Revenue Cycle Management (RCM) is a critical aspect of a healthcare organization’s financial success, ensuring seamless and efficient coding, billing, and claim tracking. Traditional RCM practices have often been marred by complexities, leading to revenue leakage, claim denials, and administrative … Read More
Revenue Cycle Management
How ChatGPT Can Enhance the RCM Process in Healthcare
The new AI powered chatbot – ChatGPT has taken the world by storm with its text generating abilities. It can assist in a range of tasks such as writing reports, drafting letters and essays, and aiding in other processes. Utilizing … Read More
Healthtek at 2023 EDPMA Solutions Summit
We are happy to be a part of the Solutions Summit 2023, an initiative of Emergency Department Practice Management Association (EDPMA) Leave Nothing to Chance – Engage, Execute, Excel. In frame: Dhruba Chakravarty (our General Manager), Rathi Dasgupta (our Sales … Read More
The Costs of Healthcare RCM Services
Practices in the healthcare industry operate using Revenue Cycle Management in order to remain viable. The billing process includes verifying insurance, entering patient demographics into records, specifying charge entries, submitting claims, awaiting payment posting, conducting follow-ups to secure payments, managing … Read More
How AI/ML Based Solutions Are Helping RCM During Post Covid
Covid-19 has had severe economic impacts on the healthcare industry and has affected the financial stability of patients. Ultimately, revenue cycle management has also been impacted by the pandemic. However, medical practices are implementing Artificial Intelligence and Machine Learning tools … Read More
Digital Transformation in Health Care
Over the past decade, health care systems and hospitals have adopted digital technologies in different business and functional areas. Digital transformation can be viewed as a modern approach to delivering care to meet the well-being requirements of the consumers while … Read More
Automation of Processes Utilizing OCR & ML
Paper forms are becoming less useful as the world becomes more digitized. But some organizations, especially in the healthcare industry, continue to deal with paper documents. The process to digitize these forms can be tedious and time-consuming. However, streamlining processes … Read More
How to Avoid Negative Operating Margins Amid Vaccine Rollouts
Many hospitals will see negative operating margins despite the best-case scenario of smooth vaccine rollouts and reduced COVID-19 hospitalizations according to a Kaufman, Hall & Associates, LLC report released by the American Hospital Association (AHA). 39% of hospitals will operate … Read More
5 Reasons Providers Are Seeing Increased Claim Denials
Providers have reported a surge in claim denials and reimbursement delays. According to a study by the American Hospital Association (AHA), 91% of interviewed providers indicate experiencing an increase in denials. Over half (51%) of those providers deemed the increase … Read More
Increased Patient Responsibility
Payment for healthcare services can be the responsibility of providers, insurance payors, the government, or the patient. Increased patient responsibility has caused a rise in financial stress for healthcare organizations. Some aspects of patient responsibility that affect the reimbursement for … Read More
Effect of COVID-19 on Hospital Visit Volumes
A recent evaluation of 500 hospitals in the United States shows the volume of hospital visits leveling out below pre-COVID-19 amounts in the latter half of 2020. Experts expect these levels to serve as a new baseline for 2021 hospital … Read More
Artificial Intelligence and its Future in Healthcare
Revenue Cycle Management is the driving force in ensuring hospitals and healthcare facilities maintain a healthy balance sheet. Unfortunately, COVID has caused 86% of healthcare providers to see a decrease in revenue, according to a survey by HFMA. President of … Read More
Real-Time Data in Revenue Cycle Management
The healthcare industry must emphasize the importance of minimizing the often unnecessary cost burden associated with reworking of claims due to denials. This can be accomplished by identifying possible claim denials and correcting them before submission. The key to improving … Read More
OCR in Healthcare Revenue Cycle
OCR has enhanced the way people read and do business for years. The use of OCR in the healthcare industry now enhances the divide between digital and manual processes. The addition of deep learning techniques to OCR solutions further develops robust solutions for the healthcare industry. … Read More
How to Improve COVID-19 Related Claim Denial Rates
Payers denying healthcare insurance claims is something we all are very familiar with. Whether the claims are denied for missing information, incorrect medical coding, or anything in between, 9% of claims are initially denied, on average. The national pandemic has … Read More
Ransomware Attacks on Healthcare Organizations
A report by Corvus indicated a 350% increase in ransomware attacks on health care companies in Q4 of 2019 compared to Q4 of 2018. The later part of 2019 was filled with reports of ransomware attacks on a variety of … Read More
Workflow Automation in Healthcare Revenue Cycle
COVID-19 has prompted health care executives to analyze their spending more carefully to ensure a healthy profitability. 78% of executives plan to transform current manual processes to more digital and automated processes, allowing for the strategic use of human capital … Read More
Operational Efficiency in Healthcare
MIT Principal Research Scientist, George Westerman, states “digital transformation marks a radical rethinking of how an organization uses technology, people, and processes to fundamentally change business performance.” During a presentation for HIMSS20 Digital, Cheryl Rodenfels, CTO of Americas Healthcare at … Read More
Medical Groups Outline Recovery Timeline From COVID-19
Medical group and health system executives believe it will take at least a full year to recover from the revenue losses due to COVID-19, according to a survey conducted by the American Medical Group Association (AMGA). The survey of 95 … Read More
Measuring RCM Performance – The Concept of Clean Claim Rate
Key Performance Indicators (KPIs) are used to measure how an organization or department is performing. Companies often evaluate and analyze their business processes against industry standards to see if there is room for improvement. With the help of industry leaders, … Read More
Innovative Technology and Pricing Key to Recover from the Effects Of COVID-19
The financial impact of COVID-19 on hospitals and health systems has caused healthcare executives to rethink the way they handle their hospital’s financials. A recent survey conducted by Black Book found that although all of the healthcare CFOs surveyed acknowledge … Read More
Need for Management of Complex Denials
Improved medical claim management has been a necessity in the healthcare industry for some time. According to an article in Becker’s Hospital Review, a study showed that 62% of the healthcare executives interviewed noted declining reimbursements to be the most … Read More
Financial Impact of COVID-19 on Healthcare Ecosystems
There is no doubt COVID-19 has brought uncertainty across all areas of life. From a rising unemployment rate to extended stay-at-home orders, American citizens are wondering how to prepare for the “new normal.” Hospitals and health systems are at the … Read More
Artificial Intelligence in Revenue Cycle Management
What is Artificial Intelligence? Artificial Intelligence (AI) is defined as computers imitating “intellectual processes characteristic of humans, such as the ability to reason, discover meaning, generalize, or learn from past experience” with the ability to achieve goals. AI in healthcare … Read More
New COVID-19 Medical Billing Codes
Medical coding is a standardized method to assign alphanumeric codes for medical diagnostics, surgical and external procedures to generate billing for an episode of care. Medical coding professionals translate the medical records and providers’ notes to create a claim to … Read More