Mounting accounts receivables and erratic cash flows are problems that many healthcare services are grappling with today.But surprisingly, the solution to these can be quite simple – diligent A/R follow-ups!EvaluationAnalysis and Segregation based on PriorityCollectionWhy are A/R follow-ups important?And if the boost in revenue is not enough reason for healthcare companies to focus on A/R follow-ups here are some more compelling reasons why you must make A/R follow-ups a key focus area of your practice.1.A smooth cash flow ensures that your healthcare business is financially resilient to external shocks in the healthcare landscape.2.Better financial health with improved metrics Improved revenues and steady cash flows boost the financial health of your healthcare practice.Better tracking of unprocessed claimsNext to denials, the major reason for delayed payments could be that some claims are not received, or not processed for reasons as simple as a lack of information or oversight.
The one question that looms large over your sky at this point is this: ‘To outsource or not to outsource?’Before arriving at an answer let us look at some factsNearly 80% of all medical bills have errors and in around one-fourth of these bills, the errors involved a significant amount of money.The average cost to file an initial claim is $ 6.75 while the average cost to rework a denied claim is around 25 $In the last seven years, there has been a 70% increase in data breaches in the healthcare industrySo what do these data tell us?And we know that efficiency improves when any task is handled with more specialized knowledge and expertise.Medical billing companies with an exclusive focus on billing, tend to collect more revenue at a lesser cost.The benefits of increased efficiency are not only limited to savings in cost but also spill over to other aspects of healthcare operations.They have well-established processes and workflows that expedite collections.More Focus on Patient CareWhen you outsource your medical billing process, you free your staff from cumbersome repetitive tasks associated with billing including identifying and rectifying errors, monitoring the process, and claim reviews.This in turn lets them focus on the more important goal of improving patient care quality.Stable Billing supportLong and frequent vacations taken by one of your staff or a sudden sickness that keeps more than one employee from work means that your bills are not raised on time.
The impact of this crisis has been so huge that it has changed and challenged every single aspect of our lives, including how we work.But on a positive note, a crisis like this brings us valuable lessons for the future.Flexible staffing options are the way forward!As the lockdown has slowed down the global economy to a sluggish pace, businesses, both big and small, are finding it hard to sustain their workforces.On the other hand, firms that were employing a flexible workforce find themselves in a better position to handle this disruption.Here are some reasons why a workforce that includes the right mix of temporary and permanent staff makes more sense in uncertain times:Scaling down business is simplerWhen business is stalled and revenues are not forthcoming, it can be a huge burden to pay salaries to permanent employees.On the other hand, it will be easier to relieve temporary staff with soon-to-expire contracts.
And as we all know, most of this information exchange happens through the World Wide Web.While the majority of the information on the web is superfluous there is a small percentage of it that is of immense value.For a business operating in today’s world finding and utilizing this valuable portion of information from the web is highly critical because it’s survival and growth are dependent on it.That is why most businesses today have included web research as an essential tool of strategy and planning.Just as you need deep-sea divers and special equipment to get pearls from the ocean, you need specialized skills and expertise to divine timely information from the web.Web research is the skill or function that makes it possible for businesses to cull out relevant information from the internet when needed to make better business decisions.Here are a few of them: Data Mining & ExtractionData mining involves collecting data based on specific criteria and analyzing the data to identify patterns in consumer behavior and other areas.
True to the saying, the Covid-19 crisis we face today has ushered in many changes in the US healthcare system.This year the pandemic is slowly yet forcefully pushing this number closer to 100.From big multispecialty hospitals to small single physician practices, every player in the healthcare business is now looking at telehealth as a viable way to continue serving the community with quality healthcare.But climbing on to the telemedicine wagon is far from easy!The billing guidelines for telemedicine are evolving at such a rapid pace that it is quite tough to keep pace with them.For physicians and healthcare executives, already pinched for time, it could be an overwhelming challenge.Have you added telehealth to your services recently with not enough time to deal with the billing uncertainties and continuous training requirements that accompany it?The simple solution could be to outsource Telehealth Billing to established billing companies.Why should you outsource Telehealth Billing?When you entrust Telehealth billing to experts like us you getAccess to World-class Expertise: We employ billing professionals with years of intensive experience in medical billing and invest in the latest billing technology.Handling billing for healthcare clients across different specializations and locations has helped our teams master all the nuances of medical coding and billingSpecialized knowledge: We train our billing teams continuously on changing regulations in specific specializations of medicine.
