DOTmed Home MRI Oncology Ultrasound Molecular Imaging X-Ray Cardiology Health IT Business Affairs
News Home Parts & Service Operating Room CT Women's Health Proton Therapy Endoscopy HTMs Mobile Imaging
SEARCH
Current Location:
>
> This Story


Log in or Register to rate this News Story
Forward Printable StoryPrint Comment

 

 

Health IT Homepage

The promise of AI (part 2 of 2) Dr. Luciano Prevedello shares insight he’s gained through the AI lab his radiology department created

Elsevier touts new study validating use of STATdx solution Reduced diagnostic errors by as much as 37 percent

Hospitals harness technology to achieve patient satisfaction Meeting a diverse range of patient expectations

Apple Watch can monitor heart rhythms with FDA approval Detects atrial fibrillation and can tell if you've taken a sudden fall

Dr. David Hirschorn on NYMIIS 2018 Imaging informatics takes center stage again at the New York symposium

Healthcare players aim to advance value-based care with HL7 resources Utilizing HL7 FHIR in two initial test cases

Anatomy of a hospital cybersecurity attack Tips for detecting, responding to, and preventing attacks at your facility

What does mobile tech mean for radiology? A discussion with William Pan, CEO of EBM Technologies

ScImage, Cardiac Imaging forge partnership Bringing 'anywhere, real-time' access to cardiology images

Patient iP and Clinerion enhance access to real world data for clinical trials Improving the selection of trial sites, accelerate enrollment

'Real-time' actionable data analytics help hospitals decrease denial rates

By Jonathan Farr

The competitive climate for hospitals is at a fever pitch, with mergers and acquisitions adding further complexities to the marketplace.

This is not a time for simply resting on past achievements or a reputation for touting service lines: astute leaders recognize that they must optimize every level of clinical, operational and financial performance in order to capture and retain market share and meet payer/employer demands for value-based care.

Story Continues Below Advertisement

THE (LEADER) IN MEDICAL IMAGING TECHNOLOGY SINCE 1982. SALES-SERVICE-REPAIR

Special-Pricing Available on Medical Displays, Patient Monitors, Recorders, Printers, Media, Ultrasound Machines, and Cameras.This includes Top Brands such as SONY, BARCO, NDS, NEC, LG, EDAN, EIZO, ELO, FSN, PANASONIC, MITSUBISHI, OLYMPUS, & WIDE.



This is hardly a time to falter with the revenue cycle management process or risk claim denials that threaten the financial stability of the health care organization. Annual losses from denial write-offs can be as high as five percent. Too often, hospital leaders see up to 15 to 20 percent of initial denials with the first billing, and must rework or appeal one out of every five claims, leading to administrative costs and inefficiency.

These issues really impact not-for-profit hospitals, which struggle when the barrage of denials begins to strain limited resources. In fact, reworking denials can prevent these organizations from achieving success within their revenue cycle management, often to the extent of compromising the quality of care they deliver. For-profit institutions are not exempt from these problems, although the pressures to optimize RCM are ever-present.

Historically, finance and medical care have operated in silos as the natural order of the fee-for-service environment. Bundled payments, accountable care organizations and other reimbursement models, however, are changing this paradigm. Today, hospitals must strike a balance between the care provided by physicians and payer reimbursement.

While not-for-profit hospitals can learn from the for-profit sector and seek new opportunities for maximizing revenue and enhancing performance, for-profit institutions can always benefit from fresh approaches and innovations to optimize revenue cycle management.

Revenue cycle management in the real world
Let’s look at a real-world scenario in which a large not-for-profit hospital system located in a largely urban area in the southeast United States sought a Revenue Cycle Management auditing (RCM) solution to effectively address challenges related to denials management, appeals and Medicare local market rules.

The overall goal was to ensure clinical and operational excellence while supporting the financial viability of the organization. The hospital had undergone significant expansion over the past few years, bringing massive sets of disparate data to be reconciled and reviewed, and adding significant complexity to RCM processes throughout the enterprise.
  Pages: 1 - 2 - 3 >>

Health IT Homepage


You Must Be Logged In To Post A Comment

Advertise
Increase Your
Brand Awareness
Auctions + Private Sales
Get The
Best Price
Buy Equipment/Parts
Find The
Lowest Price
Daily News
Read The
Latest News
Directory
Browse All
DOTmed Users
Ethics on DOTmed
View Our
Ethics Program
Gold Parts Vendor Program
Receive PH
Requests
Gold Service Dealer Program
Receive RFP/PS
Requests
Healthcare Providers
See all
HCP Tools
Jobs/Training
Find/Fill
A Job
Parts Hunter +EasyPay
Get Parts
Quotes
Recently Certified
View Recently
Certified Users
Recently Rated
View Recently
Certified Users
Rental Central
Rent Equipment
For Less
Sell Equipment/Parts
Get The
Most Money
Service Technicians Forum
Find Help
And Advice
Simple RFP
Get Equipment
Quotes
Virtual Trade Show
Find Service
For Equipment
Access and use of this site is subject to the terms and conditions of our LEGAL NOTICE & PRIVACY NOTICE
Property of and Proprietary to DOTmed.com, Inc. Copyright ©2001-2018 DOTmed.com, Inc.
ALL RIGHTS RESERVED