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Doctor-owned multi-specialty practices spent more than $32,500 per doctor in 2015 on new health IT, staff, maintenance, and related costs last year, according to a new analysis from the Medical Group Management Association. This is up from $23,000 in 2010. In 2009, President Obama signed into law the Health Information Technology for Economic and Clinical Health…
Read MoreHear it directly from the providers! In the new reality where patients are responsible for more of their healthcare expenses, hospitals need to be more “patient-centric” in their approach, as this shift from payer reimbursement to patient reimbursement has major implications for revenue cycle management. Frankly, it forces hospitals and health systems to abandon traditional processes for the adoption…
Read MorePayment fraud and identity theft nags the industry as mobile and online payments grow. There are even expectations of check fraud increasing due to the additional safeguards of EMV on the credit card side, per the Atlanta FED. Detecting check fraud has changed over the years, evolving from a “hands on” approach of manual check observation to…
Read MoreIn March of 2014 we were warned that the ballooning of ICD-10 diagnostic codes from 13,000 to 68,000 was going to disrupt the finances and data systems of healthcare providers. As it turns out – it was manageable. A new report from public accounting, consulting and technology firm Crowe Horwath reveals four key findings (as originally cited by…
Read MoreRecently, Visa and PayPal – – the largest payments network in the world and the largest digital payments network in the world – – announced a strategic partnership “that will result in an improved and more seamless payment experience for Visa cardholders and will offer greater choice in how consumers pay with the PayPal and Venmo…
Read MoreBank of America has 23% fewer branches and 37% fewer workers than in 2009, the bank said in a recent presentation. Further, CNNMoney reports that they plan to cut another 8,000 jobs from their consumer business over time. Digital transactions are way less expensive and keep customers happy. In fact, BofA said it costs less than a tenth…
Read MoreWould you believe 31% of all providers are still handling denied claims with completely manual processes? Imagine how difficult that is with EDI 835 remittance files coming in? Even handling correspondence letters manually is outdated. According to a HIMSS Analytics survey, about a third of healthcare providers are still manually processing claim denials. “Given the complexities around submitting claims and…
Read MoreThe days of the ATM as simple “cash-dispensing machines” are over. In order for banks to remain competitive, they have to tailor the ATM experience to client needs and the physical context in which the ATM exists. Also, the definition of an ATM is expanding into the realm of “kiosk”… In an interview with Aravinda…
Read MoreTransUnion Healthcare on Tuesday released a report showing patient deductibles and out-of-pocket costs both increased by 13% between 2014 and 2015. “It’s clear that patients are becoming the new payer – a major source for payments to hospitals at both the time of service and after procedures,” said Jonathan Wiik, principal for revenue cycle management…
Read MoreBanks are facing bigger and bigger challenges to ensure new accounts are actually legitimate. Once fraudsters create an account under a false identity, it can be very difficult to stop before its too late. To make it more difficult, online applications and online account opening give fraudsters the upper hand in manipulating their identities. From the American…
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