Navigating the Turbulent Times of Healthcare RCM
Imagine you’re a revenue cycle leader working for a large health system, and one day, your boss comes to you and tells you that you need to find $2 billion dollars in savings from operating costs. What would you do? Where would you look to cut first? How would you decide what or who stayed and […]
Price Transparency Update Coming in 2022
When it comes to healthcare, the government typically has two options for incentivizing specific actions. They can either provide a carrot, or a stick. In the case of price transparency, the government went with the stick approach, with a penalty of $300 a day for noncompliant hospitals beginning as of 01/01/2021. However, they will be bringing out a bigger stick shortly, with an increase in penalties slated for 2022.
Making your RCM Patient-Facing
promoting industry leading care and expertise. Patients quickly realize the difference between the great care they receive from their medical provider and the experience leading up to and after their medical appointment. This bookend disparity can create disappointment in their healthcare experience, uncertainty in future experiences, and a lack of trust in their provider organization.
Decreased patient volumes? Learn how to increase your revenue anyway
When tragedy strikes, or when the deck seems stacked against us, we are typically faced with two options. Option 1, play the Blame Game. or option 2, play the Reclaim Game. We chose the latter.
Simplifying the Patient Experience
The famous author Gary Hopkins once said, “People often associate complexity with deeper meaning, when often after precious time has been lost, it is realized that simplicity is the key to everything.”
But how would you describe the patient financial experience?
Text-to-Pay for Medical Bills
Healthcare organizations across the country are finding great success in shifting their patient engagement and bill collection efforts to the patient’s phone.
Most text messages are quickly read by most people, as cited above. And healthcare organizations that move from emails and letters to text messages are finding new success in patient retention, patient satisfaction, reduced AR, and increased revenue. This also means that fewer patients have to experience the “bill collector” side of their favorite healthcare providers
Price Transparency – How did we get here, and what comes next?
Since 2015 there have been several attempts by CMS to advance Healthcare Price Transparency. As a bipartisan issue by all administrations, CMS has launched multistage processes trying to address this sore and complex topic.