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Former Health and Human Services Secretary and Governor of Wisconsin, Tommy Thompson is interviewed by healthcare payments expert, Mark Brousseau, President of Brousseau & Associates in Q&A Session #11. Gov. Thompson believes financial institutions, including all banks, can add value to the revenue cycle process. Banks can be a supportive member of an integrated system for healthcare providers.
Read MoreFormer Health and Human Services Secretary and Governor of Wisconsin, Tommy Thompson is interviewed by healthcare payments expert, Mark Brousseau, President of Brousseau & Associates in Q&A Session #10. Gov. Thompson talks about the role of banks in automating healthcare payments. Healthcare expenditures are 20% of the GDP, so banks should want to lead the industry in order to maximize the revenue opportunities.
Read MoreAdministrative costs are a major contributor to the healthcare industry’s runaway costs. The industry spends $100 million annually to manage claims processes alone – much of it tied to costly, inefficient and error-prone paper-based processes. A major culprit of all this operational inefficiency is the delivery of payments and explanation of benefits (EOB) information, which arrive as paper most of the time, according to the McKinsey report, “Overhauling the U.S. Healthcare Payment System”.
Read MoreHave you heard the news? Again! ICD-10 is pushed back another year for implementation. Behind the controversy of the Affordable Care Act (ACA) was a tsunami brewing within the healthcare industry. Many were concerned about the overhead and conversion costs, so pressure was building as the deadline was lurking in October 2014. It might have been another “Y2K”, in that proper planning and execution would have mitigated the risks and made the transition more like a little storm rather than a tsunami… but we will never know for 2014.
Read MorePractice management (PMS) software runs the business side of healthcare, from scheduling patients to billing to generating monthly reports. Unlike with electronic health records (EHRs), selecting and overseeing a PM system isn’t typically the physician’s domain. In a large practice, it typically falls on the office manager’s or IT manager’s shoulders.
Read MoreWith all of the excitement of Mobile RDC, the industry has yet to experience significant losses… at least those which have leaked to the public. Orbograph commends RemoteDepositCapture.com for initiating a study in this area to help identify and quantify the risk in Mobile RDC; at least anecdotally. Business-focused RDC solutions have been very beneficial for the banking industry. Not only has the value been there for businesses, but the losses have been minor across the industry.
Read MoreA recent article in the ABA Banking Journal by Chris Nelson, founder and CEO of Zoot Enterprises, highlights two major players, outside the traditional banking payments industry, taking another run at the payments business. Amazon and PayPal have been plotting their strategies on how to continue to build brand awareness and penetrate a greater percentage of payments. Paypal already has an amazing growth curve and its continuing.
Read MoreI know this is a few days late, but CrossCheck’s recent post titled, “Valentine’s Day Payment Processing Equals Sweet Business”, has got to be the cutest blog post I’ve ever read. Perhaps men can reflect on how we treated our “sweeties” on Valentine’s Day and compare it to the industry numbers… kind of like comparing to benchmark studies! For example, “60.3% of men will buy flowers, but only 36.9% of women even want them!” Ouch! Good thing I didn’t buy flowers this year!
Read MoreFormer Health and Human Services Secretary and Governor of Wisconsin, Tommy Thompson is interviewed by healthcare payments expert, Mark Brousseau, President of Brousseau & Associates in Q&A Session #8. Healthcare providers are finding the current business environment to be very challenging from a financial standpoint. Major market factors such as the Affordable Care Act (ACA), a slow growth economy and consumerism are squeezing the bottom line of providers.
Read MoreFormer Health and Human Services Secretary and Governor of Wisconsin, Tommy Thompson is interviewed by healthcare payments expert, Mark Brousseau, President of Brousseau & Associates in Q&A Session #7. There are many pain points in the healthcare industry today. Many of them are due to the uncertainties of the future, which are tied to a general confusion on the implications of new regulations. Healthcare providers, payers and other players are all affected.
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