Month: November 2017

Good News for Banks: FDIC-Insured Income 5.2% Higher Than Last Year

November 30, 2017

The FDIC’s quarterly Banking profile contained good news for their client banks. FDIC-insured commercial banks and savings institutions are reporting third-quarter 2017 earnings of $47.9 billion — that’s 5.2% year over year. Community banks make up 92% of all FDIC-insured institutions; they reported net income of $6 billion, up 9.4% from last year. Also, Net Interest…

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CPAP Denials Are A Bigger Deal Than You Thought.

November 28, 2017

Earlier this year, The Huffington Post reported on the largely negative impact Medicare regulations are having on CPAP users and providers. On the provider side specifically, CPAP denials have been known to top denials lists for HME and DME suppliers, meaning that understanding the layers of Medicare’s logic is the first step in understanding how…

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Are You Analyzing Your DME/HME Claims Denials?

November 22, 2017

The CHANGE HEALTHCARE HEALTHY HOSPITAL REVENUE CYCLE INDEX estimates that out of the $3 trillion in claims that were submitted in 2016, 9 percent ($262 billion in charges) were initially denied. For your average health system, that adds up to as much as 3.3 percent of NPR, dinging them for an average of $4.9 million…

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RCM Needs To Accept Millennials

November 21, 2017

Becker’s ASC Review reports that Millennials, or individuals born roughly between 1980 and 2000, now number 73 million in the United States (according to the polling firm Gallup). They are well on pace to soon outnumber Generation X — their immediate predecessors — at all U.S. companies. For review, here’s a timeline (just one of many…

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Australia’s New Payments Platform: Watch Out for Fraud, Say Experts

November 20, 2017

The Land Down Under is introducing New Payments Platform (NPP), the modestly-named and soon-to-be-launched system that will enable almost instantaneous transactions between banks and bank accounts, any day of the week. With convenience comes a level of jeopardy. Finder.com.au insights manager Graham Cooke told The New Daily that the new platform could expose consumers to fraud risks. “While…

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Newsflash: 90 Percent Jump in Uncollectable Denials in Just 6 Years

November 17, 2017

It looks like 2018 is going to be the year of denials and that’s exactly as foreboding as it sounds. Becker’s article based on the Advisory Board’s survey revealed that denials written-off as uncollectable, costs the average 350-bed hospital $3.5 million annually; a whopping 90 percent jump from just six years prior. Compounding this challenge…

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7 Strategies to Prevent Claims Denials

November 16, 2017

We operate in an already complicated reimbursements environment, so anything we can do to minimize the constant threat of denials is going to help the entire revenue cycle. Becker’s Hospital Review produced a helpful webinar discussing strategies to prevent claims denials that can be accessed here. In an article summing up the presentation, Becker’s distills…

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Out of the Trenches in the Battle Over Bank Customer Data

November 14, 2017

Fintechs and banks have been at odds with one another over customer information since the first moment that someone somewhere decided “fintech” was an actual word. American Banker reports that the icy relationship may be thawing. Fintechs have been arguing that they need to access bank customer account data to provide a variety of services,…

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Fee-For-Service Healthcare Payments – Shrinking

November 9, 2017

An article on the HealthExec website describes a Health Care Payment Learning and Action Network (LAN) report recently released, showing that 43 percent of payments to health systems came from traditional fee-for-service (FFS) payment models in 2016. That’s down from 62 percent the year before. Meanwhile, alternative payment models’ (APMs) share increased from 23 percent to 29 percent. While…

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Video – Highlights from Money20/20…Payment Innovation Is Everywhere

November 7, 2017

The Money20/20 conference this year in Las Vegas gathered an astounding array of speakers for what is called “The World’s Largest Payments & Financial Services Innovation Event.” Artificial intelligence, online commerce, robotics, even materials handling – – the spectrum of topics covered was enormous. In case you missed the conference (or if you attended but,…

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