Reducing Medical Costs with Coordination of Care

September 20, 2012 / 0 Comments

The healthcare industry is certainly a unique blend of profit driven organizations intermingled with government services and controls. With the current political environment, state of the economy and major changes in the medical system in process, it is important for both profit-driven and non-profit medical organizations to streamline operations to control costs and minimize denials while participating in coordination of care. The ultimate goal is to achieve a “targeted bottom line”.

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Helping Bankers Sell Medical Lockbox Services

September 6, 2012 / 0 Comments

Healthcare providers have one of the most complex payment cycles. One would think that most would simply outsource the lockbox function to a service provider or financial institution (FI). Unfortunately, FI’s struggle in many ways to sell medical lockbox processing. But why? Many of the FI’s officers are not hunter sales people. They are account managers who farm a territory. Convincing a provider to outsource their entire operation, or switch from another is a major decision which involves a strong business case as well as long-term strategy. Account managers (AM) are used to visiting accounts, chatting about customer service and managing a relationship. They don’t have highly compensated sales programs which motivates the AM to have a strong, sometimes uncomfortable sales closing process.

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10 Considerations for Selecting a Medical Lockbox Provider

August 22, 2012 / 0 Comments

Working with a financial institution for healthcare payment processing via a medical lockbox is an excellent method to eliminate inefficient in-house manual processes for healthcare providers. Providers can typically reduce overhead, improve collections in receivables, decrease bad debt/write-offs, reduce fraud and eliminate paper in the office. While the benefits can be impressive, selecting the right vendor can often be a confusing task.

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Leadership in Denials Management

August 13, 2012 / 0 Comments

Exceptional leadership and innovative solutions have improved patient care and risk management. Case management and interdepartmental IT integration have improved efficiency. Streamlining patient assessment and incorporating bedside admission technological are reducing patient stress levels. However, even with all of the positive adjustments in recent years, hospitals struggle to provide high-quality continuity of care without exhausting the operating budget.

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Can Financial Institutions Help Healthcare Providers with Healthcare Reform?

August 6, 2012 / 0 Comments

Medical lockbox environments have been around for many years now, but addressing the needs of Healthcare Providers (HCPs) is not always an easy task given the current landscape of payments combined with the uncertainty of governmental healthcare programs.

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Will Your Payment Solutions Be Ready for the Affordable Care Act?

July 24, 2012 / 0 Comments

The Patient Protection and Affordable Care Act, also known as Obamacare, has been ruled constitutional by the Supreme Court of the United States. Even if the President loses the upcoming election, it is unlikely that the country will allow for the repeal of this new healthcare law. Under the law, as many as 35 million uninsured Americans will join the millions of those who do have health insurance. This means that insurance companies and healthcare providers of every kind and size will have to deal with great numbers of the newly insured.

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