HFMA – ANI 2013 to Play Critical Role for Healthcare Providers

June 14, 2013 / 0 Comments

The HFMA conference brochure pretty much tells it all, “What Now?” The healthcare industry continues to evolve and converge around several critical pieces of legislation including ACA, EFT/ERA electronification and ICD-10. HFMA sessions look very interesting as they address many revenue related topics!

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Chug, Chug… Here comes ICD-10. How will it affect Revenue Cycle Management and Receivables?

June 14, 2013 / 0 Comments

It’s a tough world out there for healthcare providers who are typically scrounging for 15-20% of their claims revenues which are either denied or incorrectly processed. ICD-10 is slowly approaching (10-1-2014), and with the number of codes jumping to 68,000 from the mere 14,000 of ICD-9, it made me wonder how much more difficult the billing and reconciling process may become for providers and patients as there are significant risks in this new process. Anne Smith, RN, principal and CEO of Fredrikson Healthcare Consulting, said, “while the biggest changes focus on code structure and conventions, it would be a mistake to assume only coders need training for the new system.“

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A Simple HIPAA Compliant Solution for Banks Entering Medical Lockbox

June 10, 2013 / 0 Comments

Let’s say that a financial institution (FI) wants to provide a medical lockbox processing solution to its existing healthcare provider customers and/or prospective customers outside its geographic branch locations. Ideally the system would process both insurance payments as well as patient payments. In order to get into this business, particularly capturing and scanning EOBs, the FI will need to follow the rules and regulations around HIPAA/HITECH; a potentially daunting and intimidating process!

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Orbograph Takes New Orleans by "Storm"

April 22, 2013 / 0 Comments

No pun intended, but New Orleans + Orbograph Client Conference = “a hurricane of check and healthcare processing”! The Orbograph Hurricane began on Wednesday evening, April 10th, with a wonderful opening reception. Nearly 70 attendees filled the reception hall to interact and listen to a local New Orleans Jazz band. A classy and jazzy way to start!

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Who knew recognition had such an impact at BAI Payments Connect 2013?

March 8, 2013 / 0 Comments

Can you believe next week is BAI Payments Connect 2013 in Phoenix already? The theme this year is “Building a Customer Centric Payments Strategy”. It’s impressive to see the number of check recognition innovations… it covers every Payment Summit topic. Check out these developments…

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20% Replacement in Revenue Cycle Management Predicted in Next Two Years

February 4, 2013 / 0 Comments

The HITECH Act has stimulated the adoption of Electronic Health Records (EHR) and Health Information Exchange (HIE) solutions. Additionally, the delays in the ICD-10 compliance deadline has opened a window for healthcare providers to assess their existing Revenue Cycle Management (RCM) platforms.

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Making Patients Pay… In a Nice Way

December 13, 2012 / 0 Comments

Increased Revenue and Decreased Denials Starts with the Front Office. Making Patients Pay… In a Nice WayEvery service performed by a healthcare provider should result in a payment for a service provided. Unfortunately in the healthcare industry, this is often not the case as billions of dollars are written off every year. A patient’s inability to pay, lack of desire to pay, confusion over responsibility to pay or having insurance deny payment are several of many factors which a provider must deal with.

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Cutting Waste from Skyrocketing Healthcare Costs

October 30, 2012 / 0 Comments

Healthcare costs are increasing at a rate of 5-6% annually. As an industry expands, normal cost increases can be absorbed year after year, but healthcare is an inefficient and politically charged animal. In this political season, government officials proclaim gains in waste reduction, but it’s hard to determine what impact fraud and waste has on the overall system. Unfortunately, the numbers are so large now, something needs to be done.

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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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