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Healthcare Industry

Inaccurate Cost Estimation Causes Patient Dissatisfaction

September 13, 2019

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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Winning Strategies for Value Based Reimbursements (VBR)

September 9, 2019

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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artificial intelligence, self learning and deep learning technologies

5 Thoughts on AI Transforming RCM

August 29, 2019

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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payment automation

The Benefits of Automation at Scale

August 22, 2019

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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Healthcare Payments Report Outlines Strategies of Payments Leaders

August 15, 2019

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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Protecting Patient Privacy in EHRs

August 8, 2019

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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hospital rcm

Ten Physician Specialties That Generate Most Revenue for Hospitals

August 1, 2019

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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7 Quotes From RCM Leaders, and AI/Blockchain’s “Potential” in Healthcare

July 25, 2019

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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Do Faster Payments Spur Healthcare Innovation?

July 18, 2019

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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medical billing statement

3 Things Patients Want From Their Healthcare Financial Experience

July 12, 2019

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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