Many hospitals will see negative operating margins despite the best-case scenario of smooth vaccine rollouts and reduced COVID-19 hospitalizations according to a Kaufman, Hall & Associates, LLC report released by the American Hospital Association (AHA). 39% of hospitals will operate “in the red in 2021,” the report claims. This year, Read more…
A denial-free revenue cycle is something every provider strives for but seems nearly impossible. The industry average denial rate is above 10% and going up. Revenue cycle specialists see a multitude of reasons for claim denials. Here are a few tips for minimizing claim denials: Start at the Beginning The Read more…
Providers have reported a surge in claim denials and reimbursement delays. According to a study by the American Hospital Association (AHA), 91% of interviewed providers indicate experiencing an increase in denials. Over half (51%) of those providers deemed the increase as “significant”. While claim denials are not a new stressor, Read more…
Payment for healthcare services can be the responsibility of providers, insurance payors, the government, or the patient. Increased patient responsibility has caused a rise in financial stress for healthcare organizations. Some aspects of patient responsibility that affect the reimbursement for providers include what the patients do not know about receiving 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…
Revenue Cycle Management is the driving force in ensuring hospitals and healthcare facilities maintain a healthy balance sheet. Unfortunately, COVID has caused 86% of healthcare providers to see a decrease in revenue, according to a survey by HFMA. President of TruBridge, Chris Fowler, stated in the survey report, “In general, Read more…
The healthcare industry must emphasize the importance of minimizing the often unnecessary cost burden associated with reworking of claims due to denials. This can be accomplished by identifying possible claim denials and correcting them before submission. The key to improving this aspect of the revenue cycle is real-time data. More Read more…
OCR has enhanced the way people read and do business for years. The use of OCR in the healthcare industry now enhances the divide between digital and manual processes. The addition of deep learning techniques to OCR solutions further develops robust solutions for the healthcare industry.
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…
A report by Corvus indicated a 350% increase in ransomware attacks on health care companies in Q4 of 2019 compared to Q4 of 2018. The later part of 2019 was filled with reports of ransomware attacks on a variety of IT vendors that work with many healthcare organizations such as Read more…