Outsourced solutions offered to hospitals by Business Process Outsourcing companies (BPOs) significantly reduce the need for in-house resources and relieve the stresses of trying to keep pace with the ever-changing healthcare landscape. Those solutions are particularly important when managing healthcare IT functions, because moving into 2015 and beyond, IT functions are changing more rapidly than ever before.
Topics: ICD-10
As hospitals strive to make the right investments in healthcare information technology, they often find themselves torn between two competing imperatives:
Topics: ICD-10
Who’s in charge of leading your hospital through financial implications of the health care transition? How is this leader navigating the challenges? Is this person a team-player?
More often than not this leader is the CFO, and the past few years have presented major obstacles that have led to major shifts in responsibilities and goals for this position.
Topics: ICD-10
As organizations prepare for the implementation of ICD-10 this year, many healthcare CFOs are searching for creative strategies to mitigate anticipated decreases in Coder productivity, as well as ways to ramp up education and employ a larger hierarchy of staff members. But let’s face it, a strong denial management strategy is one of the most efficient solutions for minimizing the impact of productivity loss.
Topics: ICD-10, Denial Management Solutions
Topics: ICD-10
So, ICD-10 is upon us, and healthcare providers may notice themselves reaching for the aspirin after considering the oncoming struggle to quickly implement systems, processes and training. Even the most optimistic observer considers ICD-10 to pose a myriad of formidable challenges, so it’s no surprise that as a healthcare CFO you have concerns about how the new coding regulation will affect your bottom line.
Topics: ICD-10
It’s no surprise that many providers’ revenue cycle management technology is years out of date and it’s likely you’re currently utilizing outdated systems that don’t entail the functionality for an increasingly complex billing landscape. As a result, you’re probably starting to feel (or maybe have been feeling for some time?) that your ability to accomplish the goals your job demands is suffering, inadequate or a total lost cause. And with so many CFOs and healthcare executive being forced to adopt an increasingly strategic approach, you may also be getting worried that your job security is waning. And you’d be correct to be concerned.
Topics: ICD-10
While never an easy endeavor, managing the financial department of a hospital or health system used to carry a certain level of predictability. Traditionally, CFOs carried the responsibilities of income and expense management, and of course many other peripheral duties. But, those job silos are quickly crumbling. Today, healthcare CFOs have a significantly more complex role with increased responsibilities as a result of health reform and a myriad of proliferating regulatory changes like ICD-10.
Topics: ICD-10
Over the past few years, we’ve seen the Affordable Care Act receive much scrutiny and attention for its individual and employer mandate requirements. With the ACA presenting so many details and implications to understand and address, the Internal Revenue Service’s proposed 501(r) might have seemed buried under a heap of your other patient accounting and revenue cycle priorities. But the new code addendum has the potential to significantly impact tax-exempt hospitals’ ability to bill and collect payment if not properly addressed. In the midst of ICD-10’s certain implementation later this year and the insurance denial complexities it almost promises to deliver, you’re likely looking to avoid any additional delayed or forgone bill payments, right? Getting familiar with the new requirements and taking action to prepare is crucial to minimizing any negative consequences.
Topics: Compliance, ICD-10, Charity Care, Healthcare Reform
The thought of reimbursement reductions coupled with the threat of ICD-10 preparedness (or lack thereof) in 2015 has created a healthcare environment that leaves much to be desired. At this point in Q4 you’ve been trying, maybe even agonizing, all year to reduce expenses, increase patient retention and maximize your patient and payer collections- all without compromising quality of care. Ring a bell?
Topics: ICD-10, ICD-10 compliance