But it is not any less important.As the first context of contact with the patient, it strongly affects the entire experience that a patient has with your healthcare service.A 2017 study by the University of Utah reports that 39% of patients surveyed considered scheduling a timely doctor appointment as the most important expectation they have from a healthcare service.That is not quite surprising when you consider the results of another study.Confirm appointments by text or emailWhen a patient misses his/her appointment, it is not only the patient who suffers the consequence but the physician’s office too.Leverage the potential of data analytics Data analytics has opened up unique solutions for problems in every industry and specialization and it could be very well explored for rectifying hitches in Patient scheduling too.
This oft-quoted line by Ray Croc, founder of McDonald’s captures clearly the importance of recruiting for the growth and success of any business!But what makes businesses spend too much time and effort on recruiting is not just because it is important, but also because it is tough.So what can we do to find the right talent at the right time and the right cost in a competitive market?We could perhaps use a little help from the experts!Professional staffing and recruitment agencies have sharpened their expertise in talent search through extensive networking and intensive study of the industry.With the comparatively higher scale of operation, they are in a better position to achieve time and cost-efficiency in recruitment and staffing than an in-house hiring team.But how do you know when you need such expertise?Your HR team is stumped with quite a few Hard-to-Fill RolesLet’s admit it.
Though most of the investors’ money that exceeded a trillion dollars wiped out in the crash was soon recovered, the episode left everyone involved in the financial markets stunned.This and many incidents like these prove time and again the importance of accurate data entry in this age of information.Boost Business & Operational EfficiencyThe most important benefit of data entry is that it saves you time and money.In other words, it boosts efficiency.Digitization also streamlines processes and workflows, thereby reducing the time and cost of operations.But for data to be analyzed, it must be generated and stored.
Challenges and the US Healthcare Industry go hand in hand.To surmount these problems and be ever-ready to meet new ones, we must build strength and resilience from within.One way to do that is to focus on improving our core operational efficiency.“Operational Excellence remains a greater imperative than most companies and most executives acknowledge,” says Gene Tyndall, President Supply Chain Excellence Advisors.These typically include expenses incurred towards documentation, billing, clinical and other supplies, power, maintenance, transport, sanitation, and other non-clinical expenses.When you clearly categorize and allocate overheads, it will be easier to identify and eliminate costs that are not incurred towards improving or maintaining the quality of care you provided.Consolidating and centralizing non-clinical functions can lower costs through economies of scale.
In his words, “this is no longer only a global health crisis, it is also a major labor market and economic crisis that is having a huge impact on people”.Technology Biggie Google’s CEO, Sundar Pichai in a recent email communication sent to employees, has talked about a significant slowdown in the company’s hiring pace for the rest of 2020.When established companies are resorting to downsizing workforce as a cost-cutting measure to get them past this storm, small businesses that face bigger risks are more likely to follow suit.Bernard Baumohl, Chief Global Economist of the Economic Outlook Group estimates that the pandemic may slow average monthly job growth from about 185,000 to about 115,000 in the next few months.Businesses are leaning more heavily on advanced technology to immunize themselves from unexpected shocks in the future.This may prove to be beneficial for tech companies that provide such advanced solutions.
The latest CDC reports have pegged the confirmed number of persons infected with the virus in the US at a startling 632,548 and deaths at 26,930.The UN’s trade agency UNCTAD augurs that in 2020, the loss to the economy brought by COVID-19 can get as high as 1Trillion $.This sudden stress on resources can soon prove to be too much for hospitals.Hospital Administrators warn that their struggle to meet payroll and rising supplies costs can bring operations to a standstill.Financial consulting firm Moody’s says that this can bring down the revenue of hospitals by as much as 40% per month.Non-profit Organization, FAIR Health has made an analytical study on the cost of COVID-19 cases to hospitals and reports that hospitals on an average will incur around $73,000 per COVID-19 hospitalization out of which only $33,221 can be reimbursed.With the current reimbursement rate hospitals can lose anywhere from $ 2000 to $10,000 per case.A more Acute Cash flow crunch for Physician PracticesLarge Hospitals and health conglomerates, though they struggle to cope up with the cash flow shortage, may sail through the crisis with the reserves they hold.
A tiny microscopic virus has precipitated a crisis of such unimaginably large magnitude that it has affected almost every aspect of our lives – health, travel, social interactions, work, and business.The effect of this crisis is sure to be particularly long-lasting in the business sector where experts say that the reverberations might be felt for months or maybe even years.Federal Emergency Management Agency (FEMA) has released a research report on disaster preparedness which says that 40 % to 60% of small businesses affected by a disaster never re-open!Documents are critical assets that are of immense value to any organization and losing them or not having access to them during a crisis can bring business operations to a grinding halt.Paper-based physical document management systems are more likely to put your business at such a risk.A professionally managed digital document management system, on the other hand, makes it easier for you to recover from the crisis.
