Whoever said, “Dates on the calendar are closer than they appear” wasn’t kidding. The oft-delayed, much-covered and highly anticipated ICD-10 deadline has finally arrived.
Most hospitals grapple with generating clean claims, streamlining claims management, and gaining insight into the source of denials. For California healthcare providers, these challenges are heightened by the requirements of Medi-Cal, the state’s publicly-funded Medicaid program. To shed light on some of the processes and tools that can help providers overcome Medi-Cal’s complexity and boost overall revenue cycle performance, RelayHealth Financial offers two new resources.
Quick show of hands: How many providers love the manual processes involved in authorizations?
With an estimated 75% of hospitals in line to receive CMS reimbursement penalties for excessive readmissions next year, implementing a program that gets results is critical.
Recently, RelayHealth presented a webinar to the Healthcare Financial Management Association (HFMA) membership entitled, Patient Revenue Cycle Best Practice Benchmarks. The webinar was extremely well attended which leads one to wonder why this topic was so hot.
Strategic management throughout the revenue cycle process can help hospitals to achieve their overall cash collections goals. Hospitals that provide pre-service financial counseling to patients that includes point-of-service (POS) collections supported by a proactive process for post-service collections see greater success in collections throughout the revenue cycle. Also key to improving the process is leveraging technology to accelerate reimbursements from primary and secondary payers, including Medicare.
If you could build a better business office for your hospital, what would it be like?
Beginning today and for the next three Tuesdays, we’re sharing a 4-part blog series to assist you in optimizing your revenue cycle. Each blog post will also link to an executive brief that will provide you with a variety of ideas for optimizing cash flow and proactively managing your financial performance and reimbursement. The series will cover the following topics:
Unlike generations past, today’s patients want to know about every aspect of their healthcare and expect to participate in many if not all of the decisions. Increased patient responsibility mandates that physicians and health systems take the time to not only explain the steps in diagnosis and treatment, but also clarify financial options and choices for the patient’s care as well. As health care leaders, we need to embrace patient consumerism by focusing on serving the needs of patients, helping them achieve improved health, while assisting them in making informed financial decisions about their care.
Embracing patient consumerism requires most providers to move beyond facilitating the information flow to and from the provider to payer, to ensuring patients receives clear communication about their financial responsibilities. Patients who understand their financial expectations and bill estimates upfront are more likely to pay when the time comes.