The healthcare industry is constantly changing. From legislation to trends in care, it's often daunting to stay on top of the changes. Payers can rely on professional development and continuous training for staff to help keep them up to date with changes in their industry.
Choosing an Independent Review Organization (IRO) for a meaningful partnership that drives improvement and cost savings can be a tough task. The importance of an IRO to help support effective decision making and give objective, unbiased reviews, can be crucial to your business. To ensure you choose an IRO that distinguishes itself through quality work, ongoing training, full compliance, and the latest technology, you’ll want to do your research. It’s very important to trust the organization you choose and you always want to make sure they are industry certified. The following is a 5 part checklist for selecting the right IRO Partner.
The specialty pharmacy industry is booming and as many pharmacies opt for moving down the specialty pharmacy accreditation path, many hospitals and healthcare systems are starting to realize opening their own specialty pharmacies (or partnership with one) could be a good idea. The jump to specialty pharmacy for a health system or hospital, isn’t only a revenue driver as it gives them access but could also help with re-admissions, quality of care, and data collection. And as specialty pharmacies crop up all over the country, with an estimated 250 to be accredited by the end of 2015, it is the perfect opportunity for health systems to take fate into their own hands. From driving revenue, to increasing quality of care here are three main areas a hospital or health system can benefit in an in-house specialty pharmacy.
We’ve been talking a lot lately about Independent Review Organizations and the appeals process that accompanies them. The role of the IRO in the appeals process is to provide an unbiased 3rd party opinion on complicated reviews, helping to assure that all reviews are given the time and care they deserve. It’s a common illusions in the healthcare industry that taking care of things in house is the best and easiest way to save money—however this isn’t true when it comes to claim reviews. If you are trying to manage your denials in-house, it can actually be counterproductive if you’re trying to save money and even time. Let’s take a look at how outsourcing your IROs can save you time and money.
The healthcare industry is rapidly growing: With innovations in medical tools and new successful procedures performed annually, there is no shortage of change. Just as vital to the industry are solutions that help manage the information of the millions of patients who visit each year. To keep up with the demand and to facilitate the process, adjusting healthcare information management practices is a necessity. Here are three trends that are being implemented.
Lately we have been talking about the important of Independent Review Organizations (IROs) and peer reviews in the healthcare ecosystem. Today we continue this discussion and delve deep into the importance of the peer review process. We know that peer reviews are a crucial part of healthcare because they hold medical professionals and organizations accountable in addition helping to build a world of trust between patient and physician. The peer review process is one that consists of high levels of property technology and superior customer service. By boosting transparency in healthcare, peer reviews have become an essential standard helping to make healthcare safer and more efficient. So let’s take a look at the 5 core building blocks of the peer review process.
With new advances in the way medical information is transcribed, stored and transferred, technology has created more variables to a provider’s success than ever before. Between tangling with mountains worth of paperwork, handling claims denials and riding the learning curve of new systems like EHRs and ICD-10 coding, there can be lots of room for error and, consequently, potential revenue that slips through the cracks. Luckily, revenue cycle management systems are here to help. They can streamline a vast array of your most intensive processes — like admitting, coding, balancing budgets, billing and filing claims — in order to provide a supreme level of oversight and control. This control in turn helps you avoid common RCM problems that lead to lost revenue, profitability and productivity.
Big Data is term reserved for the larger-than-life amounts of data collected in our, now, very digital world. In the healthcare world, big data is often used to describe electronic health records (EHR) and patient data. Technology has improved our ability to collect and analyze healthcare data. With this grand opportunity for innovation and growth come questions of security and patient data safety. Read the following 3 infographics to get some insight into the world of Big Data in the healthcare industry.
If you think you might need an Independent Review Organization to provide unbiased peer reviews in a manner that complies with all federal and state regulations, BHM can help. Last week we talked about the top 5 reasons you might need an external IRO but this week we’re focusing on the real-life situations that might lead to you to hire an IRO. If your answer to any of these questions is “yes," you may want to look into hiring an IRO.