Blog Posts by Tag: Outsourced Billing
Using EHRs or Enterprise Systems for Revenue Cycle Management of Ancillary and Ambulatory Services? Your Revenue is Being Negatively Impacted
Electronic health record (EHR), enterprise systems, and other practice management software fail to support the unique RCM needs of ancillary and ambulatory services. Lacking the appropriate RCM tools and solutions prohibits these valuable services from having visibility into their RCM processes and being fully reimbursed for the services they provide. As an example, MercyOne Des Moines opted to...
COVID-19 Puts a Spotlight on Billing DIY versus Outsourcing
As the economy starts to reopen and elective healthcare activities increase, hospital ancillary services, outreach programs, pathology practices, IDTF/remote patient monitoring companies, and independent labs must be ready to handle the volume surge. XIFIN’s Lab Volume Index data indicates a steady upward trend in lab volume; routine testing has already rebounded to nearly 80% of pre-COVID levels...
Amid Chaos — Big Changes Can Create Future Opportunity and Resilience
Unquestionably, the COVID-19 pandemic has had a significant impact on the diagnostic industry. Whether you manage a hospital outreach program, pathology practice, remote patient monitoring company, or an independent lab with a broad test menu – volumes have been reduced dramatically with the cancellation of elective procedures. As the XIFIN Laboratory Volume Index reveals, some diagnostic...
Deciding to Outsource Your Revenue Cycle Management (RCM) or Do it Yourself? Key Considerations
Achieving operational efficiency throughout a hospital, health system, independent laboratory, or independent diagnostic testing facility (IDTF) is an important criterion to ensure success. Diagnostic leaders know that by gaining efficiency and effectiveness in their revenue cycle management (RCM) processes and improving cash collections, they can significantly improve the profitability of the...
The Importance of Lab-Specific Revenue Cycle Management for Hospital Labs
As a laboratory leader, you understand the value and impact of the patient care data you generate for hospital and community patients. On the business side of things, however, you aren’t always provided with the appropriate tools and visibility to position the lab to also be a profitable business entity. The time is now to challenge your current revenue cycle situation, including system...
The Impact of Hospital and Outreach Laboratory Revenue Cycle Management Incentive Misalignment
Many hospital finance leaders think they are collecting at a higher rate than they actually are since write-offs appear as an adjustment to revenue. At the same time, they try to maximize the value of their revenue cycle management (RCM) technology investments and workforce by requiring the outreach laboratory claims to be handled by the same team and systems as the hospital and health...
More Leading Hospital Laboratories Are Outsourcing Revenue Cycle Management
As value-based care initiatives and reform continue to put pressure on hospitals to decrease inpatient volumes, achieve outcomes goals, and provide cost-effective care, clinical services outsourcing is becoming a necessity. At the same time, based on XIFIN customer analysis, many hospital laboratories fail to capture as much as 30% of the revenue that is due to them. This is especially true...
Black Book Market Research Survey Shows Sharp Rise in Clinical Outsourcing Partnerships
Are you thinking of outsourcing your billing and revenue cycle? Well, you're not alone — A recent Black Book Market Research survey reveals a sharp increase in clinical outsourcing partnerships due to the pressures of value-based care reforms.The survey said the top two reasons for outsourcing services are cost savings/avoidance (selected by 85% of respondents) and the expertise of the...
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