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An article today in PYMNTS.com called (From Paper Checks To Electronic Payments: Eight Questions To Ask) illustrates why converting to a new payment methodology is so challenging. Simply put, it’s an “adoption process”. Any new product or idea in the market, particularly in today’s fast moving marketplace for businesses and consumers, must have a methodology for an onboarding process which is: easy to implement, requires minimal investment and limits internal conflict and resource allocation.
Read MoreYou’re a healthcare payments professional and by now, you probably have an opinion on the topic of reassociation. You’ve seen the Orbograph white paper, How to Reassociate EFT/ACH Payments to ERAs in 2014, and see why the industry needs to make a move in this area. If you haven’t read it, now’s your chance! Or check out http://www.caqh.org/. There’s only 161 days left to prepare for implementation deadline for federally-mandated CAQH CORE EFT and ERA Operating Rules…
Read MoreAccording to an article in BAI Banking Strategies by Applied Predictive Technologies, retail banks will focus on managing the multi-channel impact of mobile banking, downsizing branches and selective investing in branch technology. The changing market dynamics due to the variables of new technologies and adoption has complicated the modeling process for the retail sector. This is an opportunity for operations to support the goals of the retail side of the bank by executing on new technologies in check processing automation. By taking a straight-through-processing orientation across the enterprise, the retail bank can focus on client needs, rather than overcoming operational limitations of systems. See how the five top trends can be optimized below with Next Generation Recognition (NGR) technology.
Read MoreA recent survey on ICD-10 indicates that one-third of the 500 physician practices interviewed have not started compliance work yet. October 2014 is the implementation deadline, but how much time is really needed? Key highlights of the survey include: thirty-six percent of respondents who have not started ICD-10 preparations believe there is plenty of time to prepare, 26 percent don’t have the time, staff or training resources to start; and 22 percent don’t know where to start planning…
Read MoreWith successful implementations in teller image capture and remote deposit capture, we’ve accomplished one of the most difficult phases of the product development cycle… strong penetration. The business case has been proven out, solutions have achieved stability and the purchases of these services have offered a robust solution set of features. However, if we objectively evaluate the ultimate goal, straight-through-processing, we still have a major phase level in the process.
Read MoreVijay Balakrishnan led a spirited webinar, hosted by Orbograph, addressing The State of Image Capture Technologies. It’s always interesting to take a retroactive look at what the vision was 5 years ago, and compare that to where we are today. In Vijay’s presentation, he looked at how the vision of distributed capture overall has been realized. But there are areas where the full potential has not fully been achieved.
Read MoreInterested in hearing how proactive revenue cycle management approaches can minimize possible negative effects of healthcare legislation, namely ACA, ICD-10 and EFT/ERA standards? Check out this exciting newsletter from Orbograph. Orbograph will be discussing these topics at the HFMA-ANI show in Orlando, Florida. Stop by booth 639 or contact joe.gregory@Orbograph if you are interested in hearing more.
Read MoreThe HFMA conference brochure pretty much tells it all, “What Now?” The healthcare industry continues to evolve and converge around several critical pieces of legislation including ACA, EFT/ERA electronification and ICD-10. HFMA sessions look very interesting as they address many revenue related topics!
Read MoreIt’s a tough world out there for healthcare providers who are typically scrounging for 15-20% of their claims revenues which are either denied or incorrectly processed. ICD-10 is slowly approaching (10-1-2014), and with the number of codes jumping to 68,000 from the mere 14,000 of ICD-9, it made me wonder how much more difficult the billing and reconciling process may become for providers and patients as there are significant risks in this new process. Anne Smith, RN, principal and CEO of Fredrikson Healthcare Consulting, said, “while the biggest changes focus on code structure and conventions, it would be a mistake to assume only coders need training for the new system.“
Read MoreLet’s say that a financial institution (FI) wants to provide a medical lockbox processing solution to its existing healthcare provider customers and/or prospective customers outside its geographic branch locations. Ideally the system would process both insurance payments as well as patient payments. In order to get into this business, particularly capturing and scanning EOBs, the FI will need to follow the rules and regulations around HIPAA/HITECH; a potentially daunting and intimidating process!
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