Revenue Cycle Management
Healthcare Blog

4 Ways to Banish ICD-10 Pain with Healthcare BPO Companies

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

Pay Attention- 3 Reasons Healthcare BPO Companies are Here to Stay

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

ICD-10 Postponement (again). Now What?

With ICD-10 being postponed again, you may be left with some very important questions. It's best to start at the beginning by understanding what ICD-10 actually is, how it works, and the best ways to implement this program - with or without delay. Understand how to convert to ICD-10 no matter when the deadline may be, and how this can help your billing and business.

ICD-10 Basics

ICD-10 is a diagnostic coding system used to classify medical diagnosis and procedures around the world - just not in the United States. The US uses ICD-9-CM. The difference between these two coding systems is essentially variety. The new system has 69,000 classifications, while the old system has 13,600 codes. Why so many more codes? Simply put, technology. New technological advances in diagnosis and treatment have left many procedures without an accurate description. Switching to the new coding system means that health information can be both billed and tracked more accurately, and data is easier to share across the World Health Organization networks.

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Topics: ICD-10, ICD-10 compliance

Your Next Step: Prioritizing Revenue Cycle Management Initiatives

Crazy times in the world of revenue cycle management. Based on everything you see, hear, and read: revenue cycle management teams have their hands full with a ‘to do’ list that runs the gamut on areas of concern – system conversions, new systems, new processes, new laws, new regulations, new financials, change management, and a ton of uncertainty.  How to prioritize the work, how to parse out the work, and how to execute change has a lot of Revenue Cycle Management teams really stressed out.   

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Topics: healthcare technology, vendor management, Revenue Cycle Management, ICD-10

ICD-10 Can Cost You Your Bottom Line…Here’s How

Ugh! Remember when October 1, 2014 seemed so far off into the future? The reality is, the ICD-10 official deadline is actually now looming. You can’t afford to screw up – literally – because your bottom line is at stake.

Don’t believe it? ICD-10 is transforming how you do business, whether you’re a sole practitioner or a major hospital. It’s an infection that will certainly spread from your clinical procedures to across-the-board operations and even your organizational structure, all of which affect your financial well-being.

ICD-10 will directly affect your revenue.

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Topics: ICD-10, ICD-10 compliance

Top 10 Motivators to Prepare for ICD-10... NOW!

Incase you live under a rock and don't know what ICD-10 is, well... it's the abbreviation for the 10th version of The International Classification of Disease - a universal system of coding (first created in 1983 and completed in 1992) used by physicians and other healthcare providers to classify and code all diseases, diagnoses, symptoms, abnormal findings, procedures, and external causes of injury recorded in conjunction with hospital care in the United States.

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Topics: ICD-10, ICD-10 compliance, Training, reasons to prepare, coding