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 […]
With the assistance of AI medical billers and coders can work efficiently and accurately, flagging down most of the human errors and mistakes. Recent studies show that the error rates in medical billing are reportedly pretty high. According to studies conducted by the American Medical Association and Nerdwallet, the error rates are 7.1 percent and […]
Much of the buzz you hear about artificial intelligence (AI) or machine learning (ML) in healthcare is about its clinical applications, whether assisting doctors with diagnoses or customizing cancer treatment plans. But healthcare is a big industry, and the financial and administrative sides are immense and complex. The reality is AI and ML in healthcare are powerful tools […]
Revenue cycle management encompasses everything related to the order-to-cash process. For success in revenue cycle management, constant and vigilant oversight of the key processes is needed. With that oversight, continuous process improvement can help you maximize profitability. Here are some areas to focus on to improve receivable collections. Check Your Front End No matter how […]
The technology, growing in popularity, is one way to reduce errors and enhance communication. Speeding up and simplifying the communication between provider and payer means a lot more than just getting reimbursed. It can help healthcare organizations be more transparent about costs to patients. It can maximize the amount of time skilled workers deal with […]
As the sun sets on 2019, we look back and reflect on the major news and trends that shaped the revenue cycle this year. From the tumultuous battle over price transparency to the rise of automation and the ushering in of AI, 2019 was a banner year for revenue cycles as they reckoned with a […]
Improving revenue cycle performance has become more challenging amid today’s healthcare payment trends and patient financial expectations. To gauge efforts at hospitals and health systems, Becker’s Hospital Review asked healthcare leaders to share changes their organizations have made to improve revenue cycle performance this year. Read their responses below, presented alphabetically. Venkat Bhamidipati Executive vice president and […]
Patients experienced out-of-pocket increases as high as 12% for their healthcare costs last year, according to a new analysis by TransUnion Healthcare. Technology experts have promised artificial intelligence (AI) and machine learning (ML) will revolutionize healthcare. Applications have the potential to streamline workflows and reduce human errors, speeding drug discovery, assisting surgery, and provisioning better […]
Artificial intelligence (AI) is making big waves in healthcare from detecting lung cancer and gene mutations that lead to autism to addressing social determinants of health and chronic conditions. The technology is automating and optimizing clinical workflows, leading to improved outcomes, lower costs, and enhanced patient and provider satisfaction. The critical role artificial intelligence now plays in healthcare prompting some providers to […]
Data was big in revenue cycle challenges long before “Big Data” was a buzzword. The same goes for the challenges that come with it. For years, revenue cycle challenges for leaders have looked for answers to common hurdles like missing or incorrect charges, payment file problems, and data transfer timing delays. Big Data and advanced […]