We’ve heard rumors of CFOs losing sleep over ICD-10.
If the rumors are true, you may be reading this with a strong cup of coffee in your hand, even though it’s 3pm in the afternoon. Don’t let the fear of reimbursement reductions (or even a full temporary halt) of your revenue stream keep you up at night. It’s time to start finding any optimism you can muster about ICD-10, starting with the fact that the implementation date has finally been finalized (for the second time). So pour out that lukewarm cup of coffee you’ve been nursing and start addressing how you can provide your staff with the resources needed to cope with the post-ICD10 landscape.
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Topics:
ICD-10,
Healthcare BPO Companies,
BPO Companies
The Numbers Don't Lie
Just in case you somehow missed the trend, the healthcare business process outsourcing (BPO) industry is growing at a rapid rate. Black Book Market Research’s annual Satisfaction Survey of all RCM stakeholders uncovered that nearly half (45%) of struggling hospitals in the U.S. have immediate plans to implement a full RCM outsourcing strategy. By 2016, the outsourcing market will reach $9.9 Billion, over a $2 Billion jump from the 2014 numbers.
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Topics:
BPO,
Patient Pay,
Outsourcing,
Business Process Outsourcing,
ICD-10,
Healthcare BPO Companies
As a large healthcare organization, your primary responsibility is premier patient care… we get that. And with Medicare reimbursements now tied to patient satisfaction scores (courtesy of none other than the Affordable Care Act), the emphasis on quality of care and patient happiness is more important than ever before.
The Blame Game
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Topics:
BPO,
Outsourcing,
Business Process Outsourcing,
Revenue Cycle Management,
Healthcare BPO Companies
The Headaches of Healthcare
As the CFO of a hospital or healthcare organization it’s easy to become overwhelmed by the changing industry landscape and fast-moving regulatory shifts that affect the financial outlook of your company. And for good reason. Your livelihood and the livelihood of those within the organization depend on your expertise and ability to ensure the company is financially sound. Ever wonder whether others in your position feel a similar burden of responsibility or if possibly you’re the only one losing sleep over healthcare financial management? Rest assured that you are not alone experiencing this daily stress. Your perception of the situation might be bleak- but it doesn’t have to.
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Topics:
BPO,
Business Process Outsourcing,
Healthcare BPO Companies
Healthcare providers are constantly looking for processes to help run their back office solutions so they can concentrate more heavily on their primary responsibility: caring for their patients! No brainer.
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Topics:
BPO,
Business Process Outsourcing
A high deductible plan means the patient is paying more out of pocket expense for health care services. It is a health insurance plan with a high deductible and normally has a lower premium. People pick high deductible plans because the out of pocket premiums are lower and fit into a tight budget more easily. Employers like high deductible plans as a way to save money on health care coverage for employees. However, high deductible plans can have an impact on health care facilities or on a hospital’s revenue cycle. The impact is not always in a favorable manner.
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Topics:
Patient Deductibles,
healthcare receivable management,
Revenue Cycle Management,
Healthcare Reform,
HSA
Patient Collections: Insourcing vs. Outsourcing
From the smallest medical offices to the largest hospitals – they all have one thing in common: patient collections. Every practice and hospital must find the most effective way to handle their patient collections. At some point you’re going to consider whether keeping your patient collections services in house is the best option. There are many benefits to outsourcing this necessity, and VARO Healthcare can ensure you reap those benefits in your business.
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Topics:
healthcare technology,
Services Vendor,
Outsourcing,
Business Process Outsourcing,
Bad Debt
Understanding the Impact TCPA Compliance has on Healthcare Providers
The TCPA was originally designed to curb the numerous unwanted marketing calls that were being dialed into households on a daily basis. People were discouraged and outraged about the growing number of aggressive calls that were dialed into their homes nightly. Many of these calls were done automatically (through a dialer system or "robocalls") which is the reason the act was passed.
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Topics:
Patient Pay,
Compliance,
TCPA,
telephone consumer protection act
According to the Medical Group Management Association, high-performing medical groups have a four percent claims denial rate. If your denial rate is over 4%, don’t blame your payers; instead, look at your business’s processes. Timing problems, manual mistakes, and input oversights may be causing most of the denials.
Something you could do before submitting claims to make sure they're clean is ask yourself the following questions! Clean claims = less denaisl. Print them out and post them to your bulletin board!
Monitor these five issues to improve your billing approach and decrease your denial rate.
1. Is the Claim Legible?
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Topics:
healthcare receivable management,
Revenue Cycle Management,
Denial Management,
Denials,
Claims,
Insurance Claim Denials
Investing (not MONEY) in Patient Experience Can Help Hospital Revenue
The patient experience is a critical factor that sometimes gets ignored in the hospital setting (or maybe not… but it DOES get forgotten). The primary focus of a hospital is to heal the sick and cure the injured. However, hospitals are also businesses interested in not only covering their costs but making a profit as well. As a result, the patient experience has to be kept as a (top) priority.
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Topics:
Patient Pay,
patient satisfaction,
hospital patient satisfaction,
healthcare receivable management,
patient experience
