Revenue Cycle News Update – March 21, 2019
Welcome to our second revenue cycle news roundup of March 2019. This regular feature showcases the most vital recent news stories in healthcare IT and revenue cycle management.
Here as always are the top stories since our last news roundup, as well as what you’ll need to know in the next few weeks.
Medicare / Medicaid News
In an effort to increase price transparency, the Centers for Medicare & Medicaid Services (CMS) directed hospitals to post their charges by the start of 2019. Some providers are using this as an opportunity to implement new practices to inform patients in advance about true out-of-pocket costs and improve the overall patient experience.
Transparency is the key to our success, too. We help healthcare organizations quickly identify existing insurance coverage so they can get paid sooner.
As more of the population ages into the Medicare program, there is increasing pressure on the healthcare industry overall. Value-based reimbursement models are gaining in popularity because they can help improve outcomes for the aging population. However, it comes with a large administrative burden as employees struggle to get the large amounts of data to payers, resulting in higher costs to providers.
We understand the need to connect you to payers and health plans quickly and easily. See how our 20-years of experience in the revenue cycle industry can benefit you.
President Donald Trump released his budget proposals for fiscal year 2020 and included in this proposal are significant overhauls and funding cuts to Medicare and Medicaid. Under his proposed budget, Medicare spending would be reduced by an estimated $800 billion over 10 years and end funding for Medicaid expansion.
It’s more important than ever to make sure you are receiving prompt payment (or any type of payment!) from your patients. Schedule a web demo to see how we can help.
The health system is keeping up with CMS mandates for price transparency, requirements that will only grow over time, senior Finance VP says.
A fast, easy way to check patient insurance eligibility upfront also benefits the revenue cycle for providers, decreasing billing and auditing costs while lowering receivables.
Private Payer News
A roundtable of 31 high-level healthcare executives recently convened to discuss common themes associated with early phase of EHR adoption. Among the many topics discussed, the group predicted that patient-owned medical records will be available in a universal format where patients decide who accesses their data.
We agree that an integrated approach is important in all aspects of healthcare, including revenue cycle management.
After an Illinois-based practice implemented a credit card on file program, patient collections improved and patients started to expect upfront payments.
Using our Insurance Discovery software to help patients find coverage they didn’t know they had can help you give patients peace of mind and lower your collection costs as well!
Upcoming Revenue Cycle Events
We’d love to talk! Here’s where to find us over the next few months:
March 27-29, 2019
Pinehurst Resort, Pinehurst NC
April 24-26, 2019
Wisconsin Dells, WI