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Revenue Cycle Management: The Key To Successful Hospital Medical Billing

Revenue Cycle Management (RCM) is a critical aspect of healthcare administration that involves managing the financial transactions and interactions between healthcare providers, insurance companies, and patients. The process begins with patient registration and ends with the collection of payment for services rendered. It encompasses everything from verifying patient insurance eligibility and creating medical claims to posting payments and handling denials and appeals. Effective revenue cycle management is essential for financial stability and long-term success for hospitals. This blog will discuss how hospitals can benefit from outsourcing revenue cycle management services and the key components of a successful revenue cycle management program. Benefits of Revenue Cycle Management Services for Hospitals Outsourcing revenue cycle management services can provide numerous benefits to hospitals. These services can help hospitals streamline their billing processes, improve financial p

Hospitals Are Shifting To Outpatient Services: What This Means For The Hospital Revenue Cycle

You can expect major changes to  hospital billing  this year thanks to the pandemic and shifts in patient behavior – but one of the most important that hospital and health system leaders should pay attention to is changes in use of outpatient services. An analysis from the Guidehouse Center for Health Insights and Healthcare Financial Management Association (HFMA) addressed hospital and health system leaders including CEOs, CFOs, COOs, and other executives from 182 hospitals for insights into what they expect in the near future. It found that a full 95% of the executives surveyed expected higher outpatient volumes in 2023. As much as 40% of leaders expected increases of 10% or more. But this shift isn’t happening on its own and those in charge of  hospital coding and billing  should pay attention. 41% of the leaders surveyed expected lower inpatient volumes at the same time, with 17% expecting that drop to be 10% or higher [1]. What’s Behind the Shift in Hospital Revenue Cycle

Biggest Risks In Physician Billing In 2023

  Physician billing companies   know a secret – keeping on top of risks in   physician billing services   is one of the most effective ways to keep cash flows healthy and practices functioning at their best. That’s why we’re going to walk you through the biggest risks to  physician billing  right now in 2023. Volume and Resource Fluctuations Continue While the worst of the pandemic-related volatility is likely behind us,  physician billing  will still need to adjust for unpredictability. This is because physician practices are dealing with COVID-19 challenges in addition to the waste and abuse issues that were entrenched well before the pandemic. So now physician offices are dealing with yesterday’s problems on top of longer visits, more visits for therapies and early refills, COVID-19 diagnoses, and disbursement of excess pharmacy and  durable medical equipment . These things make billing volatile and complex and are why many practices are considering working with  physician billing s

Public Health Emergency Means For Home Health Billing

 The COVID-19 Public Health Emergency (PHE) is ending as of May 11, 2023, and  home health billing  leaders should be preparing. While there is some time left, the transition won’t be as clear cut as many might think, with some waivers and reimbursements changing immediately and others taking place over the coming months and years. This means that now is an excellent time to start gathering information and creating a plan to transition your  home health billing  practices out of an active pandemic and into the new normal that’s coming around the corner. To get you started, we suggest the provider-specific fact sheet presented by The Centers for Medicare & Medicaid Services (CMS), specifically for home health agencies, which we’re reviewing here [1]. Payments Are Decreasing Overall Reimbursements for multiple methods of addressing the pandemic will be phasing out as the PHE ends. COVID-19 vaccines will continue to be reimbursed by CMS at about $40 per dose when rendered in outpatien

Hospitals Are Shifting To Outpatient Services: What This Means For The Hospital Revenue Cycle

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You can expect major changes to  hospital billing  this year thanks to the pandemic and shifts in patient behavior – but one of the most important that hospital and health system leaders should pay attention to is changes in use of outpatient services. An analysis from the Guidehouse Center for Health Insights and Healthcare Financial Management Association (HFMA) addressed hospital and health system leaders including CEOs, CFOs, COOs, and other executives from 182 hospitals for insights into what they expect in the near future. It found that a full 95% of the executives surveyed expected higher outpatient volumes in 2023. As much as 40% of leaders expected increases of 10% or more. But this shift isn’t happening on its own and those in charge of  hospital coding and billing  should pay attention. 41% of the leaders surveyed expected lower inpatient volumes at the same time, with 17% expecting that drop to be 10% or higher [1]. What’s Behind the Shift in Hospital Revenue Cycle Hospital

Mistakes To Avoid The Upcoming Home Health Challenges

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  As the home health industry evolves, providers must stay ahead of the curve to remain competitive. One area that requires close attention is coding and billing. Accurate coding and billing are crucial to ensuring timely and appropriate reimbursement, as well as compliance with regulatory requirements. However, there are several common mistakes that providers make when it comes to home health coding and billing. At 3Gen Consulting, we understand the complexities of home health coding and billing, and we're here to help you avoid these mistakes and succeed in today's challenging environment. One of the most common mistakes that home health providers make is failing to accurately document patient assessments and care plans. Without proper documentation, it's impossible to accurately code and bill for services rendered. This can lead to delayed or denied payments and potential compliance issues. At 3Gen Consulting, our home health coding services are designed to ensure your

6 Myths About Home Health Medical Billing Outsourcing That You Need To Rethink

  Home health providers seek methods to simplify operations and boost efficiency as the healthcare business evolves. Outsourcing home health medical billing is one alternative that has grown in popularity recently. Despite its numerous advantages, there are various myths and misconceptions about home health medical billing outsourcing. We will clarify 6 prevalent misunderstandings and explain why home health providers should consider outsourcing their billing services to 3Gen Consulting in this blog. By the conclusion of this piece, you'll have a greater grasp of the facts behind these fallacies, as well as why outsourcing your home health medical billing solutions to a reputable medical billing service provider, such as 3Gen Consulting, can help you grow revenue, reduce costs, and enhance patient care. List Of 6 Myths About Home Health Medical Billing There are numerous myths about home health medical billing that are present today in the marketplace. However, today we have pi