The top 5 challenges facing healthcare today can all be mitigated by a healthier revenue cycle. This blog will explore changes you can make in your rev cycle to address and even conquer these challenges, outlined by Managed Healthcare Executive.
With Election Day behind us and the upcoming Presidential election in 2020, Medicare for All is one hot topic. Wherever you stand politically, I think we can all agree that dealing with Medicare claims can be challenging for a myriad of reasons. Right off the bat, Medicare pays hospitals about 40% less than private insurance for inpatient services and doctors about 30% less for their services. [...]
According to Richa Singh of Collection Rx, 5-10% of healthcare revenue is lost due to lack of time and technology associated with the work involved to follow up on the cost of collections resulting from unprocessed claims, missing documents, and denials. In many instances, providers overlook claims that are not properly processed and, as such, miss out on revenue. More importantly, almost 40% [...]
A legacy of the Medicare Modernization Act of 2003 and mandated by the Tax Relief and Health Care Act of 2006, the Recovery Audit Contractor (RAC) program recovers hundreds of millions of dollars for the Medicare Trust. Designed to identify and correct improper Medicare payments made to providers, RAC audits can cost healthcare providers time and money.