BHM Services
When it comes to hospital and health system revenue cycles, there are many strategies you can approach to help put things on a positive trajectory. Whether they are changes small or large, they all impact the organization's financial standing. But today, we've pulled together only the very best tips for increasing profitability.
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.
If your healthcare organization is considering getting accredited, you might have questions on which type is right for your organization. You also might be curious about some of the details behind the accreditation process, such as: How long does the process take? How much does it cost? How long will the accreditation last? How many organizations are already accredited? Which one is the aligns with my organization's services?
At the top of every healthcare organization is the C-suite: The CEO, CFO, CIO...you get the idea. And thanks to their elevated positions, they have the power to make real, impactful change on the healthcare environment. Through their leadership, skill sets, and unique vision, the healthcare c-suite is helping move healthcare in new directions.
Remote healthcare is still relatively new and has been slow to be adopted on a large scale, but many who have taken advantage of telemedicine services are finding that the financial aspect is well worth the transition. While telepsychiatry can't completely replace an in-person visit with a Psychiatrist, it can be a valuable option for areas where access to those types of professionals are limited at best.
No hospital will ever achieve a zero readmission rate--nor would they want to, as it may be an indicator of poor quality of care. However, there are many factors that lead to higher readmission rates--some of which can be avoided or at least more properly managed. In today's post, we'll discuss some of those factors as well as how they can be addressed.
If you're reading this, you probably already know that Accountable Care Organizations (ACOs) are groups of physicians, hospitals and providers who work together to provide a continuum of care to Medicare patients. But what you might not know is what qualities and habits make a successful ACO. As 2015 begins, now is the time for those considering a transition into ACO work to examine the ins and outs of this system and see if it might fit within your organizational or goal structure.
Whether or not it’s our collective focus, we would be remiss to ignore the fact that when it comes to the financial bottom line, healthcare is a business. In other industries there are financial benchmarks, or key performance indicators, that help businesses stay on the right track. All businesses should make use of some type of financial performance measures, from the companies dominating their industry and pulling in billions of dollars to the kid on your street selling lemonade. Understanding your organization’s profitability, debt and economic patterns of performance is key to ensuring that you can sustain that performance - and see revenue increase- for years to come.
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.
When we talk about outsourcing, the first defense that’s likely to surface is, “won’t that cost more money?” Hospitals frequently make the mistake of assuming that by conducting claim reviews in house they are automatically saving money. This illusion is understandable, since it’s long been the belief in many industries that the more you can do for yourself, the less money you have to spend hiring someone else to do it.