Revenue Cycle Management

A healthcare organization's revenue cycle is its financial circulatory system. Preventing denials of claims and maintaining a visible, efficient billing process are key parts of a healthy revenue cycle. However, very few organizations have a perfect revenue cycle process. "Without some critical changes to provider workflow and revenue cycle management practices, providers will, in coming years, spend even more time and money chasing patient receivables and dealing with increased levels of uncollectible patient responsibility dollars," says Ralph Bernstein, senior vice president of U.S. Bank Healthcare Payment Solutions.

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Visibility key to efficient revenue cycle management

 
Money Atwal, who is both CFO and CIO at Hilo Medical Center in Hilo, Hawaii, shares with Healthcare Finance News how his organization is counteracting declining reimbursements and resources.
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Post date: July 29, 2014
News
When it comes to speeding up the revenue cycle, the hospital pharmacy has its own part to play.
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Post date: July 28, 2014
News
As payers and employers put pressure on providers to assume more financial risk, providers are struggling to assess the impact of the risk they have already assumed.
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Post date: July 25, 2014
News
With patients paying more out-of-pocket costs and exchanges increasing the number of plans providers deal with, having financial counselors in a practice may become a necessity.
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Post date: July 23, 2014
News
Medicare announced Friday that it was revising rules intended to prevent the agency from paying twice for the same prescriptions for seniors receiving hospice care. The drug categories in question were identified in a 2012 investigation by the HHS inspector general.
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Post date: July 21, 2014
News
If we don't fundamentally change the way we pay for healthcare, we won't change the economic principles that continue to drive the rapid growth in healthcare spending. Let's pay physicians and hospitals based on the health problems their patients have.
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Post date: July 15, 2014
News
Hospices can now lose Medicare payments if they don’t file cost reports, and yet, because there are no penalties for inaccurate reporting, there is little motivation to spend much time on them.
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Post date: July 11, 2014
News
The Affordable Care Act included a number of delivery system reforms, such as ACOs, bundled payments, and workforce provisions to strengthen foundations in primary care. Unfortunately, a focused effort on payments for specialists was not included.
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Post date: July 10, 2014
News
To boost patient satisfaction scores and compete with urgent care centers and walk-in clinics, hospitals are allowing patients to book appointments in the ER.
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Post date: July 7, 2014
News
Author John Hiat talked to Healthcare Finance News about how his "idea guide" can be used to help healthcare CFOs and controllers solve day-to-day issues.
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Post date: July 7, 2014
News
When a car rolls off an assembly line, the automaker knows exactly what parts, labor and facilities cost. Not so in healthcare, and now some health executives are trying to change that.
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Post date: July 1, 2014
News
Experts say that cash-only practices are a workable business model when done the right way, but it may be disruptive to others in the market.
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Post date: June 30, 2014
News
If hospitals want to survive the new healthcare environment, they can't simply brace themselves for the Centers for Medicare & Medicaid Services' new reporting measures -- they must proactively improve their quality scores.
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Post date: July 30, 2014
Blog
Medicaid beneficiaries deserve the same access to healthcare services and products as people with commercial insurance or Medicare. But since Medicaid pays doctors and hospitals 27 to 65 percent less than commercial health plans, it makes it awfully difficult for providers to be payer agnostic.
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Post date: July 23, 2014
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Even though it has not been determined what impact the health insurance exchanges will have on hospital finances, there are steps hospitals can take to increase the likelihood of positive effects on their revenue cycles.
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Post date: July 22, 2014
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Even though it has not been determined what impact the health insurance exchanges will have on hospital finances, there are steps hospitals can take to increase the likelihood of positive effects on their revenue cycles.
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Post date: July 22, 2014
Blog
Even though it has not been determined what impact the health insurance exchanges will have on hospital finances, there are steps hospitals can take to increase the likelihood of positive effects on their revenue cycles.
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Post date: July 22, 2014
Blog
Facing threats to net revenue, most healthcare organizations have embarked on massive cost reduction initiatives. Unfortunately, the first tactic for many of these initiatives continues to be a "tried and true" approach which is often ineffective -- operational benchmarking.
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Post date: July 21, 2014
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Healthcare prices in May 2014 were 1.8 percent higher than in May 2013, well above the 12-month moving average of 1.3 percent, according to a recent brief from the Altarum Institute.
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Post date: July 14, 2014
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There are arguably more factors impacting the healthcare revenue cycle today than at any other time in history. The result is an increasingly unpredictable and dynamic revenue cycle that requires constant organizational adaptation and vigilance.
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Post date: June 19, 2014
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With Congress delaying the date for ICD-10 compliance to Oct. 1, 2015, you have a great opportunity to re-assess your organization's implementation progress. Make sure these six crucial tasks are on your ICD-10 punch list.
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Post date: June 9, 2014
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One of the major arguments against the ICD-10 transition are the financial costs to medical practices. Sure, there are accusations of bureaucratic overreach, but the anti-ICD-10 argument is primarily financial. So why not offer providers an incentive?
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Post date: May 28, 2014
Blog
Bundled payments represent a new and increasingly accepted form of reimbursement. They can work now, if applied in modest, manageable ways from which lessons can be learned and applied more broadly later.
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Post date: May 22, 2014
Blog
On Oct. 1, 2013, I marked the 12-month countdown to ICD-10 implementation by attempting to answer some basic questions. Now that more than six months have passed, and we have another deadline delay, many healthcare providers still can't get satisfactory answers.
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Post date: May 20, 2014
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