Revenue Cycle Management (RCM) is on the mind of many, if not all, hospital administrators and executives. With the roll out ICD-10 and the changes to reimbursement models, new RCM solutions are becoming critical for hospitals hoping to survive through 2015.
To an onlooker, it's easy to mistake a robust, high-tech hospital as a stable entity; however, hospitals face a myriad of high-pressure challenges. From juggling the changing healthcare system to the source of hospital funding, the obstacles faced by hospitals can be daunting.
Here at BHM we are predicting that 2015 will be a year of change for many healthcare systems. With this change, healthcare leaders will be faced with many challenges, including complying with new federal regulations and making strategic moves towards better care. We've compiled a list of the five biggest challenges we foresee healthcare leaders facing this year.
A recent study showed that for the 10th year in a row, financial challenges are #1 on hospital CEO's list of concerns. More than healthcare reform, government mandates, and patient safety, the constant battle to be financially stable is the what keeps the healthcare C-suite up at night. So what factors are contributing the the financial worries? Let's take a look.
Since 2010 there have been 47 rural hospital closures. The reasons behind the closures vary but the message rings true, rural hospitals are struggling. With difficulties from implanting EHR to the re-evaluation of Medicare reimbursements, rural hospitals are looking for new ways to stay afloat. Here are the top 4 trends we see effecting rural hospitals in 2015.
As payment continues to become more closely linked with patient experience and patient reported outcomes, the information gleaned from assessments such as the Hospital Consumer Assessment of Healthcare Providers and Systems (HCAHPS) will be a major area of focus for hospitals and providers in 2015. One area that has not previously been included within the HCAHPS, or any federal or statewide assessments, is the perspective of parents of pediatric patients.
Hospital mergers and acquisitions [M&A] aren’t a new concept, but in the post-Affordable Care Act world they have become a popular solution for yielding to ACA regulations. According to the American Hospital Association’s 2015 Environmental Scan “mergers, consolidations and other partnerships” will increase due to the pressures on hospitals to lower costs and achieve economic goals. Here at BHM we also think that this healthcare trend is one to watch for 2015, so we’ve pulled together some key insights for you to consider.
It might seem painfully obvious, but when it comes to denial management, the best way to avoid denied claims is to make sure that your claims are correct and, therefore, won’t be denied. Thinking that’s easier said than done? Well, if you have the right information — and the right tools — it doesn’t have to be.
As 2015 approaches, many C-suite executives are bracing themselves for changes in the coming year. And as healthcare continues to rapidly evolve, addressing these five major concerns will help healthcare systems large and small anticipate any curveballs that come their way.
Denials are bad news for your revenue cycle. And research shows that unfortunately, denials happen more frequently than you might think. About 25-30% of all healthcare claims are rejected or denied. Each time a claim is denied, it means more staff resources, more time, and more financial resources are required to fix them.