imagine can help you build a safe and secure business practice.

Improving Accounts Receivable with Automation

More Americans are covered by high deductible health care plans than ever before, with the total crossing over 40%, this now means that the weight of responsibility for payment now rests on the shoulders of your patients which can sometimes prove unreliable. Is your Accounts Receivable department armed with the tools they need to be effective in this new landscape?

Billing offices and practices can save an average of $3.60 per eligibility check and benefits verification by switching to an automated system.

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With only so many hours in the day, it makes sense that you find yourself lacking the time you need to track down the reimbursements that are rightfully yours. Is your staff struggling to manage the claims coming in or have denials taken over the back end of your practice? Today we want to look at how you can help shore up your billing cycle.

Manage your secondary payers. Medicare secondary payer (MSP) claims can often times be cumbersome and exasperating to bill, but when it improves your bottom line, you’re much better off implementing a system to track and bill those claims rather than writing them off.

Whether you choose to use the CMS billing tool or invest in a revenue cycle management system to help you collect on those claims you’ll be surprised by the added revenue it brings to your practice. Employing an automated system ensures that all insurance streams have been verified and are being billed appropriately.

Get to the bottom of denials.
If you’re not able to identify the root causes of your denials, you will need to accept that your practice will have a higher percentage of write offs every year. Falling into complacency is an easy trap, especially when denied claims take up valuable time and resources. In order to see the big picture, you need to treat every denied claim as an indication of a larger problem. If you begin to see a pattern in your denials, preform a complete audit of your billing procedures to get t to the bottom of why your denials are happening.

Set expectations.
First, set the expectations with your staff. It’s likely that your staff doesn’t fully understand the implications of their actions on the front end of your system. Incorrect demographics, insurance, or payment information can lead to denials and returned bills, causing more work for your Accounts Receivable personnel. It’s critical to establish best practices for your team to ensure they understand how to successfully perform their role within your practice. By employing an automated discovery tool, your patient’s data is cross referenced through multiple systems to obtain every revenue stream possible for your healthcare organization.

Secondly, set the expectation with your coder, biller or billing company. Most billing companies understand the need to get a clean claim through the system as quickly as possible, but if you have someone manually entering the forms and codes, human error comes into play and can be costly for your practice. Most billing companies are able to process claims the same day or within 24-48 hours of the office visit. By employing a revenue cycle partner, it ensures that you’re compliant with time-sensitive billing requirements and have the ability to follow up on denials and rejections under one dashboard. Working with a partner like ImaginePayTM and ImagineBillingTM can speed up your payment process by automating those mundane tasks and filling out forms for the many insurance companies your staff deals with every day. By employing these systems, it turns your office into one seamless, hardworking machine, that increases your bottom line and billing potential.

How are you currently submitting and cross checking your claims? Do you have a billing specialist entering codes and filling out your claims manually, or have you employed an automated system that bypasses any EDI delays? When your claims are submitted directly through a data entry system your claims process up to 2 days faster – it also allows errors to be identified upon submission, rather than waiting for a denial. Denials and resubmissions can add up to 14 days of additional time in AR, by having claims that are ready to process the first time you keep your AR days at a minimum and maintain a disciplined billing procedure.

Only 7% of CEO’s say that they have no intention of using an automated system in 2020, are you part of that minority? Automation ensures human error is kept at minimum and the days your claims spend in Accounts Receivable are kept at bay. Finding a trusted Revenue Cycle Management system that not only keeps on top of regulations but is at the forefront of automation technology is imperative when running an effective and efficient practice. If your claims are spending too long in AR or your denials are at a record high, get in touch with us today to see what ImagineBillingTM can do for your healthcare organization.

3 Steps to Reduce Patient Data Waste

Inadequate patient matching and duplicate record creation is an increasingly complex and expensive issue that many healthcare organizations face. As healthcare shifts from a service based to a value-based model it has become more important than ever to capture patient data correctly to ensure accuracy and eliminate duplicate records.

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When patients are identified incorrectly it not only places the patient’s safety at risk, it also places an undo financial burden on the healthcare facility. Duplicate records cost the average hospital $1.5 million annually, and the healthcare system over $6 billion annually. Is your practice impacted by inadequate patient data? If so, here are some steps you can take to help your organization:
1. Adapt to a location intelligent system

The retail industry has pioneered this technology with their online checkout using auto-complete to fill in shipping and billing addresses. Did you know that healthcare facilities can now leverage this same technology to prevent incorrect addresses proliferating their systems? Location intelligence with address verification allows organizations to authenticate and standardize address information before the patient submits their forms. Type-ahead technology ensures their data will be standardized and verified by the USPS, which improves match rates by up to 3% than before. When employed, ImagineDiscoveryTM reduces manual demographic corrections and helps you find duplicate insurance information as well.

