Revenue Cycle Management

• 7 November, 2024
• blog

Many things affect the healthcare revenue cycle today. Ever-changing payer rules and insufficient edits. Staffing challenges. Time wasted on fruitless tasks (like statusing claims).

• 20 September, 2024
• blog

Efficient revenue cycle management is crucial for operational success. Health centers often face challenges in revenue management, handling a high volume of claims may lead to errors and rejections.

• 27 June, 2024
• blog

NYC dermatology practice finds everything it needs with eCW Usually, when something seems too good to be true, it turns out not to be true. But for Gil Messer, chief operating officer of The Dermatology Specialists (TDS), the largest such specialty practice in New York City, what seemed too good to be true really was true — and then some. TDS first engaged eClinicalWorks for Revenue Cycle Management (RCM) services in 2007, when they launched their practice with a single office. Seventeen years and 40 additional sites later, Messer said the need for optimizing their RCM services was clear. “About April of last year,” Messer said, “we had hit a breaking point, where we realized it wasn't sustainable and the root cause was ¬— it was designed and built for that single provider office back in 2007.” With 41 offices and 15 different payer websites to navigate, Messer said that he and his colleagues were having to engage in manual intervention on many claims and were running into a large number of submission errors, leading to administrative headaches, delays in getting paid, and a rising number of days for accounts receivable (A/R).

• 3 May, 2024
• blog

From front office to RCM, robotic process automation can help the bottom line Is there anything better than finding free money? The Wall Street Journal recently reported on a Pennsylvania-based sustainable-waste processing company, Reworld, that is reclaiming some of the estimated $68 million in coins that Americans toss in the trash every year. It turns out that those pennies, nickels and dimes add up. Reworld has recovered about $10 million in coins over seven years. Clear (and cleaner!) savings through RPA Healthcare practices have even more powerful and more lucrative ways to capture savings — ones that don’t require sorting, washing, and counting small metal discs. That path to better financial health involves applying artificial intelligence (AI) and Robotic Process Automation (RPA) to day-to-day operations. It is among the most financially sound steps any practice can take. Why the money and savings matter As every practice administrator knows, billing costs are enormous. A recent Health Affairs report found medical practices spend about $30 billion annually on billing. That is likely a low estimate, as it is based on data from 2009.

• 6 December, 2023
• blog

Over 14.5 million people went through open enrollment in 2022. This included new and returning consumers. While many maintained their current plan, 45% of Americans considered a change in health insurance.

• 15 November, 2023
• blog

Medical coding is a complex and critical component of any medical practice. Because of the complexities, coders must be well-versed in the details relating to procedures, specialties, payer guidelines, and the overall healthcare system.

• 26 October, 2022
• blog

An EHR to tackle every facet of today’s complex medicine No doctor goes into the office in the morning thinking they’ll simply see a few patients and perhaps prescribe some medications. Healthcare today isn’t one-dimensional.

• 21 July, 2022
• blog

If you were on a walk and spotted a couple of billion dollars by the side of the road, odds are you would do something about it. But each year, healthcare organizations — hospitals, clinics, and practices — collectively lose billions of dollars to administrative costs, losses that could be avoided with more efficient Revenue Cycle Management (RCM) practices.

• 15 June, 2021
• blog

According to industry research firm IBISWorld, outsourced medical billing in the U.S. grew by an average 3.1% annually between 2015 and 2020, to $4.3 billion. More visits, more government regulations, and more complexity in healthcare are driving growth in an area where keeping a close eye on the books really pays off.

• 25 March, 2021
• blog

Healthcare today is a mix of payment models, third-party payers, complex regulations, and codes. A practice’s survival depends upon getting the finances right. As getting paid appropriately and accurately for rendering medical services has grown more complex, so too has the importance of having an effective Revenue Cycle Management solution.