Patient POS collections pose a growing problem for RCM departments
Hospitals are collecting more of the amount owed by patients at the point of service (POS), but that effort is failing to put a dent in the overall collection rates by hospitals, according to a new report from Kodiak Solutions. The report notes that healthcare providers are getting better at collecting from patients, but the…
Prior authorization is draining revenue, which is why automation has become a strategic imperative
Prior authorizations have entered a different era. The process has become one of healthcare’s most expensive administrative bottlenecks, affecting far more than physician practices. Across hospitals and health systems, it slows patient access, adds labor-intensive work, increases denial risk, and puts pressure on reimbursement and cash flow. For organizations focused on growth, margin, and operational…
Why hospitals should develop a billable supply policy
The question of how best to charge and bill medical supplies to insurers has long been fraught with uncertainty for U.S. healthcare providers. The uncertainty arose from the decision by Congress in 1983 to implement the inpatient prospective payment system (IPPS) and, in 2000, the outpatient prospective payment system (OPPS), with the goal of controlling…
Proposed rule to halt credit-reporting of medical debt would have big ramifications for hospitals and other providers
A proposed rule from the Consumer Financial Protection Bureau (CFPB) would curtail the inclusion of medical debt in credit evaluations, potentially shaking up healthcare billing and collections processes. The CFPB framed part of its rationale for the rule in the context of privacy, noting Congress previously limited the sharing of a patient’s medical information in…
Health system CEO tells Congress proposed 340B changes would be harmful to organizations like his
A health system executive visited Capitol Hill recently to provide the hospital perspective on the 340B Drug Pricing Program — a viewpoint that increasingly is coming under fire among policymakers. Matthew Perry, president and CEO of Genesis HealthCare System in Zanesville, Ohio, appeared at a House subcommittee hearing June 4 to give insight on why…
Cyberattack on Change Healthcare brings turmoil to healthcare operations nationwide
This blog presents HFMA’s running coverage of the Change Healthcare cyberattack and its impact on providers and the healthcare industry. July 29 updates A recent HFMA news article examined both UnitedHealth Group’s latest quarterly financial report and lingering issues for providers amid the ongoing cyberattack recovery. Receiving electronic remittance advice files remains a problem with…
10 keys to restoring trust in healthcare: a summary
Note: This article was adapted from a report on HFMA’s 2023 Fall Thought Leadership Retreat. The full report is available for downloading. The issue of restoring consumer trust in the U.S. healthcare system encompasses a wide range of concerns. Factors in the perceived loss of trust include anxiety and confusion over costs, entrenched inequity, misinformation…
Understanding the true cost to collect requires focusing on high-level KPIs
Revenue cycle management leaders from around the country share their perspectives on defining and maintaining a high-performance revenue cycle and the challenges they face in working to enhance revenue cycle management.
10 Keys to Restoring Trust in Healthcare
The issue of restoring consumer trust in the U.S. healthcare system encompasses a wide range of concerns. Factors in the perceived loss of trust include anxiety and confusion over costs, entrenched inequity, a glut of misinformation about vaccines and other treatments, and data and privacy breaches. To examine the problem and explore solutions, HFMA’s 16th…
PFC USA’s partnership approach ensures healthcare clients tackle regulatory and patient satisfaction issues
Review some tips from a company with 6.5 years of hands-on experience in helping its healthcare clients handle concerns in healthcare such as workforce shortages and a volatile regulatory environment.