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6 Ways COVID-19 Has Impacted Healthcare Revenue Cycles in America

healthcare revenue cycles for organizations during COVID-19 coronavirus pandemic The COVID-19 pandemic has wreaked havoc on healthcare organizations across the United States. But as some organizations are failing, others are thriving. By capitalizing on changes, and by training staff, organizations can optimize healthcare revenue cycles throughout the coronavirus pandemic. Today, we’re highlighting five ways COVID-19 has impacted healthcare revenue cycles for organizations across the United States – and how organizations are thriving in the face of change. Telehealth Appointments & Coding Challenges Obviously, telehealth has surged in recent months. Many outpatient facilities have switched to telehealth appointments, giving patients the same quality of care via a safer, remote environment. Telehealth […]

Healthcare Revenue Cycle Management and COVID-19: Coronavirus Impact & Management Strategies

Healthcare Revenue Cycle Management during COVID-19: Coronavirus Pandemic 97% of America’s healthcare organizations have experienced some disruption due to COVID-19. As states re-open, healthcare organizations continue to navigate healthcare revenue cycle management. Some organizations are managing more effectively than others. COVID-19 has introduced billing and coding challenges, patient financial responsibility issues, and other problems for healthcare organizations. Today, we’re explaining strategies firms are using to manage revenue cycles during the COVID-19 pandemic – including how your organization can stay ahead. Medical Coding Challenges Many organizations have faced billing and coding challenges during the COVID-19 pandemic. To navigate the pandemic, your organization needs to know what is covered by health plans […]

Medical Coding Tips for Managing the COVID-19 Pandemic

Medical Coding Tips for Coronavirus COVID-19 Demand for medical coding companies has surged in recent months. COVID-19 has revealed medical coding inefficiencies, and firms are struggling to keep up. Good medical coding companies work with healthcare organizations to solve inefficiencies and reduce errors. Effective medical coding tips helps a company avoid wastage, capture lost revenue, and reduce patient conflicts. Your healthcare organization might have effective medical coding systems in place. Unfortunately, a pandemic like COVID-19 can reveal problems with any organization’s medical coding. The CDC, CMS, and AMA have all released COVID-19 coding guidelines in recent weeks. We’ll summarize that information below to help your organization manage the COVID-19 pandemic. […]

Telehealth Coding and Billing During COVID-19: Tips and Guidelines

Telehealth Coding and Billing During COVID-19 Healthcare organizations have turned to telehealth during the COVID-19 pandemic. However, some are not prepared to handle telehealth coding and billing. Demand for contract medical coding experts is surging. Companies like HMI Corp can help your organization manage complicated COVID-19-related telehealth coding. Our coding experts have proven expertise across the United States. Today, we’re highlighting some of the best telehealth coding and billing practices for the COVID-19 coronavirus pandemic, including changes to be aware of. HHS Relaxes Certain Telehealth Rules During COVID-19 In response to the COVID-19 pandemic, HHS has relaxed certain telehealth coding rules. HHS allows providers to offer telehealth services while charging […]

What Role Does a Hospital Chargemaster Play in Revenue Cycle Management?

Hospital Chargemaster in Revenue Cycle Management The hospital charge description master, or hospital chargemaster, communicates medical bills to payers and patients. The hospital chargemaster plays a crucial role in revenue cycle management: it’s the heart of the healthcare revenue cycle. It’s the central point from which all billing gets sent to patients and insurers. Organizations that fail to maintain the chargemaster face enormous problems. Poor chargemaster maintenance leads to revenue leakage. It can also lead to inaccuracies, non-competitive fees, and claim rejections. What is the Chargemaster? The hospital chargemaster is a list of all the billable services and items to a patient or patient’s health insurance provider. The chargemaster lists […]

Revenue Cycle Management (RCM) Trends for 2020

Revenue Cycle Management (RCM) Revenue cycle management has experienced ups and downs in recent years. What lies ahead for revenue cycle management? Last year, we saw the continued rise of automation and AI. We also saw battles over price transparency. Continuing the trend from previous years, we also saw healthcare organizations contend with patient expectations, government regulations, and a growing number of technology options. Let’s take a look at some of the revenue cycle management (RCM) trends we’re preparing for in 2020. Continued Battles Over Healthcare Pricing Transparency Healthcare pricing transparency battles occurred across the country in 2019. Expect battles to continue into 2020. A Waystar survey released in August […]

10 Benefits of Remote Revenue Cycle Management Programs

Remote Revenue Cycle Management The remote revenue cycle management industry has been booming in recent years. A growing number of healthcare organizations are making the switch. Should your organization make the switch to a remote revenue cycle management (RCM) program? These third party service providers make big promises – but do they actually live up to these promises? Today, we’re exploring the benefits of remote revenue cycle management programs. Fewer Denied Insurance Claims Insurance claims may be denied because of inaccurate coding or other chargemaster issues. Good remote revenue cycle management services can reduce denied insurance claims. 90% of claim denials are preventable, and yet they still occur at every […]

What’s Involved in a Revenue Cycle Assessment? How Do Revenue Cycle Experts Maximize Medical Profits?

A good revenue cycle assessment will help your organization become more profitable. But what’s involved in a revenue cycle assessment? How can revenue cycle experts maximize medical profits? What actionable steps will revenue cycle assessment experts help you implement? Today, we’re explaining everything you need to know about what’s involved in a revenue cycle assessment. Areas of Revenue Cycle Assessments Some organizations perform a revenue cycle assessment on their overall organization, hiring a consulting company to conduct a bottom-to-top assessment. Other organizations request specialized revenue cycle assessments in one or more areas of the organization. Typically, revenue cycle assessments focus on the organization’s core areas, including: • Pre and post-system […]

The Best Strategies Small, Rural Hospitals Are Using to Survive

Millions of Americans depend on small, rural hospitals for healthcare. Unfortunately, due to several challenges, many of these small hospitals are struggling to survive. Between 2010 and 2014, 47 rural hospitals across America stopped providing inpatient services, according to a report by the Rural Health Research Gateway. An additional 673 rural hospitals are at-risk for closure. Today’s climate may seem daunting for small, rural hospitals – but it doesn’t have to be. Today, we’re highlighting some of the best strategies today’s small, rural hospitals are using to survive. Conduct Top-to-Bottom Financial Analyses, Audits, and Assessments Good hospital management starts with good data. One of the smartest things a small hospital […]

How Healthcare Revenue Cycle Consulting Services Help Maintain Compliance

Healthcare Revenue Cycle Consulting Services in Compliance With today’s complex regulatory requirements, compliance is more important than ever for healthcare organizations. That’s why leading healthcare organizations hire healthcare revenue cycle consulting services to help maintain compliance. Today, we’re explaining how healthcare revenue cycle consulting services like HMI Corp. help organizations maintain compliance at every level of a healthcare organization. What is Healthcare Compliance? Compliance means meeting or exceeding the standards set for legal, ethical, and professional operation of healthcare organizations. Any organization handling electronic protected health information (ePHI) is required to maintain compliance by implementing appropriate processes, policies, and procedures. Consulting Services Help Maintain Compliance in 7 Targeted Areas The […]