Healthcare Industry
Modern insurance plans — and, indeed, cases where people remain un- or under-insured — mean that whenever possible, healthcare consumers want to be able to anticipate potential costs as accurately as possible. This is the dawn of “retail healthcare” when it comes to certain anticipated, nonemergency cases, and consumers have a growing array of resources…
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At the The 2019 OPEN MINDS Management Best Practices conference, Senior Associate Ken Carr provided a deep dive into that subject in his session entitled Are You Ready For Value-Based Reimbursement? An Executive Guide For Assessing Readiness In A Value-Based Market, which is summarized at the Open Minds website. During the session, Mr. Carr zeroed…
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Becker’s Hospital Review has looked over some recent studies and surveys to create a short and sweet list of insights regarding Artificial Intelligence and its role in transforming the Revenue Cycle Management process. The magic spot is the intersection between overcoming costs and creating a better, more effective patient experience. Yes, artificial intelligence implementation helps…
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As reported at McKinsey.com, an analysis by the McKinsey Global Institute (covering more than 800 jobs and over 2,000 work activities) showed that: Globally, almost half the activities employees perform—which account for nearly USD 16 trillion in wages—could potentially be automated using existing proven technologies. Automation will transform far more jobs than it will eliminate.…
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The US healthcare payments market is gigantic, and getting bigger. As seen in the chart above, Healthcare expenditure hit $3.65 trillion in 2018 (per projections from CMS) and this spending is only expected to go up and up (again, as seen in the ski-jump above). Does that mean cruise control for players in the healthcare…
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Medical processes — from intake to discharge and billing — benefit from both information-gathering and information-sharing. The industry is getting better and better at proliferating patient information where it is needed in order to assure proper assessment, treatment, and billing. And, as many of you know, The U.S. Department of Health and Human Services (HHS)…
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Our parents always told us to aspire to big things — “Be a doctor or a lawyer — they make lots of money.” We can’t speak for the legal profession (though they seem to be doing well), but a recent survey by physician staffing firm Merritt Hawkins assures us that the amount of revenue physicians…
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From Hospital CFO Report comes words of wisdom from seven industry RCM leaders. The common threads? Heightened communication, empowerment of staff, and, of course, technology adoption and AI/machine learning. Check them out and see if any strike a chord with you and your organization! In the meantime, Fierce Healthcare points out that AI and blockchain…
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As digital payment processes – including instant payments that bypass the need to craft and send checks – take hold in more and more business segments, the world of healthcare is beginning to take notice. The proposition: Can faster, easier, and more convenient payments (made possible by steadily advancing technology adoption) create opportunities for innovation…
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At HITconsultant.net there is an visionary article about customer service in the healthcare sector by Joe Polaris, the Senior VP of Product and Technology at R1 RCM. He opens by drawing an intriguing comparison with booking airline tickets: To book an airline flight, for example, consumers simply open up an app or a website. At…
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