Fortune Business Insights Pvt. Ltd. 2 years Indraprastha Apollo Hospitals releases first “Comprehensive Textbook of COVID-19” Read Article HGS recovers $1 billion in denied insurance payments healthcare systemsHinduja Global SolutionsInsuranceinsurance claims News Related Posts Revenue cycle management, better known as RCM, is a business process that allows healthcare companies to be paid for providing services. For most healthcare service providers, RCM is available right from the process of pre-registering a patient all the way through the collection of final payment. Efficiency and time management play vital roles in RCM. A healthcare provider’s choice of electronic health record (EHR) can often be largely centered on how its RCM is deployed.The implementation of RCM in a particular healthcare company is a lengthy process. The company has to submit all the documents of its patient to the in-house staff or RCM vendor, who will then code the charts according to the ICD-10 CM. Afterward, the claims are posted, submitted, and adjudicated by the payer. If a claim is rejected, steps are taken to resubmit and adjust it before the deadline of appeal. Then the patient cycle is initiated if there is a patient responsibility portion following adjudication. Nowadays, numerous RCM vendors are providing coding benchmarking, managed-care contracting, analytics, and coding education services to capture all the earned revenue for a practice. No matter the size of a hospital, health system, or practice, failure to prioritize and maintain revenue collection efforts and RCM can hinder growth, create an uncertain financial failure, and increase operational risk.As per Fortune Business Insights the market is anticipated to reach USD 216,990.6 Million by 2026, exhibiting a CAGR of 12.4% in the forecast period. But, the RCM market was valued at USD 86,811.4 Million in 2018.Why is Revenue Cycle Management a Complex Procedure?The focus of several healthcare service providers is on offering top-notch care to their growing patient population. However, attention must also be paid to the financial solvency of the business to make sure that a hospital will be able to provide the same level of care in the upcoming years. Doctors and physicians are persistently faced with the challenge of providing cost-effective care to the patients while witnessing annual increase in administrative and care-delivery costs. Maintaining healthy accounts, preventing and reducing unpaid claims, reducing inefficient billing and coding processes, and enhancing point-of-service collections can severely impact profit margins.The task of preventing unpaid claims to witness the greatest profit margins is strenuous, considering the nature of healthcare. The healthcare sector is complex as the price to offer services is shouldered by the organizations even before those services are paid either by the patient or the insurance companies. But the claims process is time-consuming. It can take months before a bill is paid in full. According to a survey, more than 95% of medical practice leaders reported inadequate billing processes. The majority of the leaders executed backup efforts to resolve the process by the end of the year. Besides, an inclination towards direct patient responsibility with high deductible health plans from commercial payer reimbursement supports the fact that healthcare service providers must closely examine their RCM and evaluate the methods to achieve multiple benefits.Source: https://www.fortunebusinessinsights.com/industry-reports/revenue-cycle-management-market-100275 Comments (1) Share Heartfulness group of organisations launches ‘Healthcare by Heartfulness’ COVID care app Menopause to become the next game-changer in global femtech solutions industry by 2025 WHO tri-regional policy dialogue seeks solutions to challenges facing international mobility of health professionals Add Comment The payments will contribute up to 5 per cent to healthcare systems’ bottom lineHinduja Global Solutions (HGS) recently announced it has recovered $1 billion in denied insurance payments on behalf of healthcare systems, a major milestone in what are some of providers’ toughest claims.“As macroeconomic headwinds continue to impact the US healthcare market, providers often struggle to walk the fine line between the push for healthier patient outcomes and an unsustainable cost structure. At the same time, the provider revenue cycle is becoming increasingly complex. Providers need a strong partner to help them pursue smaller insurance claims properly and recover payments that go right back to their bottom line. We’re thrilled to have reached the $1 billion milestone and recover some of the toughest claims for our provider customers,” said Dan Schulte, Senior Vice President, HGS Healthcare.The average hospital costs must fall 24 per cent by 2022 in order for healthcare systems to break even, a recent Black Book Market Research survey found. By getting denied insurance claims adjudicated, properly appealed and collected, HGS is able to contribute up to 5 per cent to healthcare systems’ bottom line.Having strong relationships with both payers and providers, HGS brings unique and in-depth expertise to provider revenue cycle management. To-date, the company has collected more than $3 billion in accounts receivable on behalf of healthcare systems. 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Email A majority of people surveyed in the Somers-Lakeside school district is opposed to sending students to a potential new middle school in Kalispell.According to the results of a survey sent to district residents over the last month, 71 percent are against entering into an interlocal agreement with Kalispell School District 5. The deal would send an estimated 150-180 middle school students to a new facility planned on the south end of Kalispell.Of those surveyed, 87 percent said they would rather support a construction bond to retrofit Somers Middle School, which was built in the early 1950s and last upgraded in the 1990s.A total of 229 people filled out the survey, according to Somers-Lakeside School Superintendent Paul Jenkins.The school board plans to decide whether to sign the interlocal agreement at its meeting on May 25, Jenkins said.“It’s a very, very difficult decision,” Jenkins said. “The board, to their credit, has stayed neutral. They’ve listened and they’re going to weigh every factor and every variable. They need to do what’s best for the students.”Kalispell’s school district is in the final stages of a yearlong process to address overcrowding and persistent growth by building three new elementary sites, including a new middle school, and upgrading the existing facilities. A planning committee is slated to present its final recommendations to the school board next month and a bond request is likely to go out to voters in fall.During the last 12 months, Kalispell has discussed the agreement with the Somers-Lakeside district, which has an aging middle school in need of repairs and could help offset costs for Kalispell’s new facility.At the heart of the decision is whether to send roughly 150 middle-school students — and approximately $1 million in state funding — to Kalispell. Families could benefit from a new school with more course offerings. But the agreement would effectively close Somers Middle School, leaving the facility with an unknown fate while also impacting 16 teachers. School officials have said the teachers could apply in Kalispell but there would not be any guaranteed positions. Any teachers hired in Kalispell could also face a pay cut as they enter into a new district with a different pay structure.Somers-Lakeside administrators would have to weigh whether they could afford to keep the middle school facility open as an elementary site with the lost revenue from students going to Kalispell, Jenkins said.Families would still be able to choose where to send their students but would have to pay a $350 annual tuition to attend Kalispell’s new middle school. The other nearby option would be Bigfork, which does not charge an out-of-district tuition.Somers-Lakeside is likely to face impacts either way. The addition of a new school in south Kalispell could draw elementary students from Lakeside. Even without the interlocal agreement, some families may still send their students to the middle school in Kalispell, taking state revenue with them. This would create an unknown financial impact to Somers-Lakeside, which has historically struggled to gain voter-approval for bonds or levies. Last year voters did approve a general fund mill levy worth $185,000 annually, the first successful levy in the district since 2006.Now the prospect of an agreement with Kalispell appears to have galvanized support within the district to keep the current structure intact.“Maybe this will motivate or inspire the community to save our schools and our programs,” Jenkins said. “We have some fine middle school programs down here and some fine teachers supporting them.” Stay Connected with the Daily Roundup. Sign up for our newsletter and get the best of the Beacon delivered every day to your inbox.
