Blog Posts by Tag: Medical Device - Remote Patient Monitoring
No Surprises Act: 4 Key Steps to Providing Good Faith Estimates
The No Surprises Act protects patients from receiving a surprise medical bill by prohibiting balance billing and requiring providers to provide good faith estimates (GFE) of services. A GFE should be provided to all patients who are uninsured and should include all services expected to be provided by both primary and co-providers.While the legislation went into effect on January 1, 2021, HHS did...
Optimizing Patient and Payor Payments with Patient Responsibility Estimator Tool
In 2021, the total US out-of-pocket healthcare patient spending increased by 10% from the previous year and is expected to continue to increase by 9.9% annually through 20231. An increase in a patient’s financial responsibility is a growing problem in healthcare and is driven by several factors including: Payors shifting a larger portion of the payment to patient responsibility, on average...
Best Practice to Maximize Patient Collections Now that the HRSA COVID-19 Uninsured Program has Ended
On March 15, 2022, the Health Resources and Services Administration (HRSA) announced that the Uninsured Program would stop accepting claims as it had exhausted its federal pandemic funding. In the COVID-19 Uninsured Program Shutdown FAQs, HRSA stated: Claims submitted after March 22 for COVID-19 testing and treatment, and after April 5 for vaccination will not be adjudicated for payment. ...
Tips for Medical Device and Remote Patient Monitoring Companies for Getting Your Foot in the Door with Payors
When you develop a new medical device or remote patient monitoring service, inevitably in your launch planning you come to the question of which of the following must happen first: Physicians must prescribe your new product or service and show market demand to get payors to cover it. OR You must get payors to cover it (through a payor contract) so that physicians will prescribe it and...
Preparing for the Next Phase of Virtual Care and Remote Patient Monitoring
Tina VossProduct Marketing Manager, XIFIN Melanie PhanProduct Marketing, XIFIN On July 15, 2022, the COVID-19 federal Public Health Emergency (PHE) was extended for an additional ninety (90) days. Many wonder when the PHE extension will end and what that will mean for virtual care and remote...
How Real-Time Connectivity Can Drive Revenue, Reduce Cost, and Increase Client Satisfaction
In today’s healthcare environment, there is a lot of uncertainty about what revenue will look like in the face of declining reimbursement, increasing payor denials, and staffing shortages. At the same time, there are greater expectations on the workforce to comply with regulations and payor reimbursement requirements, which can differ by payor and state. Therefore, it is essential for healthcare...
New Market Dynamics Poised to Reshape Clinical Lab Services and the Role of the Pharmacy
In May, I had the privilege of addressing the audience at the National Independent Laboratory Association (NILA) Lab Leaders Forum to discuss the market dynamics that are reshaping clinical laboratory and pharmacy services. This blog provides a summary of several of these important trends.The healthcare industry continues to experience a data explosion. Industry leaders are combining claim data,...
Things to Consider When Moving to an Insurance-Based Reimbursement Model for Remote Patient Monitoring and Medical Devices
Negotiating payment agreements with commercial and government payors can increase both your market share and your revenue substantially. But it can be challenging for smaller or newer medical device or remote patient monitoring companies and IDTFs to get the attention of large payors. One way to help this is to have a well-articulated, compelling value proposition, such as filling a known gap in...
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