Revenue Cycle Technology

Hospitals reached steadier ground financially as they moved into 2024

Hospitals came into 2024 with some financial momentum, even as expenses continued to rise and pivotal decisions loomed. The year-to-date median hospital operating margin reached 2.3% in December, the high mark for 2023 and the 10th consecutive month in which margins were positive, according to monthly data from Syntellis Performance Solutions, part of Strata Decision…

Nick Hut February 12, 2024

AI-powered coding automation: The state of the art and future direction

This roundtable discussion conducted at HFMA’s 2023 Annual Conference in Nashville, Tennessee sought to understand both the opportunities and challenges that AI-powered coding automation poses for healthcare organizations.

HFMA December 11, 2023

Pharmacy transparency: a rising trend in the industry

After publishing my Nov. 29 blog, which delved into Cost Plus Drugs’ expansion into the specialty drug market, CVS Health revealed plans to streamline its pricing and sales approach for pharmaceuticals in retail pharmacies. This move by the pharmacy giant, which operates approximately 9,500 retail pharmacies, involves simplifying the reimbursement process for these pharmacies. The…

Shawn Stack December 7, 2023

Why autonomous coding is having a moment in healthcare

Autonomous coding is growing in the healthcare industry, and the market is expected to reach $88 billion by 2030, up from $35 billion in 2022. Some expected outcomes of this include: Faster revenue cycle, less human intervention and improved patient satisfaction and care.

HFMA October 16, 2023

New approaches to nonclinical workforce management

Five healthcare leaders in revenue cycle management and patient access share their approach to workforce management in a remote and/or hybrid model and lessons learned along the way.

HFMA September 29, 2023

Leverage healthcare price transparency data to promote financial sustainability

Healthcare organizations are encouraged to review strategies and how to collaborate with payers, among other insights in this article, in order to grow healthcare consumer trust, engagement and retention.

HFMA August 28, 2023

How leveraging artificial intelligence in utilization management can enhance your revenue cycle

This white paper dives into how AI will help make healthcare sustainable and provide more of a focus on patient care. The goal is to decrease industry challenges and create new efforts to reduce the administrative cost of healthcare.

HFMA July 27, 2023

Annual Conference: How Mayo Clinic establishes the mindset and processes that foster innovation

Hospitals and health systems must adapt their practices using an innovator’s mindset to keep up with the change sweeping the industry, according to a presentation this week at HFMA’s Annual Conference. “Innovation, at this point in our industry’s landscape, is pretty critical,” said Praveen Mekala, enterprise division chair with Mayo Clinic, referring to the problems…

Nick Hut June 29, 2023

Annual Conference: For hospitals, effective chargemaster management can bolster revenue capture

Amid the changes and challenges buffeting the hospital and health system sector, chargemaster management remains a key step in protecting revenue, according to a presentation this week at HFMA’s Annual Conference. At University of New Mexico Hospital (UNMH), a recent chargemaster initiative began with a thorough review, said Holly Cruz, senior financial analyst with University…

Nick Hut June 28, 2023

Artificial Intelligence for RCM: Separating Hype from Reality

A growing volume of tagged data is exacerbating an already complex healthcare revenue cycle management (RCM) process that is largely transactional in nature, thus making RCM an area that is prime for automation and the application of artificial intelligence (AI). From automating manual and redundant tasks within patient access, coding, billing, and collections to applying…

HFMA June 7, 2023
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