Recruitment is a step-by-step process to bring in a candidate from the talent pool.The real asset to help grow your business will be to hire the right talent.So, what’s actually happening within a recruitment process?We have compiled and revealed the recruitment process that may help you understand better.
Most of us would have heard this famous line popularly attributed to Management Guru, Peter Drucker, “What gets measured, gets managed!”.Most healthcare practitioners or hospitals do not pay enough attention to the financial health of their healthcare business.So when we say that you must pay close attention to the financial facet of your healthcare business, we do not mean that you must master CPT code assignments and claim filing parameters.According to Don Rodden, Principal of Healthpro Medical Billing Inc, the following four metrics can give you a panoramic picture of how your practice as a business is performing and where it is headed.1.MONTHLY RECEIPTSThis is a straightforward measurement that gives you the total payments you have received in any month.You can also go one step ahead and study the trends in receipts per RVU from individual payors.
Hiring or recruiting is a pivotal part of running a business.You can do this in all or few of the following ways Job boards or newspapersThe company websiteSocial media platforms like Twitter, Facebook, LinkedinEmployee referralsExisting candidate database containing candidates who were considered for previous vacanciesYou can even work with creative ideas like making short and fun videos with testimonials from existing employees on why they like working for the company3.Shortlisting and InterviewingNext comes the most important part of the process, zeroing in on the right person from a list of prospects.The next step is to interview the short-listed candidates to assess their suitability for the role.Hiring Once the right person is identified, the actual or core hiring process begins which entails the following: preparing the offer letter with the name of the candidate, job title, description, terms, and conditions, and compensation clearly spelled out sending the offer letter to the candidate documenting the candidate’s acceptance of the offer5.Onboarding The employee signs the dotted line.
Healthcare service calls for a high degree of compassion and selflessness.This shift poses a big challenge for healthcare providers because collecting from patients is more difficult than collecting from insurance companies.According to the American Hospital Association, since 2000, hospitals have provided unpaid services worth more than $ 500 billion.If you are a healthcare service provider with the need to improve your patient collections, here are 5 practices that must be part of your patient payment collection plan.1.Prime your staff for pre-appointment actionThe action starts much before the patient enters your doors.Your staff can also use this information to verify coverage and follow up with the patient through every stage of the payment collection process2.
Before we get to the reasons why outsourcing medical billing services is good, here are some facts to mull overAn American Hospitals Association 2019 report has pegged the value of uncompensated hospital care since 2000 at more than $620 billion.A Mckinsey article has reported that out of medical bills exceeding 3000$, a startling 99 % were not paid in full.According to Bloomberg, bankruptcies in the health care sector have more than tripled in 2017.Here are some reasons why engaging an offshore medical billing service is a smart move for healthcare providers.1.Savings in Time:Outsourcing medical billing saves time in more ways than one i) healthcare staff spend less time on administrative duties, ii) many incoming phone calls are diverted to the billing company iii) time spent on training staff on changing regulations is saved iv) accurate claims mean faster claim settlements2.Savings in Cost:Using a professional billing service guarantees a positive ROI.Healthcare providers can also save on office infrastructure and storage infrastructure for medical records.Constant Upgradation in Technology and Knowledge:Medical billing companies are in a better position than hospitals and doctor offices to make capital investments in upgrading their technology on time.
It is a complicated process thanks to the fragmented healthcare system and the complexity of regulations.To get medical billing right you need specialized knowledge, special technology and a whole lot of effort.How can you as a healthcare provider narrow down the choice to one?We have put together 12 practical tips to help you pick out the perfect medical billing partner who will care for your financial health as diligently as you care for your patient’s health!Tip 1.Check the Company’s track recordSince medical billing is a knowledge-intensive, process-intensive work, the more experienced the medical billing company is the better they will be at identifying glitches and rectifying them to ensure fast billing.Evaluate their knowledge of healthcare regulationsA good medical billing company will invest time and money in training its resources on changing regulations in healthcare.Before you decide on a Medical billing company make sure that the billing software and other technological tools they use are not outdated and are compatible with your systems.Tip 7.
These vibrant youngsters who were raised on the internet and social media have different expectations from the world of work.Recruitment agencies and recruiting staff in companies must take care to meet these expectations.Remote work and telecommuting are becoming the norm.This number is likely to climb higher in the coming years.With a trade war with China overshadowing the horizon, the US economy looks unpredictable.We have gleaned insights from our experience and environment to predict the top trends that we need to watch out for in the coming year.1.So recruiters must focus on creating a positive candidate experience in every step of the recruitment process.Collaborative HiringRecruitment is no longer going to be a function limited to the HR department or the recruitment staff.
