Hospitals lost a whopping $323 billion during the first year of the COVID-19 pandemic, according to estimates from the American Hospital Association (AHA). Research has also shown that smaller practices did not fare much better, with primary care practices alone racking up $15 billion in financial losses in just the first few months of the pandemic. Read this whitepaper to learn how any size organization can streamline processes, save money, and provide better patient experience, with real life examples from the Director of Revenue Cycle at Phelps Memorial Health Center.
“The basis of good financial hygiene is looking at ways that you can improve your workforce and patients’ access to information,” explains Kem Tolliver, Author, President & CEO, Medical Revenue Cycle Specialists, LLC. “It’s about educating not only your providers on capturing pertinent medical record documentation but also educating your workforce on all of the reimbursement obstacles that they need to overcome with each payer and within the overall healthcare system. Each payer has their own unique reimbursement requirements. Make sure that your workforce understands those requirements and can incorporate them into daily workflows. Healthcare reimbursement is also impacted by regulations that require understanding and compliance. Exposing staff to guidelines outlined by the OIG, CMS, and other regulatory entities gives them a better understanding of the importance of their roles within the grand scheme of reimbursement, patient care, and compliance.”
Sponsored By: Inovalon (previously ABILITY Network)