Business as Usual? Preparing for Value-Based Healthcare
To ACA or to ACHA? That is the trillion-dollar question. As the healthcare industry awaits looming policy changes, one area that does appear to be immune from the ongoing healthcare policy battle is the move away from fee-for-service to value-based care.
Whatever policy moves are made, healthcare organizations should ensure business processes are ready for value. From creating key benchmarks to see how they measure up to peers to analyzing claims denials, organizations should be getting their houses in order. Comparative analytics is one way to help practices analyze revenue cycles ready for any change that comes along.
Check out our article for tips on preparing for value in your practice.
End of ICD-10 Grace Period: What the Data Reveals
We’re well into the new year, and roughly five months into the post-ICD-10 grace period. While data is still rolling in, what is the data revealing with respect to claims so far?
Overall, things are going very well. Providers appear to be getting paid faster, with fewer denials, and are realizing lower processing time.
Total claims processing time appears to be cut in half from pre-ICD-10 days, with total processing time of 26 days as of the end of Q4 2016, down from 45 days in Q4 2014 (pre-ICD-10) and 44 days during Q4 2015, which was in the midst of ICD-10.
Providers also appear to be getting paid faster than before ICD-10 went into effect, with nearly 74 percent of claims being paid within 30 days (up from 65.5 percent pre-ICD-10, and 62 percent immediately following ICD-10 implementation).
Denied claims are down just slightly, from 15.4 percent pre-ICD-10 to 13.8 percent post-grace period.
And while our stats are likely to continue to change over the coming months as claims continue to roll in, one could probably conclude that the healthcare industry took ICD-10 preparation to heart and were well prepared to accommodate the thousands of new codes resulting from ICD-10.
We will continue to keep you apprised as new data rolls in.
Healthcare IT: A Constant Among Uncertainty
The idea of change within the healthcare industry is nothing new. We’re used to change, but that doesn’t make it any easier to adapt. In the past few years, we’ve seen many initiatives invoke change in healthcare, particularly in administration and revenue cycle management – from the Affordable Care Act (ACA) and the need for alternative payment models to ICD-10 and MACRA. As we launch into 2017, even more change and uncertainty are upon us with the repeal of the ACA.
Despite the change and uncertainty, there is a constant you can turn to in this digital age: Information Technology (IT). Thanks to incredible innovation and advances made in healthcare IT, data and analytics, we have been able to adapt to change and break the barriers of uncertainty.
So, how can we look at something like IT and data analytics as the constant among these waves of change? The first trick is to remember that technology and data are simply tools to help us, not hinder. The second trick is to find a solution that will enable you to use these tools to your advantage.
That’s where we (RemitDATA) come in.
So, as you head to HIMSS 2017, embrace all the advances in technology. They were built with your business (and your customers’) needs in mind.
In RemitDATA’s case, our goal is to show you:
- How simple it can be to leverage data (your own or your clients’) to help accelerate business growth in spite of any changes that may come.
- How comparative data solutions could be an additional revenue stream for your sales channels
- How comparative data solutions can help to win more business and strengthen your customer relationships
Let us show you.
The best way to understand how comparative data can help improve the revenue cycle process and help improve your or your customers’ bottom line is to visit us at HIMSS 2017 in Orlando, Florida at Booth #5847.
In a matter of minutes, you will witness what comparative data analytics solutions can do!
If you’re anxious to learn more now, you can get a quick preview of what we can do by viewing one of these short use cases for payers, providers and billing companies in our Knowledge Center.
Also, be sure to check out our Compare Your Data page! See denial rates by specialty in your state and how they compare to the industry average! How do you compare?
See you in Florida!
See How You Compare and Win at Medtrade 2017!
We’re gearing up for Medtrade 2017! We have been following trends around the DME and Medical supply market to stay on top of what is important to YOU.
Lately, it seems more difficult than ever before to stay in control of your bottom line and maintain transparency between organizations. Competition in this market (as you know) is fierce. To stay ahead of the game, the trick is to understand your metrics and how they measure up against your peers/competition.
Quick example: Did you know the national claim denial rate for the DME and Medical Supply market decreased from 17.47% to 16.91%. If your business’ claim denial average was higher than the national average, it would likely raise some red flags? Do you have solutions to help you quickly take action?
That is what the power of comparative data analytics can do for you. With this kind of insight you can:
- Set benchmarks for success
- Apply intelligent actions to achieve your business goals
- Ensure customer satisfaction
- Stay ahead of the competition
The steps to gain this knowledge is simple, and it starts with one very easy and encouraging step. First, check out how you compare so you can begin the process to identify inefficiency gaps in administration and revenue cycle management.
Next, when you get to Medtrade Spring 2017, come by the RemitDATA booth #832 and we will show you how you can compare, and begin to drive your business forward.
Just for stopping by, you will receive a $10 Poker Chip that can be used at the Mandalay Bay Casino (while supplies last), and be entered in for a chance to win a $100 Amex Gift Card.
If you are ready for more now, please contact us today to speak with a RemitDATA solutions expert and get ready for a very successful year!