2. Ensure your billing system employs a self-learning/ai solution

Having a system that understands how your organization works is key in reducing waste and increasing efficiency. A rule based intelligent system should, by design, improve over time to not only further record matching accuracy, but also alleviate data reconciliation burdens that are piecing together fragmented, disconnected patient information sources. AI algorithms are able to adjust themselves based on the feedback provided by your staff as they help to remedy the ambiguity between two or more records. Meaning that as your staff adjusts and corrects processes, the system will in turn learn from their intervention and start making the changes on its own. Using this type of AI will ensure your patient’s data is matched appropriately, thereby reducing the provider’s risk of misdiagnosis or redundant orders for imaging or treatment. ImagineSoftware employs ImagineAppliance® and ImagineAITM, which are both self-learning systems that record the operations your staff makes inside the program and adapts to take the repetitive nature out of everyday tasks.

 3. Mobile Friendly Patient Systems

Over 95% of American’s now own a cellphone, of which 77% own a smartphone. With the appropriate controls, firewalls and servers in place, the patient can actively manage and engage with their healthcare records online. By having the ability to update their address, phone number and email address, patient matching efforts can be supported by the user at key stages rather than just at the point of enrollment. Utilizing the patient’s smartphone as a point of entry is a promising approach to improve the accuracy of demographic data received from individuals. Mobile friendly technology combined with location intelligence gives your organization two powerful tools, that if combined can impact your patient matching on a large scale.

These solutions are relatively easy to adapt into your practice if you are already working with a skilled and knowledgeable revenue cycle management system. If your billing practice already employs one of these solutions, it should be fairly easy to add on a module to help streamline your process. For ImagineSoftware users ImagineAppliance®, ImagineAITM and ImagineDiscoveryTM easily plug into your existing ImagineBillingTM solution to help streamline your processes and help you identify duplicate records automatically. Get in touch with us today to see how we can reduce waste and improve your bottom line.

Reducing Denials and Increasing Patient Care

With denials rising in frequency every year, it’s important to understand where denials are coming from and how they impact your patient experience. Administrative expenses for hospitals, medical practices and health agencies are approaching $360 billion dollars a year – most of which is billing related. The typical cost of reworking a denial is $25 per claim which totals about $4500 a year if you are processing 15 denied claims per month. That seems like a surmountable gap when broken down, but almost a third of practices are processing denials manually which can be a long and costly process.

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Denials happen for a number of reasons:

Eligibility
  • Terminated Coverage
  • Services not covered
  • Maximum benefit for service has not been met
  • Pre-Authorization required

With the technology available, it’s surprising that benefit eligibility is still at the top of the list for payer denials. Something as simple as checking benefit coverage is still wreaking havoc in administration workflow, and with a little time and effort it can be avoided all together. What if your system had the capability to automatically detect patient coverage, eligibility and benefit deductibles?

Having a competent and knowledgeable staff running your front desk is one of the most important things you could ever put in place. The first person your patients encounter tells them everything they need to know about your practice. Is your staff friendly? Are they familiar with your system and processes? Do they provide benefit verification and estimation upfront? These are all things that can ensure a visit goes smoothly and avoids costly after appointment expenses.

Every practice wants to see their office and staff be effective and productive, but sometimes this comes at the expense of your patient’s experience. With healthcare becoming a patient and consumer centric industry, it’s important that the weight of the patient’s decision to choose you as a practitioner stays top of mind. Having a system that provides transparent pricing helps promote patient-practice communication, trust, loyalty and satisfaction.

How would your patients feel knowing what their total out of pocket expenses would be before they stepped into an exam room?
Would they feel secure in their provider experience and walk out feeling valued as a patient and not just a number?

We think they would.

This is why ImagineSoftware’s solutions all work seamlessly together to create a better patient experience for your practice. When ImagineAITM, ImagineDiscoveryTM, and HonorCare® are employed in your office your patients discover that their coverage questions have been answered before their visit begins. You have the ability to uncover missing demographic details, find missing insurance coverage, estimate patient responsibility, and offer reasonable payment plans and options to ensure that not only are the bills paid – but your patients feel taken care of long after they’ve left your office.

If you practice needs help caring for your patients, get in touch with us today. We’d love to help you find the custom solution that fits your healthcare billing needs.

