Technology
A recent study by CAQH estimated the healthcare industry could save 122 billion dollars through expanded automation of processes. The same report stated follow up on insurance claims range from 3 – 17 minutes per claim. By incorporating Automated Claim Status in your AR follow up efforts you can… Reduce FTE cost by more than 40% Project cash more accurately Identify claims not present with payers Prevent timely filing Work denials more efficiently Learn More Doing more…
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Automation is not new to healthcare revenue cycle. For several years now companies have began introducing automation into healthcare. Typically, the slow adoption rate has been caused by limited IT resources and what was sometime considered lower ROI. “The juice wasn’t worth the squeeze” when considering the IT time required to adapt the automation when so many other areas demanded IT bandwidth. That all changes in 2022. So, what causes the change? Necessity. Most healthcare systems are…
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“Does it make a difference if it’s an extra day to get a letter?” Louis DeJoy, US Postmaster General, responded to questions about the USPS broader new 10-year strategic plan in February 2021. On average standard mail takes 1 to 4 days depending on where the mail is being delivered. With the new plan, less mail will be transported through the air. The projected regions to be most affected are Florida, Southern Texas, New England and the…
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2020 WAS A YEAR OF UNEXPECTED DIGITAL ENGAGEMENT THAT NO ONE COULD FORESEE. THE COVID-19 PANDEMIC HIT AND IMMEDIATELY CHANGED THE WAY THAT WE CONNECTED WITH FRIENDS, FAMILY, AND THE ENTIRE WORLD. DIGITAL TRANSFORMATION CATAPULTED FORWARD AT AN UNIMAGINABLE RATE. SOLUTIONS WERE BUILT OUT OF NECESSITY AND THE WORLD WAS CHANGED. END RESULT…A MUCH MORE DIGITALLY CAPABLE SOCIETY …AND WE AREN’T GOING BACK. Pre-COVID Factors First, let us take a look at factors that had begun to…
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In today’s reimbursement world, average denial rates among providers are greater than 10% with best practice being at or below 5%. So how do you effectively analyze and assign workflow to prevent timely filing for possible rebills or appeals; with some timely filings being as low as 60 days? TECHNOLOGY At Medco we utilize our proprietary RevSTAT software suite. RevSTAT utilizes contract management solutions and denial workflow based on granular denial code analysis to effectively identify trends causing…
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