The data is clear – policymakers are making every effort to reduce healthcare costs, particularly as states struggle with significant budget deficits across the country. To do this, many state governments have elected to outsource the management of Medicaid and Medicare programs to managed care companies. According to Modern Healthcare, 34% of Medicare beneficiaries are now enrolled in a Medicare Advantage plan, which is administered by a private payer. Similarly, 77% of Medicaid beneficiaries are enrolled in some form of managed care plan.Read More
GeBBS Healthcare Blog
At the recent Becker's Hospital Review 5th Annual CEO + CFO Roundtable healthcare experts seasoned in the revenue cycle management (RCM) process discussed how their organizations and companies are working to stay ahead of the financial curve. As hospitals evolve into a value-based care delivery environment, RCM becomes even more critical.Read More
There have been numerous delays to the implementation of ICD-10. These delays have caused untold frustration, -- but they have also created opportunities for healthcare providers and the organization that serve the healthcare industry. You now have time to readjust your ICD-10 timeline preparations. As an HIM Director for many years, I am offering a plan of action that may help you be prepared for the October 2015 deadline.
There is a definite upside to this change-over.
How much emergency cash should you have in reserve to deal with ICD-10? Most healthcare providers can expect disruptions, some of them very serious, in their payments during the transition to ICD-10. Even if you have made preparations for this event, it is likely your revenue stream will take some kind of hit.
According to a recent healthcare technology research study, U.S. Revenue Cycle Management by HIMSS, focused on the revenue cycle management (RCM) marketplace, positive changes are predicted in the attitudes of CEOs, CFOs and IT directors toward the efficacy of RCM to improve a healthcare facility’s financial operation.
The study included nearly 400 participants -- CEOs, CFOs and IT directors -- representing 360 U.S. hospital organizations of various sizes with the objective of assessing how the HITECH Act’s focus on stimulating the adoption of Electronic Health Records (EHR) and Health Information Exchange (HIE) solutions combined with the delay in the ICD-10 compliance deadline was impacting the RCM marketplace.
The study found that 21 % of participants said they were planning to replace or enhance core RCM capabilities in the next 24 months, and for hospitals with more than 400 beds, that number increased to 36 %. 53 % of the respondents said they plan to upgrade their core RCM due to healthcare financial regulatory changes, with that number increasing to 68 % for the hospitals with more than 400 beds.