The Greenway Blog

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ICD-10 transition: How to protect your practice from revenue loss

medical-billing-revenue-cycleThe Oct. 1, 2015, transition to ICD-10 will affect practice revenue — however, whether that impact is positive or negative depends on you. Inadequate training can lead to coding errors and reimbursement delays, increased workloads may require additional staff and failure to test with payers can cause a lag in payments.

But with proper preparation, you can minimize ICD-10’s threat to your revenue and profitability.

Working with a revenue cycle management (RCM) service can help your practice prepare for the transition by providing you with financial insights and strategies to remain profitable. Here are three essential steps your practice and your RCM service should take now. Read more

Precision medicine: Technology is key to tapping into the power of genetics-based medicine

precision-medicine-geneticsHealthcare trend spotters say precision medicine might be what next paves the way for big gains in healthcare, promising that through genetics, physicians can find and deliver the right treatment at the right time — every time — for each individual patient.

But not every provider is a geneticist or knows how to interpret genetic information. So if the Precision Medicine Initiative, a landmark proposal announced by President Obama in January, is going to be anything more than a trend and bring important new therapies to patients in need, there has to be a way to translate complex genetic data to information that everyday providers can meaningfully use.

The answer can be found in technology — specifically, in the shape of new decision support tools that integrate with current electronic health records (EHRs). Read more

ICD-10: Timing is everything [PODCAST]

Nancy EnosAs the transition to ICD-10 gets closer, there are many actions your practice needs to take to prepare: implementing the right technology, training your staff and testing with payers, to name a few.

But none of these preparations will be effective if you don’t take one overarching factor into consideration: timing. As simple as that may sound, there’s more to timing your preparations than the ultimate date of Oct. 1, 2015. Having the right code set uploaded into your EHR by the date of the transition, for example, will only be beneficial if you’ve also taken the time to train your staff and adjust your workflows accordingly.

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Meaningful use: 90-day 2015 reporting period officially proposed

meaningful-use-90-daysThe Centers for Medicare & Medicaid Services (CMS) made good on its earlier promise to propose a 90-day-only reporting period for 2015 meaningful use. The agency released the proposal late last Friday, and it also includes a variety of changes to lower some reporting requirements and align them with upcoming Stage 3 objectives. The proposal makes it clear that 2014 certified software is needed to meet meaningful use from this year onward.

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Point-of-service technology: The tool you need to improve patient collections

Marketplace-Blog-Update-icon-April1015Collecting money from patients has never been more difficult than it is now. In the face of regulatory programs and payment reform, many practices are forced to write off as much as 40-50 percent of patient payments as bad debt. The increase in high deductible health plans has caused patient responsibility to more than double in the last seven years and now results in 32 percent of practice receivables for most practices. On top of that, an astounding 30 percent of patients leave their clinician’s office without making any payment.

Practices must refuse to accept this status quo by adopting technologies that can help reverse the tide in patient collections.

A consistent revenue cycle management (RCM) process can help organizations manage cash flow and ensure a steady revenue stream. But this goes beyond standard RCM protocols, which require extensive paperwork and administrative oversight that can be prohibitively expensive for many practices. The most effective RCM processes are driven by advanced point-of-service (POS) platforms integrated with the practice’s electronic health record (EHR) or practice management (PM) system. This helps practices maximize collection opportunities across the patient encounter — from scheduling to the exam to post-visit communications.

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Interoperability: Roadmapping Provider Advocacy on Data Exchange

In Washington, D.C., no aspect of healthcare delivery and technology is getting more attention than interoperability, even outpacing Medicare reimbursement.

Congressional bills, federal advisory boards, payers and healthcare trade associations are all calling for more streamlined, scalable and interconnected data liquidity, each with often disparate timelines and approaches.

Into the mix, the Office of the National Coordinator for Health Information Technology (ONC) – a division of the U.S. Department of Health and Human Services (HHS) – published in January a 166-page document titled “Connecting Health and Care for the Nation: A Shared Nationwide Interoperability Roadmap.”

The document seeks to bridge all stakeholders, including providers, around developing collaborative approaches to data exchange governance, data provenance and security, technical standards, measurement, innovation, patient engagement and a host of other factors, and assign specific Calls to Action for stakeholders segments that together would plot out a 10-year plan to achieve a “learning health system” driven by data exchange.

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