Covid-19 has had severe economic impacts on the healthcare industry and has affected the financial stability of patients. Ultimately, revenue cycle management has also been impacted by the pandemic. However, medical practices are implementing Artificial Intelligence and Machine Learning tools to improve RCM operations Predictive Analytics Developing new software has Read more…
A recent evaluation of 500 hospitals in the United States shows the volume of hospital visits leveling out below pre-COVID-19 amounts in the latter half of 2020. Experts expect these levels to serve as a new baseline for 2021 hospital visit volumes. David Wojczynski, President of TransUnion Healthcare said, “The Read more…
Healthcare institutions’ revenues have fallen short of expectations due to the COVID-19 pandemic. Healthcare executives have been altering processes and taking decisions on an as-needed basis during these unprecedented times. In the report “Top Health Industry Issues of 2021,” PwC’s Health Research Institute (HRI) has suggested the use of predictive Read more…
For the past nine months, researchers have been racing to create a vaccine to effectively prevent COVID-19. Various government health agencies have come together to work towards a goal of safely distributing 300 million doses of a COVID-19 vaccine by January 2021. This effort is known as Operation Warp Speed Read more…
Payers denying healthcare insurance claims is something we all are very familiar with. Whether the claims are denied for missing information, incorrect medical coding, or anything in between, 9% of claims are initially denied, on average. The national pandemic has caused its fair share of additional denials. New Jersey Hospital Read more…
Medical group and health system executives believe it will take at least a full year to recover from the revenue losses due to COVID-19, according to a survey conducted by the American Medical Group Association (AMGA). The survey of 95 executives concluded that 41% of healthcare systems and 36% of Read more…
The financial impact of COVID-19 on hospitals and health systems has caused healthcare executives to rethink the way they handle their hospital’s financials. A recent survey conducted by Black Book found that although all of the healthcare CFOs surveyed acknowledge the inevitable revenue decrease for this fiscal year, only 12% Read more…
There is no doubt COVID-19 has brought uncertainty across all areas of life. From a rising unemployment rate to extended stay-at-home orders, American citizens are wondering how to prepare for the “new normal.” Hospitals and health systems are at the forefront of the combat against this pandemic including instilling a Read more…
Healthcare providers have access to the Department of Health and Human Services (HHS)’s Providers Relief Fund, of approximately $100 billion, through the Coronavirus Aid, Relief, and Economic Security (CARES) Act (PL 116-136). The Providers Relief Fund assists healthcare providers with expenses or COVID-19 related revenue loss. While half of the Read more…
Medical coding is a standardized method to assign alphanumeric codes for medical diagnostics, surgical and external procedures to generate billing for an episode of care. Medical coding professionals translate the medical records and providers’ notes to create a claim to send to insurance carriers as a part of the medical Read more…