Out of the $262 billion denied claims submitted by health organizations last year, 90% of them were avoidable. You’ll see a lot of other writers call that 90% “hidden revenue”, but it’s not really hidden, is it? It’s easy money. At least it is if you have the right solutions in place.
It’s a challenge that gets more complex every year—how to cost-effectively address patient collections, whether they are true self pay or pay after insurance has been applied. The increasing cost of health insurance has resulted in the proliferation of high-deductible plans as an option to lower premiums; this has resulted in increased patient responsibility which has ballooned the least efficient financial class.
The concept of omni-channel payments has been around for several years now. Many large retailers pioneered the concept to develop conveniences we use today in our everyday lives, i.e. buy-online and return in-store.
A fundamental consumer expectation in any financial transaction is being able to answer one simple question- how much will this cost? Unfortunately for the consumer, many hospitals and health care systems lack the ability to do so.
CMS (Centers for Medicare and Medicaid Services) released the MPFS (Medicare Physician Fee Schedule) Proposed Rule for the 2021 calendar year on August 4, 2020. The most significant change to specialty physicians is an 11.9 percent decrease in the Conversion Factor from $36.09 in 2020 CY to $32.36 in CY 2021.
With many organizations employing a remote workforce, cyber criminals are working overtime to steal valuable company data and cripple healthcare companies when they are needed most. February saw a 21% month over month increase in data breaches, and a 231% increase in breached records – meaning that more records were breached in February than in the last three months combined.
When maintaining a healthy practice, it’s imperative to keep abreast of the inner workings of your office to ensure it’s running at optimum speed. One area that many providers lose consistent revenue is in their denials.
In 2015, Dr. Homer began searching for a billing software that could handle the number of procedures and codes that his office generated every year, he ultimately decided to go with the ImagineBillingTM platform combined with ImagineAppliance® to help automate his revenue cycle process.