The health care headlines have been dominated by issues of payment (and non-payment). For over a month, provider organizations have been wrestling with the lack of payment due to Change Heatlhcareās data breach (see Cyberattack On UnitedHealth Firm Forces Doctors To Dig Into Personal Savings To Stay Afloat). The State of Pennsylvania has created an independent reviewā¦
For health and human services provider organizations, managing revenue cycle operations is a significant factor in measuring overall financial performance. If financial performance isnāt where it needs to be, organizations run the risk of falling short of financial targets needed to maintain a healthy bottom line or missing the mark on value-based contractual requirements withā¦
One of the trickiest and most sensitive areas of accounts receivable management and collection is “self-pay” accountsāthose instances when the consumer or a family member is responsible for payment for services. The likelihood that this is a revenue cycle concern for many provider organizations is high. Consumer out-of-pocket spending grew 6.6% in 2022, to becomeā¦
Maximizing self-pay collections means starting with the right first steps. Executives of health and human services provider organizations likely donāt spend nearly enough time thinking about consumer self-pay and, as a result, are often ill-equipped on how to start mastering this process. But in a health care environment that increasingly relies more on consumer out-of-pocketā¦
Provider organizations will not be successful at collections if they are unable to keep track of the exact amount that a consumer owes at any given point in time during and after services have been delivered. Success in self-pay collections requires that you leverage the power of a highly functional electronic health record (EHR) andā¦
For your billing department staff, accounts receivable (A/R) management is ātheā primary thing that they do, and itās a continuous process. As soon as follow-ups and collections are made, there is another set of claims ready for billing. But when it comes to self-pay management, there must also be a āteam approach,ā collaborating across clinicalā¦
If not managed strategically, health care provider organizations will see cash flow diminish, bad debt grow, and threats of revenue shortfalls when accounts receivables (A/R) days go up. Itās important to remember that there are many potential reasons why consumers donāt pay for servicesāor donāt pay for services in a timely manner. It would beā¦
Payment and non-payment issues have been front and center in the news lately. This month, my colleague Monica E. Oss observed that there have been reported incidents of lack of payment, overpayments (and clawbacks), and new systems for reviewing claim denials (see The Changing Path From Service To Payment).
To navigate this financial turbulence, chiefā¦
