The initial issues of this blog will lay a foundation of understanding that will allow us to do a deeper dive into the healthcare-related issues of today and future issues and trends, in order to better position you and your organization to become Winners in the World of Healthcare.
It’s the most wonderful time of the year! Or is it? The holidays are supposed to be about coming together, spending time with loved ones, spreading joy and cheer and just being thankful and happy. But, for many of us, the holidays mean increased stress levels, holiday blues, or depression as the pressures of the season are just too overwhelming.
With so much of healthcare reimbursement administered by contracts, expected net patient service revenue is often a function of the payment terms and conditions found in payer-provider contracts. In order to identify underpayments, wrongful denials and shortfalls, labs need an effective, automated contract management solution as part of their A/R processes.
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% [...]