How Healthcare Providers Can Succeed with Outsourced RCM
Accuracy is often challenging to achieve. But in many industries and professions, meeting and overcoming challenges is crucial. Take for example pharmacists: they must correctly fill prescriptions or risk a patient experiencing unwanted side effects or a lack of medication adherence. Or consider airline pilots: they must digitally monitor multiple controls; making one sizable mistake could result in a disaster. In the world of healthcare, a robust revenue cycle requires accuracy, too. From reviewing and submitting claims to performing medical credentialing and conducting charge capture, healthcare providers risk costly reimbursement delays, poor cash flow, and overall weak financial performance without…
Hospital Price Transparency Has Arrived – But Is It Effective?
It’s been over 6 months since the CMS price transparency mandate for hospitals went into effect, but scrutiny has revealed spotty compliance and enforcement. The objectives of price transparency are made clear by CMS: to provide a comprehensive machine-readable file with all items and services to provide a display of shoppable services in a consumer-friendly format These objectives are meant to increase healthcare competition, thus driving down the cost of healthcare across the board. Healthcare has remained one of the few services that consumers engage in with no foreknowledge of prices - except that it is expensive. Penalties for healthcare…
Why Risk Management Experts are Crucial to Healthcare
Risk management is a complex yet inevitable aspect of healthcare. Ineffective risk management increases an organization’s downside risk, or potential for financial loss. Conversely, effective risk management not only lowers downside risk but also helps organizations plug into upside risk, or opportunities that increase value and revenue potential. The accelerating shift to value-based care demands that healthcare organizations implement proactive, comprehensive risk management. However, this can seem easier said than done. That’s where experts in risk management come in. Below we discuss how healthcare risk management has evolved in the United States and why experts skilled in risk management are…
