Thoughts & Musings
“I promoted the best AR Specialist in our organization to a management position – oops!”
Here is a story from one of our clients that you may find interesting; Things were in good shape in our revenue cycle management process. Metrics and the Dashboard indicated that we were current in billing, follow-up, and cash application. Denials were under control. Days were low. Patient complaints were handled promptly. You get the…Read More
Revenue Cycle Processing Backlogs Are Not “NORMAL”. It’s time to raise the bar – eliminate BACKLOG TOLERANCE!
I talk every week with Revenue Cycle Leaders from all types of hospitals around the country. When I ask how things are going, there are many common responses that reflect current concerns and challenges they are facing. These include conversion issues, staffing constraints, volume fluctuation, talent acquisition/retention, cooperation among stakeholders, change in payor practices and…Read More
Revenue Cycle Management In 1951: It Used to be a Lot Easier…Or Was It?
The above image is an actual hospital bill and accompanying explanation of charges used in 1951. Just think of the things that we didn’t have to manage back then. A short list might include coding, claim edits, massive denials, contract payment compliance, Medicare/Medicaid (both started in 1965), managed care contracts, HIPPA regulations, “patient-friendly” billing initiatives,…Read More
The Characteristics of Leaders and Successful People
I don’t know about you but I am growing immune to the voluminous “LISTS” I see in social media about leadership and success. LinkedIn, social media forums such as Facebook, and blogs are recently inundated with posts about leaders, leadership and successful people. For example, just this year alone 167 Habits, 340 Behaviors, 62 Graphic…Read More
How Many Revenue Cycle FTES Do You Need?
Revenue cycle staffing patterns and ratios are all over the map among provider organizations. This makes sense when you consider that there are variables like technology, volume, patient type, payor mix, skillset, organization structure, mission and management practices. Hospitals often rely on benchmarks in conjunction with staffing decisions. Benchmarks do very little to recognize these…Read More
Does Your Revenue Cycle Team Approach Billing and Collection Efficacy the Same Way They Approach Their Paychecks? Why Not?
I expect that if one of your employees’ paychecks were delayed or underpaid, they would be resolute about getting the problem resolved right away. When inquiring about the problem, they probably would not be accepting of “it is in process” or “we did not get your time report” or how about “please leave a message…Read More
New Year, New Opportunities
In 2016, Nearterm was part of many client success stories from all over the country. We helped an 850 bed facility in the Southeastern United States reduce un-coded DNFB from $50 million to $2 million through interim leadership and coding support. A California client with a point-of-service collection goal of $25 million surpassed it to…Read More
Improving Cash Flow
Check out this great article written by our very own Jim Matthews for the HFMA Gulf Coast Express – February 2016 Newsletter: http://files.ctctcdn.com/d6aa2798201/aedf162e-cc2f-46a7-ab9b-c49a1b0708bc.pdf Improving Cash Flow Cash flow from patient care revenue is one of the CFO’s main concerns in today’s transitioning industry environment. How can hospitals and healthcare provider organizations develop sustainable and growing…Read More
J.J. WATT QUOTE
I typically ignore the myriad of quotes and quips that saturate social media these days but this one caught my eye: “SUCCESS ISN’T OWNED, IT’S LEASED. AND THE RENT IS DUE EVERY DAY” Wouldn’t it be great if everyone embraced this wisdom? It applies to our personal lives as well as our professional lives. So…Read More
AFFORDABLE CARE ACT
Here is some information about the impact of the Affordable Care Act. While we have known the “rules” for some time, hospitals are now beginning to feel the impact in the form of revenue penalties and the demand to provide care differently than in the past. Re-admission penalties are a current target and most thought…Read More