Posts Tagged Revenue Cycle Management
Evaluating an EMR? Use the opportunity to assess your overarching technology solution
Posted by Jim Denny in EMR, Infrastructure, Practice Management System on November 20th, 2009
The prospect of obtaining stimulus funding has, not surprisingly, created an environment of intense focus on EMRs. While that’s OK, I see a distinct limitation in looking at EMRs, practice management systems (PMS) and other applications as isolated pieces of hardware/software. Instead, I think the current atmosphere provides many practices the opportunity to step into completely new systems, with a completely new way of viewing the components.
Rather than contemplating an EMR purchase or PMS evaluation in the context of “what’s available,” consider how well these technologies will serve as your platform from which to custom-build, taking into account future needs as well as current.
It is similar to when, as a teenager, I went to buy my first stereo system. I saved up, went to the store, and there they helped me design my own system to suit my listening style. Two speakers or four? Turntable or tape player? Headphones? The stereo store catered to my taste, my music, my needs – and I ended up with a system that was perfect for me. Read the rest of this entry »
Cost survey underscores the magnitude of revenue cycle management
Posted by Craig Bridge in Revenue Cycle Management on October 8th, 2009
Perhaps it is just another survey confirming what we already know: That the tough economic times are taking a toll on medical practice revenue.
But perhaps not. Maybe there is something more we can garner from the release a few days ago of the Medical Group Management Association (MGMA) Cost Survey: 2009 Reports Based on 2008 Data.
According to the survey, multispecialty group practices saw a 1.9% decline in total medical revenue last year. Practices tried to counter the profit bleed by cutting overhead costs, but those reductions were not enough to cover shrinking revenue.
Other key survey indicators appear equally dismal:
- 9.9% drop in procedures performed;
- 11.3% decline in the number of patients seen over a two-year period;
- 13% rise in bad debt over that same two years.
You can read all of the details in the MGMA news release. But meanwhile, it’s imperative for us to ask what these numbers really indicate. What is the take-home message? That it is impossible to run a profitable medical practice in a bad economy? Read the rest of this entry »
Medical automation benefits practice operations and revenue management, as well as care delivery
Posted by Fred Christian in Medical Automation, Revenue Cycle Management on September 23rd, 2009
Human beings continually search for better, easier ways to get things done – in the field of healthcare and elsewhere. We’ve been advancing the concept of medical technology since the first x-ray was recognized as a useful diagnostic tool. From the simple electronic blood pressure cuffs now found in almost any grocery store to complex robotic arms used by skilled surgeons, we continue to see an explosion in medical automation.
And the upsurge isn’t limited to clinically-focused technology. It also encompasses software and systems that streamline front- and back-end operations, improving both patient flow and revenue cycle management.
A recent article in Healthcare Finance News, in fact, drove home the importance technology plays throughout the value chain. The report states that the medical automation technology market – today worth $13.1 billion – is forecast to grow 77% to $23.2 billion in just five short years. Read the rest of this entry »
Getting your hands on critical business intelligence
Posted by Ken Bradley in ARRA/Stimulus, Business Intelligence, EMR, Revenue Cycle Management on August 19th, 2009
The ARRA’s focus on physician adoption of EMR technology, with its emphasis on implementation deadlines and reimbursement incentives, has dominated headlines to date.
But just as important – if not more – is the legislation’s directive that healthcare providers select systems that promote clinical interoperability and data transfer.
Most physicians and practice managers who have made the transition to EMR will tell you their systems capture plenty of information – overwhelming amounts, in some cases. The problem lies not in collecting data, but in how effectively it is shared and ultimately used. Read the rest of this entry »