The tricks that brought in the talent in 2019 is surely not going to be enough for 2020.Moreover, the competition for the right talent is no longer limited to the other players in your industry.And these 37 jobs constitute 50% of job postings by the S & P 100.2.Focus on creating a satisfactory candidate experienceAs we all know, the buying experience of a friend or stranger on the internet can influence our buying decisions.Don’t we all rely on reviews to make our every day buying decisions?But what is more worrisome is that by sharing his negative experience on online platforms he will also discourage others from joining you.
Hiring is a make or breaks decision that can have a big effect on your business.This popular saying hammers home the importance of the hiring decision with a tinge of humor.“If you find hiring the right person an expensive affair, just try hiring the wrong person!”How true!A misstep in hiring will not only cost you a lot of time and money but also a truckload of frustration.Using a recruitment agency can help you overcome the challenge of high turnover for the following reasonsThe recruitment agency has years of experience and training to spot the right talentThe agency most likely has more information about the candidate including his or her career goalsIt has an existing database of trained, experienced candidates who can immediately take over when a position falls vacant2) A Long & Ineffective Recruitment ProcessIn a candidate-driven job market like the one we have today, a long recruitment process can hurt your chances of successful hiring.A recruitment agency can streamline the process for you and speed it up to less than a month.4) Need to hire for Specialized RolesWith the advancements in the digital space, the challenges in recruitment have become more intricate.
A growing business generates and manages hundreds and thousands of documents every day like contracts, training manuals, proposals, policies, sales records, financial transaction records, and marketing material.He calls you and asks for the updated sales presentation he created two weeks ago.You try the search box, the results run into pages.You call the employee who is on leave but she isn’t able to remember the exact location of the file too.Pretty soon a whole bunch of people join you in your frantic search.When the operations of your business are spread across different locations and time zones, things get more knotted.
It goes without saying that a decline in their financial strength can distract their focus away from their core function.Healthcare revenue cycle management is the management of the financial process that helps healthcare rcm providers manage the administrative and clinical functions related to processing claims, payment, and revenue generation.A National Health insurer report released last year announced that healthcare organizations shoulder a loss of 5- 12% of their revenues mainly due to errors in their claims.Lack of Training One minor human error like a misspelled name or a wrong code can result in time-consuming denials.However, Healthcare providers are finding it difficult to train their employees to avoid such mistakes.But the high-pressure environment that they work in makes it difficult to implement such systems.Changing RegulationsAnother serious concern is the constantly changing regulatory atmosphere.Technological AdvancementsTechnological advancements although they are beneficial present a challenge to the players in the healthcare industry.
Monster’s State of Recruiting Survey 2018 presented some interesting yet worrisome findings.
Of the more than 400 respondents who participated,
67% found their jobs more difficult than it was 5 years ago
62% said it’s tougher to find good candidates than it was 5 years ago
59% acknowledged that there was a shortage of skilled labor
52% considered competition from other recruiters a huge problem
These facts tell us what we already know.
The technological advancements in the last decade have added more layers of complexity to the task.
This is why recruitment agencies or staffing agencies have assumed significance in recent years, especially in the IT sector.
Before we proceed to establish the need for staffing agencies and highlight the advantages they bring, we need to address a more basic question.
The staffing agencies make use of their existing database and the tools and techniques they have acquired to fill the positions.
Imagine you are a healthcare provider in the business of providing what is inarguably the most important service on the planet — saving human lives!Needless to say that you need a constant flow of revenues to keep you running.But what if most of your time and energy is spent in peripheral issues like making sure patient details are entered correctly, handling claim denials and ensuring that you are getting paid for your services on time?Not only do you suffer, but you also let down hundreds of ill patients who are heavily counting on you.Purchasing a Revenue Cycle Management (RCM) software or better still, engaging a professional RCM service provider ensures that the revenue cycle of a healthcare service provider is optimized for maximum growth and efficiency.Helps handle the complexity of regulationsGovernment regulations in healthcare are becoming bewilderingly complex with each day.
What is the most valuable commodity in today’s world?Data has long surpassed the position of pride held by gold and oil.Every day businesses generate huge mountains of data.They assist companies in managing, protecting and making the most of their data.An efficient document management service can positively impact the profits and growth of businesses.Rannsolve is a global technology firm based in Allen, Texas that provides exceptional data and document management services at affordable prices.This results in significant cost-efficiency which is passed on to the clients hiring them.