Even small improvements to your hospital's revenue cycle management (RCM) can deliver significant boosts to your bottom line. After all, once you make a positive change, and assuming it's sustained, you will reap the benefits indefinitely.
Here...
In a previous article, “What is Revenue Cycle Management?”, we walked you through the steps of an ambulatory surgery center's (ASC's) successful revenue cycle management (RCM) process. While it is helpful to understand all that a comprehensive...
There are many reasons your ASC may struggle with its revenue cycle. Maybe changing payor policies and regulations are causing denials and slow reimbursements? Maybe your patients are not properly educated about their financial responsibility?...
Revenue cycle management (RCM) is a term that is so ubiquitous in healthcare that, at times, the full breadth of what it entails and its importance can be lost. So, I thought I’d use this post to discuss a seemingly simple question: “What is...
Any seasoned ASC administrator or business office manager knows that the cornerstone of a financially stable ASC is a strong revenue cycle. However, ASCs face greater financial pressure, with challenges such as increasing patient out-of-pocket...
While operating rooms are critical for patient care, they are also important to a hospital’s profitability as the OR is known as a key revenue generator in any facility. Where is the potential to optimize the OR’s revenue? The answer lies in...
Think about the last time you had to take your car to the mechanic. You might not have agreed with the amount of work they said needed to be done or felt that they were charging you for some extra, not-really-necessary services, but they probably...
Revenue cycle management is only as good as the people working toward it. A highly trained, diverse team is necessary to fill the roles required to maintain a healthy cash flow for an ambulatory surgery center. This includes certified coders,...
If you’re an ambulatory surgery center (ASC) trying to navigate changes as healthcare transitions to a value-based system, you know that strong revenue cycle management is more important than ever. But any number of issues can affect a facility’s...
Rapidly changing industry dynamics, regulatory changes brought on by the Affordable Care Act (ACA) and other legislation, the transition to ICD-10, and increased patient responsibility pose significant challenges to the Ambulatory Surgery Center...
What’s one of the keys to ensuring an organization’s longevity in any industry? Anticipating and adapting successfully to change. This couldn’t be any more true than in healthcare today, especially for ambulatory surgery centers (ASCs) and...
Today I'd like to take a moment to share some exciting news and brag a little. As the leader of SourceMed's Revenue Cycle Services business, I see firsthand every day how our expert team of certified coders, billers and collectors work diligently...
When it comes to personal health, people typically try to avoid getting sick. We get vaccines, we try to get regular exercise to control our weight and strengthen our hearts, and we wash our hands to avoid communicable disease. "Preventive care"...
Data. It's a small word for something that plays such a big part in monitoring the health of your revenue cycle. Today, we have the ability to capture and analyze an amazing amount of numbers and statistics at every step of the patient...
You are working on strengthening your revenue cycle management and you’ve taken the first step: determining the most important key performance indicators (KPIs) to track for your facility.
From the average age of accounts receivable (AR) to your...
As participants in the "Digital Age," countless aspects of our day-to-day lives have evolved with the acceleration of technology. But some areas progress faster than others, and in the case of outpatient healthcare, many facilities are behind the...
Delivering high-quality care while maintaining profitability is the overarching objective of any outpatient facility. We’ve been talking a lot about using KPIs (key performance indicators) to determine the health of your revenue cycle – things...
Ever heard the phrase, "You’re only as strong as your weakest link?" Taken literally, that’s the amount of physical force you need to break a metal chain; and you're not likely doing that at work every day. Metaphorically, it could translate to...
In the business of healthcare, money is necessary to facilitate the exchange of high-quality goods and services – and administration's goal is to make more of it while minimizing spending. Though your entire team may be mindful of profitability,...
Value-based healthcare is shifting our industry in countless ways. In this new era, we have to focus more tightly on the patient experience, including how it affects the revenue cycle.
Like any other business, creating "customer" advocates and...
