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…
COVID-19 has prompted health care executives to analyze their spending more carefully to ensure a healthy profitability. 78% of executives plan to transform current manual processes to more digital and automated processes, allowing for the strategic use of human capital elsewhere. The automation of current manual workflows within the revenue Read more…
MIT Principal Research Scientist, George Westerman, states “digital transformation marks a radical rethinking of how an organization uses technology, people, and processes to fundamentally change business performance.” During a presentation for HIMSS20 Digital, Cheryl Rodenfels, CTO of Americas Healthcare at Nutanix, explained the main drivers for digital transformation in healthcare. 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…
Key Performance Indicators (KPIs) are used to measure how an organization or department is performing. Companies often evaluate and analyze their business processes against industry standards to see if there is room for improvement. With the help of industry leaders, the Healthcare Financial Management Association (HFMA) has comprised a list Read more…