Erratic claim volumes and confusion over COVID-19 coding and claim requirements are the top issues impacting revenue cycle operations, according to a new survey of financial leaders at US hospitals and health systems. Conducted through the Healthcare Financial Management Association’s (HFMA) Pulse Survey program, the survey commissioned by Alpha Health asked 587 chief financial officers and revenue cycle leaders […]
More Medicaid and self-pay patients, fewer radiologists, and a greater need for efficiency should prompt radiology practices to optimize revenue cycle management. Declining volumes and revenues during the COVID-19 pandemic could spell big trouble for many radiology practices unless the providers refocus revenue cycle management efficiency and effectiveness for a post-pandemic world. The COVID-19 pandemic […]
The COVID-19 pandemic has proven that fast, meaningful change is both possible and necessary for healthcare revenue cycles to keep up with a changing world. But to make truly meaningful change within the revenue cycle, the industry will need to embrace even more changes, such as payer partnerships, greater automation, and standardization across payers. Payer-provider […]
The Centers for Medicare & Medicaid Services (CMS) in the past week has proposed Medicare payment rules for outpatient services and physicians for 2021 and finalized payment rules for inpatient rehabilitation facilities (IRFs) and psychiatric facilities. Looking specifically at the 2021 Physician Fee Schedule (PFS) proposed rule, scheduled to be published Aug. 17, it had […]
Although the integration of big data into health care has been increasing in recent years, the coronavirus disease 2019 (COVID-19) pandemic has brought this practice to the forefront, as many hospitals and care facilities struggle to keep accurate and timely records of COVID-19 cases while adhering to changing procedures implemented at the federal level. “The use of […]
It’s likely you’re spending less time at your practice because patients are leery about coming in for an office visit as a result of the COVID-19 pandemic. The impact it’s having on practice revenue is daunting, especially for independent physicians. Obviously, revenue generation is necessary to sustain your practice. But what about the other side […]
The COVID-19 pandemic has brought about robust changes to the traditional practice of healthcare in the United States. In a time of social distancing and widespread quarantining, regulatory bodies, including the Centers for Medicare & Medicaid Services (CMS), have adapted to the current environment. The most critical goal was to allow healthcare providers to appropriately […]
Know what to look for when auditing telehealth services rendered during the COVID-19 pandemic. In October of 2019, I presented a telehealth webinar entitled “Foolproof Tips for Billing Telehealth Services.” I talked quite a bit about the telehealth guidelines that were current at the time and made note that “by next year, telehealth is expected […]
There’s nothing more frustrating than rendering a service and not being paid. Nuanced coding rules are difficult to understand, and physicians aren’t taught this information in medical school. Still, health care is a business. As business owners, physicians need to know how they’re paid, including what codes to use, what modifiers to append and what […]
Financial losses from the COVID-19 pandemic will have lasting effects on providers but leveraging some of the capabilities developed during crisis can build a more resilient healthcare revenue cycle. Patients have been asked to avoid healthcare facilities when possible, while more visits have been done via smartphones and laptops than in exam rooms. Meanwhile, some […]