Tag: Revenue Cycle Management

Patient Collection Tips

Nine Tips for Collecting Patient Balances

Practices have been creative during COVID-19 to ensure safe patient access: Telephone visits. Curbside immunizations. Drive-up virus testing. Even checking patients in for their in-office visits while they wait in the car. However, each of these scenarios poses one significant challenge: Collecting copayments and coinsurance. “With COVID-19, you’ve got to find ways to meaningfully engage […]
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Telehealth RCM

Maximizing Telehealth Success: How to Optimize Operations & Revenue Cycle Management

  In COVID-19’s wake, providers’ financial recovery will be crucial yet daunting. U.S. hospitals and health systems stand to collectively lose $36.6 billion between March and June 2020 alone. Physician practices also face serious financial challenges as they recoup revenues that declined up to 55 percent and patient volume that decreased 60 percent. Amid these hardships, telehealth has emerged as […]
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Revenue Cycle Management in Radiology Practices

After COVID-19, Radiology to Rethink Revenue Cycle Management

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 […]
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Revenue Cycle Elements

3 Elements Needed For The Revenue Cycle of The Future

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 […]
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Optimizing Self-Pay Collection Strategies

Optimizing Self-Pay Collection to Aid Patients, Revenue During COVID-19

Healthcare is the industry most at-risk during the coronavirus (COVID-19) pandemic. Providers are on the front lines of response efforts. At the same time, the financial implications of the pandemic are also creating significant revenue cycle challenges, putting providers even more at risk during the pandemic. Individuals are postponing non-emergency care for many reasons, from […]
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Contactless Payments

Post COVID-19: Medical Billing Finally Realizes the Value of Text-to-Pay

Contactless payments were on the rise even before COVID-19 hit. But now, health systems should see them as essential. Consumers are increasingly wary of touching a credit card terminal that others have used, a perfect conduit for spreading germs. For consumers, text payments serve as a convenient contactless way to pay, but there are other unique benefits […]
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Revenue Cycle Strategy

3 Boots-On-The-Ground Revenue Cycle Strategies for a Second COVID-19 Surge

Northwell Health executives share practical, in-depth strategies to help revenue cycle leaders prepare for additional COVID-19 surges and other emergencies. Health system leaders around the country can look to systems like Northwell Health in New York for guidance about how to best prepare their own revenue cycles for a possible second wave of COVID-19 cases as states ease restrictions […]
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COVID-19 COding and Billing

4 Critical Attributes of A COVID-19 Billing And Coding Workbook

  Our goal was to develop a single source of truth that is user-friendly, dynamic, and easily accessible,” said Jeannette Wood, vice president of revenue cycle management for Privia Health. A rapidly changing situation like the COVID-19 pandemic calls for a dynamic solution for tracking billing and coding changes for virtual services from different payers […]
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Revenue CYcle Management Strategies

3 Revenue Cycle Management Strategies for EDs in a Time of Crisis

Financial indicators, staffing, and leadership are three key factors emergency departments should prioritize for effective revenue cycle management during the COVID-19 crisis. At the start of the year, emergency departments (EDs) across the country began to prepare for an expected surge of patients infected with COVID-19, altering revenue cycle management and operational strategies. By March, […]
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