Healthcare provider captive insurance arrangements represent approximately 15% of the global captive insurance market and are currently one of the largest growing sectors within the captive industry due to the changing risk landscape that healthcare organizations are facing. Approximately 75% of hospitals now have some form of alternative risk management in place for their professional [...]
No matter what specialties their physicians may have, healthcare practices must focus on collecting payments to remain profitable. Here are seven ways that practices can more accurately track patient collections. 1. Educate Personnel Personnel plays a significant role in the collection process. Delegating collection responsibilities to different staff members can improve a practice’s collection performance. [...]
Medical practices often look for ways to maximize operational efficiencies, and they often need professional assistance with their accounting records – monthly, quarterly, or annual. How can a practice that uses QuickBooks® accounting software save time and money? The answer is by using an often overlooked feature known as the QuickBooks Accountant’s Copy (QAC). It allows [...]
Rising healthcare costs have prompted consumers to increasingly choose high-deductible insurance plans. As a result, much of the healthcare industry is now driven by out-of-pocket costs rather than government or commercial payers. Therefore, healthcare providers must now focus on working directly with patients to settle their account balances. Watch as Kathleen Zuniga discusses [...]
The new revenue recognition standard could drastically changes how healthcare entities (particularly hospitals) recognize revenue – specifically, when and how much to recognize. Watch as Bryan Hall provides an overview of these changes, as well as the data that hospitals should begin collecting now to implement the new mandate.
The Five-Star Quality Rating System is designed to help consumers choose the best long-term care facility for their loved ones. As the tool undergoes significant changes, nursing homes must stay up-to-date so that they understand how they will bne evaluated going forward. Watch as Matt Taylor discusses some of these changes – such [...]
Long-term care facilities are also in constant pursuit of a much-desired five-star rating. The Centers for Medicare & Medicaid Services (CMS) developed the Five-Star Quality Rating System as a tool for consumers to compare nursing homes and make better-informed decisions. Consumers can visit the Medicare Nursing Home Compare website to research the ratings for different [...]
The Centers for Medicare & Medicaid Services (CMS) recently published their 2,434-page fiscal year 2017 Hospital Inpatient Prospective Payment System (IPPS) Final Rule. The hospital community eagerly anticipated this new arrival, especially its expected changes to Medicare disproportionate share hospital (DSH) payments. To illustrate the potential impact of the 2017 IPPS rule, we’ve highlighted three [...]
Participating in the Olympic Games can create career-defining moments for elite athletes. Similarly, healthcare providers that participate in alternative (or “value-based”) payment models can yield desirable benefits for themselves and their patients. These models are intended to incentivize a greater continuity and coordination of care between providers, leading to better patient outcomes at lower costs. [...]
In January 2015, the Centers for Medicare & Medicaid Services (CMS) released an initiative to quickly move the Medicare payment system away from traditional fee-for-service reimbursements and toward those linked to value and quality – including alternative (or value-based) payment models. Most, if not all, healthcare providers are at least partially affected by these models. [...]
For many hospitals and facilities with large amounts of uninsured and Medicaid patient volume, Medicare disproportionate share hospital (DSH) payments have long been a vital and irreplaceable component of their overall reimbursement equation. While the Centers for Medicare & Medicaid Services (CMS) has been discussing potential changes to the Medicare DSH calculation methodology for several [...]
Nursing Home ACA PBJ Reporting is Getting Messier, But Here’s a Recipe for Success While peanut butter and jelly sandwiches are not mentioned in the Patient Protection and Affordable Care Act (ACA), almost everyone knows that individual and employer sponsored health insurance mandates are. However, many people often do not realize that many other healthcare [...]
Healthcare cost reports not only satisfy regulatory requirements, but they can also yield beneficial information to help healthcare providers increase transparency with patients. Watch Bart McCurley as he discusses three ways in which healthcare cost reports can provide greater organizational value.
As transparency becomes more important in the healthcare industry, consumers will pay more attention to provider ratings when deciding where to receive medical services. Watch Bryan Hall describe how hospitals can use rating systems to their advantage.
With the increased focus on quality in the healthcare industry, organizations that prioritize quality patient care can reap important financial benefits. Watch as Rodney Thornton discusses how quality can help physician practices increase revenue.
In response to rising demand and costs in the post-acute care market, the U.S. Department of Health and Human Services is exploring value-based payment options for post-acute care providers. Watch Jennifer Hamway as she explains the role of value-based payments in patient care.
Physician compensation models are more art than science. While two basic models dominate within the industry, it's very common for medical practices to tailor compensation plans to meet their specific needs. Dale Cooper discusses trends in physician compensation models and the popularity of a hybrid compensation model.
The Centers for Medicare & Medicaid Services (CMS) established the recovery audit program (commonly known as RAC audits) to identify and correct improper Medicare payments. Unfortunately, third-party auditors are compensated on the amount of funds they recover, which leads to interpretations that often aren't favorable to healthcare entities. Watch Doug Berry discuss what [...]
Downward pressure on reimbursements continues to affect the bottom line revenue in the healthcare industry. As a result, healthcare entities are tasked with cutting expenses to maintain profit margins. Watch Bryan Hall discuss healthcare challenges - and why staffing, vendor benchmarking, and contract management are more important to healthcare entities than ever before. [...]
Medical practices seek effective ways to prepare for the arrival of new patients receiving healthcare coverage through the Affordable Care Act’s (ACA’s) new Health Insurance Marketplaces and expanded Medicaid programs. Non-physician providers (NPPs), including nurse practitioners, nurse midwives, physician assistants, and physical therapists can provide much-needed support in this new healthcare era. However, for NPPs [...]