In outpatient healthcare, revenue cycle management is only as good as the people working toward a strong revenue cycle. From the time you enter a claim to the minute it’s paid, a human chain springs into action. Collaboration is vital, and weak...
It's no secret that most people want to hold on to their money for as long as possible. This reality can be particularly difficult in healthcare, where multiple payer types – from patients to insurers to the government – make collecting what's...
Today, healthcare is almost as much about math as it is about medicine. With value-based medicine replacing the traditional fee-for-service system, reimbursement is increasingly tied to quality care and favorable outcomes. But what does that mean...
Did you know that the word "value" appears in Title III of the Affordable Care Act 214 times? Clearly, the idea of value-based healthcare is at the forefront of our industry today, and it’s changing the way many things work in the outpatient...
In outpatient healthcare, if you’re not thinking about improving your revenue cycle, you’re probably not thinking hard enough. Every dollar counts. Unfortunately, for a variety of reasons, revenue cycle management – obtaining, tracking, and...
Information is power.
This axiom has been at the heart of business, marketing, and risk management for decades. But in today’s world, information alone isn’t as powerful as it once was. Now, the true power of information can only be realized if...
In ambulatory surgery centers, obtaining prompt payment from insurers and patients is vital to effective operations. Unfortunately, it is becoming harder to get paid everything you are owed given today’s reimbursement environment.
Simply stated,...
Outsourcing.
Some see it as an admission of weakness – confirmation that they are unable to effectively and efficiently run their ambulatory surgery center. Others believe outsourcing is a euphemism for loss of control. And then there are those...
How much does it cost each year for the average ambulatory surgical center (ASC) to get paid? Although specifics vary by center, costs are growing. The regulatory environment faced by ASCs is a huge driver of fixed expenses, calling for internal...
Becker's ASC Review's latest article on managing ASC Billing processes is an ode to efficiency and effectiveness. In the busy ambulatory surgery center environment, it's difficult to properly manage billing. Many ASC's are hoping to turn around...
Even small improvements to your hospital's revenue cycle management (RCM) can deliver significant boosts to your bottom line. After all, once you make a positive change, and assuming it's sustained, you will reap the benefits indefinitely.
Here...
In a previous article, “What is Revenue Cycle Management?”, we walked you through the steps of an ambulatory surgery center's (ASC's) successful revenue cycle management (RCM) process. While it is helpful to understand all that a comprehensive...
There are many reasons your ASC may struggle with its revenue cycle. Maybe changing payor policies and regulations are causing denials and slow reimbursements? Maybe your patients are not properly educated about their financial responsibility?...
Revenue cycle management (RCM) is a term that is so ubiquitous in healthcare that, at times, the full breadth of what it entails and its importance can be lost. So, I thought I’d use this post to discuss a seemingly simple question: “What is...
Any seasoned ASC administrator or business office manager knows that the cornerstone of a financially stable ASC is a strong revenue cycle. However, ASCs face greater financial pressure, with challenges such as increasing patient out-of-pocket...
While operating rooms are critical for patient care, they are also important to a hospital’s profitability as the OR is known as a key revenue generator in any facility. Where is the potential to optimize the OR’s revenue? The answer lies in...
Think about the last time you had to take your car to the mechanic. You might not have agreed with the amount of work they said needed to be done or felt that they were charging you for some extra, not-really-necessary services, but they probably...
Revenue cycle management is only as good as the people working toward it. A highly trained, diverse team is necessary to fill the roles required to maintain a healthy cash flow for an ambulatory surgery center. This includes certified coders,...
If you’re an ambulatory surgery center (ASC) trying to navigate changes as healthcare transitions to a value-based system, you know that strong revenue cycle management is more important than ever. But any number of issues can affect a facility’s...
Rapidly changing industry dynamics, regulatory changes brought on by the Affordable Care Act (ACA) and other legislation, the transition to ICD-10, and increased patient responsibility pose significant challenges to the Ambulatory Surgery Center...