ImagineSoftware Named to 2019 Inc.com 5000 - America's Fastest Growing Private Companies

Inc. Magazine Unveils Its Annual List of America’s Fastest-Growing Private Companies—the Inc. 5000
ImagineSoftware Ranks No. 3113 on the 2019 Inc. 5000 with Three-Year Revenue Growth of 63% Percent

NEW YORK, August 14, 2019Inc. magazine today revealed that ImagineSoftware is No. 3113 on its annual Inc. 5000 list, the most prestigious ranking of the nation’s fastest-growing private companies. The list represents a unique look at the most successful companies within the American economy’s most dynamic segment—its independent small businesses. Microsoft, Dell, Domino’s Pizza, Pandora, Timberland, LinkedIn, Yelp, Zillow, and many other well-known names gained their first national exposure as honorees on the Inc. 5000.

"It is truly an honor to once again be acknowledged on the Inc. 5000 list," remarked Sam Khashman, CEO of ImagineSoftware.  "The consistency we have seen as an Inc. 5000 honoree for many consecutive years is a direct outcome of the incredible vision our clients, partners, and employees share. This achievement is a testament to Imagine’s continuing success and drive for innovation, as well as what incredible teamwork can accomplish.” He adds the recognition comes at an exciting time for the company, which is focused on expanding resources to support a significant high-growth trajectory through additional automated medical billing and revenue cycle management offerings.

Not only have the companies on the 2019 Inc. 5000 (which are listed online at Inc.com, with the top 500 companies featured in the September issue of Inc., available on newsstands August 20) been very competitive within their markets, but the list as a whole shows staggering growth compared with prior lists. The 2019 Inc. 5000 achieved an astounding three-year average growth of 454 percent, and a median rate of 157 percent. The Inc. 5000’s aggregate revenue was $237.7 billion in 2018, accounting for 1,216,308 jobs over the past three years.

Complete results of the Inc. 5000, including company profiles and an interactive database that can be sorted by industry, region, and other criteria, can be found at www.inc.com/inc5000.

“The companies on this year’s Inc. 5000 have followed so many different paths to success,” says Inc. editor in chief James Ledbetter. “There’s no single course you can follow or investment you can take that will guarantee this kind of spectacular growth. But what they have in common is persistence and seizing opportunities.”

The annual Inc. 5000 event honoring the companies on the list will be held October 10 to 12, 2019, at the JW Marriott Desert Ridge Resort and Spa in Phoenix, Arizona. As always, speakers include some of the greatest innovators and business leaders of our generation.

ImagineSoftware is the leading provider of medical billing automation software and revenue cycle management applications.  Offering powerful technology solutions for medical billing offices, practices, and hospitals, ImagineSoftware serves more than 46,000 physicians.  ImagineSoftware solutions improve financial efficiency, build provider reputation, and ultimately improve the patient payment experience.  For more information, visit www.imagineteam.com and follow us on Twitter @ImagineTeam

CONTACT: 
All media related inquiries can be directed to:

Rachel Fesko
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More about Inc. and the Inc. 5000

Methodology
The 2019 Inc. 5000 is ranked according to percentage revenue growth when comparing 2015 and 2018. To qualify, companies must have been founded and generating revenue by March 31, 2015. They had to be U.S.-based, privately held, for profit, and independent—not subsidiaries or divisions of other companies—as of December 31, 2018. (Since then, a number of companies on the list have gone public or been acquired.) The minimum revenue required for 2015 is $100,000; the minimum for 2018 is $2 million. As always, Inc. reserves the right to decline applicants for subjective reasons. Companies on the Inc. 500 are featured in Inc.’s September issue. They represent the top tier of the Inc. 5000, which can be found at http://www.inc.com/inc5000.

About Inc. Media
Founded in 1979 and acquired in 2005 by Mansueto Ventures, Inc. is the only major brand dedicated exclusively to owners and managers of growing private companies, with the aim to deliver real solutions for today’s innovative company builders. Inc. took home the National Magazine Award for General Excellence in both 2014 and 2012. The total monthly audience reach for the brand has been growing significantly, from 2,000,000 in 2010 to more than 20,000,000 today. For more information, visit www.inc.com.

The Inc. 5000 is a list of the fastest-growing private companies in the nation. Started in 1982, this prestigious list has become the hallmark of entrepreneurial success. The Inc. 5000 Conference & Awards Ceremony is an annual event that celebrates the remarkable achievements of these companies. The event also offers informative workshops, celebrated keynote speakers, and evening functions. For more information on Inc. and the Inc. 5000 Conference, visit http://conference.inc.com

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