A recent study by a financial analysis team at the Advisory Board concluded that the average 350-bed hospital misses $22 million in lost revenue capture opportunities per year. With hospital margins often hovering near breakeven, that is $22 million in lost dollars that are sorely needed to shore up the bottom line. The reason hospitals […]
Average Hospital Leaving $22 Million On The Table Read More »
In today’s healthcare environment, it’s more important than ever to maximize the revenue your hospital is receiving for each procedure. Hospitals are being squeezed from both ends – declining reimbursements and increasing supply costs for more complex medical devices. Research shows that the average 350-bed hospital is missing $22 million in revenue capture opportunities per
Are You Maximizing Your Revenue Per Procedure? Read More »
An increasing number of hospitals are turning to outsourced providers of complex claims management to help manage their hardest to collect dollars. The number of complex claims outsourced to specialists reached 39.8% in the 3rd quarter of 2016 – up from 20.4% in 2014. These complex claims typically take up an outsized portion of in-house
Outsourcing of Complex Claims on the Upswing Read More »
The Department of Health and Human Services’ Office of Inspector General (OIG) recently released the report of its findings from an audit conducted at Abbott Northwestern Hospital in Minneapolis, MN. Based on a review of 162 claims from 2013 and 2014, the OIG found a potential of $933,991 in over payments. Extrapolated over the 2-year
OIG Audit of Abbott Northwestern Hospital Turns Up $8 Million in Medicare Overpayments Read More »
What is Case Mix Index (CMI)? Medicare and Medicaid created a CMI score to help properly reimburse hospitals for services provided to inpatients (CMI doesn’t apply to outpatients). The CMI is an attempt to measure the resources needed to provide proper care for patients. An article from Health Leaders Media titled CDI Programs Drive Up Case
Increase Surgical Revenue – Part 3 of 3 (Case Mix Index) Read More »
In the past and for most of healthcare today, inventory has been managed independently from the rest of the business of providing healthcare. Recent articles ( 7 Reasons to Merge Revenue Cycle and Supply Chain Management ) have suggested the benefits of combining supply chain and revenue cycle. When you step back and look at
Increase Surgical Revenue – Part 1 of 3 (Charge Capture) Read More »
With the close of the fiscal year quarter, the Centers for Medicare & Medicaid Services has again released statistics for the amount of overpayments and underpayments. The latest report shows that the trend continues to point upward, as CMS has once again corrected more improper payments than the previous quarter, this time to the tune
Daily Dose: CMS Audit Recovers $700M of Improper Payments Read More »
Massachusetts General Hospital (MGH), a 1,000-bed teaching hospital of Harvard Medical School, and recent recipient of the #1 ranking in US News & World Reports 2012 Best Hospitals is expanding its use of radio frequency identification for surgical supply & implant tracking. Robert M. Sheridan, the director of interventional radiology spoke about the key decisions
Massachusetts General Shares Keys To Success at RFID in Healthcare 2012 Read More »
The March issue of the Journal of the American College of Radiology (JACR) features a non sponsored independent research study conducted at Massachusetts General Hospital. The article titled: Radio Frequency Identification (RFID) for Inventory Management in Neurointerventional Practice, seeks to highlight potential financial advantages, benefits to quality and safety as well as increases in staff
1) Missed charges: Hospitals with traditional paper based logging systems typically miss charges on upwards of 30% of total billable items used in cases. Even more interesting is the fact that hospitals with bar code-based inventory management systems have not solved this problem. Massachusetts General Hospital was actually able to achieve a 20% increase in
The Top 5 Reasons Your Hospital’s Operating Room is Leaking Cash Read More »