COMMENT Associated Press Television News FOLLOW US WATCH US LIVE SUBSCRIBE TO US IndyCar’s virtual return to Michigan International Speedway mimicked the U.S. 500 at the start, when the current open-wheel racing stars mismanaged the green flag and triggered a spectacular crash.The accident in the opening seconds of the Chevrolet 275 iRacing event gave Saturday’s latest event a throwback feel. When CART fractured and IndyCar was born, the CART teams boycotted the Indianapolis 500 and instead raced at Michigan. The alternative 1996 race opened with a huge wreck that only punctuated the absurdity of the split in American open-wheel racing.So when multiple cars crashed before even reaching the virtual start/finish line, IndyCar was briefly scrambling for the reset button.“Stay with us, guys! Stay with us!” driver Conor Daly pleaded on his streaming service as iRacing officials sorted out the mess.“It’s going to be great. Once the McLaren cars have crashed,” promised Daly.The virtual cleanup took time as drivers lobbied race control to delay the green so they could finish their tow and rejoin the field. An official finally told them to be quiet.“The show is more important than where you guys finish in the race. I’m sorry, we will debrief after the race,” the drivers were told by an iRacing official, who added no more cautions would be called.And so they tried again with the third round of this virtual racing series created to give IndyCar content during the sports shutdown from the coronavirus pandemic. IndyCar’s season was suspended 48 hours before its scheduled opener.Michigan marked the first oval track on IndyCar’s virtual schedule and reigning Indianapolis 500 winner Simon Pagenaud won the race. IndyCar has not actually raced at Michigan since 2007, and only five of the drivers in the virtual return had ever raced the track before.“This is the most stressful I’ve ever felt in a race car,” Pagenaud said without a hint of sarcasm.He competed wearing his actual firesuit and his wife handed him a bottle of congratulatory champagne as the Frenchman took the virtual checkered flag.The race featured a a guest appearance from avid iRacer and new NASCAR Hall of Fame nominee Dale Earnhardt Jr., who lobbied for an invite and received one from IndyCar to join the field. As he slid in to his simulator for the race, broadcast live on NBC Sports, his gaming skills and experience at Michigan showed.Earnhardt finished a surprising third, behind the Team Penske duo of Pagenaud and Scott McLaughlin, winner of last week’s iRacing event at virtual Barber Motorsports Park in Alabama.“I was trying at the end to hold off Dale Jr. — I never thought I’d say that,” said McLaughlin, the Australian V8 SuperCars champion competing from a simulator in Brisbane at daybreak local time.Earnhardt saved fuel and used patience to score a podium finish.“I had fun racing all those guys, a lot of them were pretty ticked off how the strategy worked out after that crash,” Earnhardt said. “The fastest cars probably didn’t win today, and the best SIM racers probably didn’t win today.”Earnhardt said he’d compete in an IndyCar iRace again, especially if its an oval, and he lobbied for both Daytona and Indianapolis.NASCAR seven-time champion Jimmie Johnson did not play for the first week. Johnson entered the first two IndyCar events as he plans for future real IndyCar racing, but he’s said he won’t race ovals in an Indy car in real life — a sentiment that apparently carried over to his simulated car.The field had a whopping 31 entrants, the most yet in this series, as Andretti Autosport got its full driver lineup into the race. Marco Andretti and Ryan Hunter-Reay made their IndyCar iRacing debuts Saturday, along with James Davison and Max Chilton, who stopped racing ovals in real life in the middle of last season.Robert Wickens was in the field for the second straight week after initial issues in getting him a simulator and steering wheel he could control with his hands. Wickens injured his spinal cord in a 2018 crash and needed a special wheel to be able to participate. Max Papis’ company sent him one that he was able to connect to use at Michigan for a 26th-place finish.Sage Karam won IndyCar’s first iRacing event and led the most laps at Michigan but pitted from the lead for fuel with 14 laps remaining. Will Power inherited the lead but also had to stop, and Pageanuad pounced into the lead. First Published: 12th April, 2020 03:29 IST Last Updated: 12th April, 2020 03:29 IST Simon Pagenaud Wins IndyCar’s First Virtual Race On An Oval IndyCar’s virtual return to Michigan International Speedway mimicked the U.S. 500 at the start, when the current open-wheel racing stars mismanaged the green flag and triggered a spectacular crash. LIVE TV Written By