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5 Ways Physicians Can Benefit from Healthcare Consulting

5 Ways Physicians Can Benefit from Healthcare Consulting Most people assume healthcare consulting benefits the organization – not necessarily the physicians within that organization. However, that’s not true. Physicians can and do benefit from healthcare consulting. Physicians experience actionable improvements from healthcare consulting. These improvements can benefit the organization’s bottom line, improve patient care, and make it easier for physicians to do their job. Today, we’re explaining some of the ways physicians can benefit from healthcare consulting whether running a small practice or working for a larger organization. Charge Capture Reviews Identify Missed Revenue Opportunities Healthcare consultants conduct charge capture reviews. You may not know how much you’re losing in […]

ICD-11 Medical Coding: How to Prepare your Healthcare Organization for ICD-11

ICD-11 Medical Coding: How to Prepare your Healthcare Organization for ICD-11 Healthcare organizations in the United States and around the world use the ICD-10 medical coding standard. Starting in 2022, however, organizations will switch to the ICD-11 standard. ICD-11 has four times as many codes as ICD-10. That means new challenges for healthcare providers – and new problems with missed revenue, coding errors, and denied claims. Keep reading to discover some of the significant changes in ICD-11 medical coding, including how your organization can prepare for the release of ICD-11. What is ICD-11? The World Health Organization has created the ICD-10 medical coding standard, which is currently in use in […]

How Small, Rural Hospitals Can Benefit from Revenue Cycle Management Consulting

How Small, Rural Hospitals Can Benefit from Revenue Cycle Management Consulting When some think of revenue cycle management, they think of larger healthcare organizations with complex needs. But healthcare organizations of any size can benefit from revenue cycle assessments. Yes, smaller hospitals can benefit from revenue cycle assessments and healthcare consulting. In fact, these assessments could have a greater proportional impact on smaller, rural hospitals. Rural hospitals need help. In 2016, 41% of rural hospitals in the United States operated with negative margins. As populations age, this problem is getting worse – not better. Today, we’re highlighting some of the ways that small, rural hospitals can benefit from a revenue […]

Medical Coding with Artificial Intelligence: The New Frontier of Medical Coding

Artificial Intelligence could change Medical Coding in the future Artificial intelligence has solved countless human challenges – and medical coding might be next. As organizations prepare for ICD-11, medical coding is about to become more complicated. Healthcare organizations in the United States already manage 140,000+ codes in ICD-10. With ICD-11, that number will rise. Some propose artificial intelligence as a solution. AI could aid computer-based medical coding systems, identifying errors, enhancing patient care, and optimizing revenue cycles, among other benefits. Today, we’re highlighting some of the ways in which artificial intelligence could change medical coding in the future. How Artificial Intelligence Could Smooth the Launch of ICD-11 It’s impossible for […]

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 […]