What’s one of the keys to ensuring an organization’s longevity in any industry? Anticipating and adapting successfully to change. This couldn’t be any more true than in healthcare today, especially for ambulatory surgery centers (ASCs) and...
Today I'd like to take a moment to share some exciting news and brag a little. As the leader of SourceMed's Revenue Cycle Services business, I see firsthand every day how our expert team of certified coders, billers and collectors work diligently...
When it comes to personal health, people typically try to avoid getting sick. We get vaccines, we try to get regular exercise to control our weight and strengthen our hearts, and we wash our hands to avoid communicable disease. "Preventive care"...
Data. It's a small word for something that plays such a big part in monitoring the health of your revenue cycle. Today, we have the ability to capture and analyze an amazing amount of numbers and statistics at every step of the patient...
You are working on strengthening your revenue cycle management and you’ve taken the first step: determining the most important key performance indicators (KPIs) to track for your facility.
From the average age of accounts receivable (AR) to your...
As participants in the "Digital Age," countless aspects of our day-to-day lives have evolved with the acceleration of technology. But some areas progress faster than others, and in the case of outpatient healthcare, many facilities are behind the...
Delivering high-quality care while maintaining profitability is the overarching objective of any outpatient facility. We’ve been talking a lot about using KPIs (key performance indicators) to determine the health of your revenue cycle – things...
Ever heard the phrase, "You’re only as strong as your weakest link?" Taken literally, that’s the amount of physical force you need to break a metal chain; and you're not likely doing that at work every day. Metaphorically, it could translate to...
In the business of healthcare, money is necessary to facilitate the exchange of high-quality goods and services – and administration's goal is to make more of it while minimizing spending. Though your entire team may be mindful of profitability,...
Value-based healthcare is shifting our industry in countless ways. In this new era, we have to focus more tightly on the patient experience, including how it affects the revenue cycle.
Like any other business, creating "customer" advocates and...
In outpatient healthcare, revenue cycle management is only as good as the people working toward a strong revenue cycle. From the time you enter a claim to the minute it’s paid, a human chain springs into action. Collaboration is vital, and weak...
It's no secret that most people want to hold on to their money for as long as possible. This reality can be particularly difficult in healthcare, where multiple payer types – from patients to insurers to the government – make collecting what's...
Today, healthcare is almost as much about math as it is about medicine. With value-based medicine replacing the traditional fee-for-service system, reimbursement is increasingly tied to quality care and favorable outcomes. But what does that mean...
Did you know that the word "value" appears in Title III of the Affordable Care Act 214 times? Clearly, the idea of value-based healthcare is at the forefront of our industry today, and it’s changing the way many things work in the outpatient...
In outpatient healthcare, if you’re not thinking about improving your revenue cycle, you’re probably not thinking hard enough. Every dollar counts. Unfortunately, for a variety of reasons, revenue cycle management – obtaining, tracking, and...
Information is power.
This axiom has been at the heart of business, marketing, and risk management for decades. But in today’s world, information alone isn’t as powerful as it once was. Now, the true power of information can only be realized if...
In ambulatory surgery centers, obtaining prompt payment from insurers and patients is vital to effective operations. Unfortunately, it is becoming harder to get paid everything you are owed given today’s reimbursement environment.
Simply stated,...
Outsourcing.
Some see it as an admission of weakness – confirmation that they are unable to effectively and efficiently run their ambulatory surgery center. Others believe outsourcing is a euphemism for loss of control. And then there are those...
How much does it cost each year for the average ambulatory surgical center (ASC) to get paid? Although specifics vary by center, costs are growing. The regulatory environment faced by ASCs is a huge driver of fixed expenses, calling for internal...
Becker's ASC Review's latest article on managing ASC Billing processes is an ode to efficiency and effectiveness. In the busy ambulatory surgery center environment, it's difficult to properly manage billing. Many ASC's are hoping to turn around...
