Q: Can Patient Financial Services’ collection agency comments be streamlined to eliminate human intervention when posting to patient’s accounts?
A: MEDITECH can streamline posting collection agencies’ patient accounting comments with the setup of MIS inbox/outbox interfacing. Obtain specifications per MEDITECH’s requirements, and work diligently with collection agency to setup and streamline interfacing process. Once [...]

Q: How can my organization’s IT System assist in managing our denials?
A: By obtaining periodic computer generated reports showing your monthly denial rate and your monthly denial recovery rate. If your denials exceed 18% or your denial recovery rate is less than 80%, more effort should be spent on preventing and working denials.
Bruce Jacbos
Director, Financial [...]

According to the January 2008 issue of the Healthcare Financial Management Magazine Hospitals were losing anywhere from 8% to 14% of their managed care and commercial revenue because of improper payments. I am sure with inflation the figure has probably grown, and in this economy how many hospitals can really afford to write off 8-14% [...]

I still keep reading that Healthcare bad debts and charity care are rising due to our country’s economic status and the continuous increase in unemployment.  I believe hospitals have tried to cut costs especially in the area of reducing staff, another topic I keep reading about.  I also see that hospitals keep expanding as well [...]

Over the past few months, I have had numerous conversations with Hospital CEO’s. Each of these conversations seem to center around their respective hospital’s financial operations and the fact that their net profits have deteriorated over the last one or two years to the point that they are now showing losses. These CEO’s [...]

I just read another article in the January/February issue of Healthcare Finance News entitled, “Healthcare hiring could boom in 2010,” by Richard Pizzi, the editor. According to this article the demand for healthcare professionals in 2009 was stronger than any other sectors. According to the Federal Bureau of Labor Statistics, healthcare has added over 600,000 [...]

I recently read an article in the Healthcare Finance News whereby 45,000 office based physicians may be eligible for $63,750.00 over six years to improve and maintain their health information technology systems because of their participation in Medicaid under the American Reinvestment and Recovery Act (ARRA). Specifically this would begin in 2011 for office based [...]