Month: October 2018

Making Payments Faster: The Fed is All Ears

October 31, 2018

PYMNTS.com reports on the Federal Reserve’s efforts to gather input on making payments faster across all channels. Federal Reserve Governor Lael Brainard said, in remarks made on Oct. 3rd., that the Federal Reserve’s infrastructure underpinning payments could use a bit of modernization in a bid to support fast payments “for all.” Brainard, speaking in Chicago at the Fed…

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EHR Data: Protect and Serve!

October 26, 2018

Results of a recent a recent JAMA study as reported in EHR Intelligence reveal that a disturbing amount of hospitals fail to comply with federal and state regulations for patient EHR and paper health records requests. This is especially damaging in today’s healthcare retail climate, where patients understandably want to know what their costs are. Researchers made…

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Check Fraud: Protect the Millennials!

October 23, 2018

Persons who are older than 30 may feel the urge to gloat about this: Millennials – – the cohort, according to the Pew Research Center, born between the years 1981 and 1996, and who watch with glee as older folks struggle with social media and Ubers – – are currently the primary target when it…

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Study: Almost One-Third of Hospitals Lack Revenue Cycle Tech or Automated Remittance Posting

October 18, 2018

A study from Eliciting Insights shows that, while adoption of revenue cycle technology is brisk, some medical facilities are hesitant to adopt automated remittance posting in spite of its proven ability to solidify the bottom line in challenging times. Based on survey responses from 179 hospital revenue cycle executives, here are some takeaways as reported on Becker’s Hospital CFO…

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Check Fraud: The Corporate World Provides a Big Target

October 16, 2018

While the consumer “civilian” world has pretty much learned and accepted the “don’t take checks from strangers” rule, the corporate world is both slow to adopt that guideline — and often unable to. This is due to the fact that suppliers like the “float” advantage they enjoy with check payments. (“We paid you on Tuesday…

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The Role of a Revenue Cycle Management Specialist Has Evolved

October 11, 2018

As this Hospital CFO Report post illustrates, RCM Management job openings are available all over the country. But what are the new challenges that a Revenue Cycle Management Specialist face in the evolving world of medical billing? One emerging area of focus is a firm grasp of The Medicare National Correct Coding Initiative (NCCI; also known…

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Economics of AI Swing Dramatically In Favor of Business

October 9, 2018

A new article about AI on the Which 50 website cites a recent report from McKinsey Global Institute that makes two vital points about Artificial Intelligence as a tool: The AI revolution is no longer in its infancy The main economic impact of artificial intelligence hasn’t yet arrived That’s what many industry pundits like to call…

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Six Fresh RCM Tips Focused on the Patient

October 4, 2018

Becker’s Hospital Review offers these hot-off-the-presses Revenue Cycle Management Tips: 1. Lyman Sornberger, president and CEO of consulting firm Lyman Health Care Solutions, said there are various best practices hospitals can use to maximize insurance collections. He recommended that hospitals “capture insurance coverage at the benefit level” and “invest in pre-service validation with the patient…

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Banks Lose $2.92 per Defrauded Dollar

October 3, 2018

Is it important for financial institutions to deploy the best possible tools to fight fraud? Consider this: According to LexisNexis Risk Solutions in its 2018 True Cost of Fraud study for the financial-services sector, for every dollar of fraud a financial institution absorbs, it drains an additional $2.92 in associated costs — that’s up 9% from…

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