Posts Tagged ‘revenue cycle’
Optimizing the Fiscal Year End: A Director’s Guide to Hospital Revenue Cycle Management and Budget Planning
As a hospital decision-maker, navigating the complexities of fiscal year-end planning requires strategic thinking and meticulous attention to detail. Let’s delve into the essential tasks to resolve the current fiscal year and pave the way for a successful year ahead.
Read MoreMastering Healthcare Revenue Cycle Challenges: A Deep Dive into the Top Issues
Efficient revenue cycle management is the lifeblood of any hospital. In this comprehensive guide, we’ll explore the intricate challenges hospitals face in their revenue cycles and discuss effective strategies to overcome them.
Read MoreCoder-Driven Improvements to the Revenue Cycle: Reduce Denied Claims, Streamline Claim Submission Process, & More
Coder involvement in the implementation of improvements to the revenue cycle is an underutilized asset at many facilities. Here are several opportunities where coders can be utilized to make improvements to the revenue cycle.
Read MoreCrafting Your Organization’s Strategic Plan For A Successful Year
To successfully navigate the future – and be prepared for anything – healthcare organizations need to craft a strategic plan. A strategic plan is beneficial for everyone: It allows the company owner to identify potentially fruitful goals, and it helps the employees foster that growth.
Read MoreRevenue Cycle Management Vendors Help You Ditch Those Outdated RCM Processes
Outdated and ineffective revenue cycle processes cost healthcare providers billions of dollars annually. It’s time to review your revenue cycle processes and employ management vendors to get your bottom line back on track.
Read MoreHow to Improve the DNFB Benchmark for a Positive Impact on Revenue Cycle
One of the biggest revenue-killers for healthcare providers is DNFB accounts. DNFB (DNFB meaning “discharged, not final billed”) – defines unbilled accounts where the patient has been discharged from the healthcare facility, but the final bill from the encounter has not been submitted. The cost effects of outstanding DNFB accounts and claims denials are staggering, and can negatively impact the providers’ cash flow and potential net revenue. So, what are the best practices to reduce DNFB days and claims denials?
Read MoreStrategies To Proactively Drive Revenue Cycle Efficiency And Reduce Cost
Managing revenue cycles in healthcare businesses can be costly. However, if insufficient measures are taken to oversee good billing processes, collectible revenue is often left on the table. Constant annual changes in billing and coding rules make the processes especially frustrating, but smart strategic planning using relevant internal and external resources can help…
Read MoreEnd of The Fiscal Year Push!
Every organization associated with Health Information Coding has felt the pressure to catch everything up at the end of the Fiscal Year. It helps to understand what is at stake and how you can help. Some Fiscal Years (FY) correspond to the calendar year, while others start/end at times established for taxing and accounting purposes. Annual Financial reports are generated during this time to show the success or failure of the organization to meet its goals and expectations.
Read MoreMedicare Advantage Insurers Use Reviews to Get Higher Payments
An investigation by the Office of Inspector General (OIG) revealed Medicare Advantage insurers might be overstating patients’ diagnoses without the proper documentation to receive larger payments. Based on the 2016 Medicare Advantage encounter data analyzed by the OIG, insurers were able to get an extra $6.7 billion in payments in 2017.
Read MoreRevenue Cycle Management 101: Impact of ICD-10 Coding in Inpatient RCM
A brief overview of how ICD-10 coding can impact in various stages within the revenue cycle management process including key aspects in which ICD-10 coding can improve DNFB.
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