Revenue Cycle News Update – May 17, 2019
This regular feature showcases the most vital recent news stories in healthcare IT and revenue cycle management.
Here 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
According to new research, most middle-income seniors over the age of 75 won’t be able to afford housing and healthcare come 2029. As a result, seniors will have more visits to the emergency department and need to pay more out of pocket. This could add costs throughout the entire healthcare system and jeopardize government-funded coverage.
This is why it’s important to help patients understand their benefits, so you can get paid up front.
A surprisingly low percentage of Medicare spending goes toward providing primary care services. Value-based care, population health management and other recent healthcare reforms have placed primary care at the center of medical care, assuming providers can act as the quarterbacks of patient care to lower healthcare spending and unnecessary utilization while improving care quality.
Private Payer News
Federal officials are proposing sending data to patients’ smartphones to allow them to compare healthcare prices. This proposal aims to empower consumers to base their care decisions on price as well as quality.
According to a new study, 58 percent of CFOs said consumer engagement is their top risk priority. Higher out-of-pocket costs are prompting patients to act more like consumers and failing to address the healthcare consumerism trend through consumer engagement is impacting a provider’s ability to collect revenue.
We can help with our insurance eligibility software.
While payers have been steadily shifting the financial responsibility to consumers, providers have yet to adapt their workflows and systems to collect revenue from this new source, while delivering a satisfactory experience to consumers.
For healthcare providers, the difference between prompt payment or even getting paid is knowing what the patients’ benefits are upfront.
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