In healthcare today, a common cause of heartburn might not be diet based, as you would typically expect. The answer today would probably be the highly anticipated transition to ICD-10 (insert nervous laughter here).
All jokes aside, ICD-10 is serious. However in the case of ICD-10, it is going to happen, and cannot be avoided. Revenue cycle management and billing teams will carry a large portion of the burden – working with new codes, trying to keep denial rates as low as possible while keeping administrative performance steady.
One way to manage the chaos is to leverage comparative analytics – to know where you stand based on internal and external data. Comparative benchmarking is a proven method that gives you the insights to drive process improvement and business optimization.
We are thrilled to share our recently published article in the July/August issue of HMBA Billing Boost Your Business with Benchmarking, where we discuss benchmarking best practices, the benefits it can provide and actionable outcomes.
To read the full article please login to HBMA B...
www.allscripts.com/ace2015 to learn more and register.
Overall Market Denials vs. Endocrinology
RemitDATA, in partnership with Physicians Practice magazine, delivers analysis of medical claims data and denial trends for the physician practice market.
The analysis generates a list of the top five denial codes across the entire market and also for a particular specialty. This month focuses on Endocrinology.
Endocrinology and the overall market rankings for March and April 2015 share three of the top five denied procedure codes.
Procedure codes 82962 (Glucose blood test) and 83036 (Glycosylated hemoglobin test) appear only on the Endocrinology top-five list. These are high-volume procedures for Endocrinology practices. Uncovering the reasons behind these denials is important and resolving the denials can help a practice reduce their denials and improve their cash flow.
Endocrinology: Comparison of 2014 and 2015 Data
Last year, RemitDATA performed a similar analysis on the endocrinology specialty using June 2014 claims data. The top-five lists for t...more
The benefit of bundled pricing in today’s healthcare market is explored in an article by RemitDATA’s Brad Hill. Posted on Healthcare Payer News, Hill illustrates how bundled pricing is a technique that empowers payers to address high cost procedures and reduce their medical cost of care.
With bundled pricing, procedures such as an MRI or an entire episode – a joint replacement — can be priced at a flat “bundled” rate to help payers and patients better control costs. Bundled pricing strategies provide a consistent and measurable methodology to identify which aspect of the service or procedure is driving up the cost. With this level of transparency, payers have more information at their fingertips to better educate their members to make value-based choices. This consumer-driven model reduces costs and encourages providers to offer competitive fees.
Read the full article here to learn how payers can benefit from implementing a bundled pricing strategy.
Preparation for the ICD-10 transition is critical. The challenge is, determining what steps to take ensure a smooth transition. You’ve probably been inundated with mounds of information and it’s becoming white noise. But have no fear.
Let’s start off by stating a simple fact. No matter what, every healthcare entity will most likely experience some form of latency – whether it be a slight increase in claim denials, or a slight increase in claim errors for a short time.
The trick is, to understand and eliminate the challenges you are facing today so you can come up with a game plan for how to address the issues that arise with ICD-10.
To help you figure out some steps to take, we have created a simple infographic – designed to help you understand the possible impacts the ICD-10 transition might have on your business and how you can keep those challenges to a bare minimum with comparative analytics.
Check it out! more
It seems that every year, managing the revenue cycle process is becoming more and more complicated for healthcare organizations. There are so many nuances that go into the process – coding claims, the impact of ICD-10 (coming in October), and mis-informed communications. Managing this process internally becomes incredibly cumbersome and is taxing on everyone.
In one of our recent whitepapers, Revenue Cycle Services: Put your data to work for you and your clients, we discuss the increasing trend of outsourcing revenue cycle services.
In support of this trend, many revenue cycle service companies are implementing and offering comparative analytics solutions to increase transparency into the revenue cycle process to help improve operations – for themselves and their clients.
Based on research, slightly more than 80 percent of physician practices (whether networked, independent or part of a large group or hospital system) anticipate declining-to-negative profitability in 2015 due to diminishing reimbursements and underutilized or inefficient billing and records te...
We are excited to announce that RemitDATA is honored as one of Dallas Business Journal’s Top 100 Best Places to Work in 2015. These top 100 companies were recognized at a special awards luncheon where RemitDATA ranked 12th in the small business category, one of five categories in the competition.
We are extremely humbled to receive this honor next to so many amazing organizations in the DFW area and even more so that our rank was based on a survey given to RemitDATA employees.
As part of the assessment the Dallas Business Journal asked companies to define their organization in 5 words. At RemitDATA, the five words that best describe our company (our employees) are: Agile, Collaborative, Energetic, Entrepreneurial and Motivated. Need we say more? It is a privilege to work among a group of people defined this way.
The Top 100 companies of 2015 were also asked to describe a super hero that defines their office and why? We chose Ant Man and here is why.
Ant Man (based on the Marvel comic book super hero) is, above all, smart. He knows how to use his mind to...