How do you solve a persistent and growing problem like claims denials? It’s been a hot topic for revenue cycle management professionals for years that’s only getting hotter with the increasing pressures of staffing shortages, challenges with staff turnover and training and ever-changing policies and protocols at the government and payer levels. On the macro-economic level, denials contribute mightily to the growing problem of uncompensated care in America, currently estimated at $43
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Revenue Cycle Management | News, Analysis, Insights - HIT Consultant
Nuance and Microsoft Launches AI-Automated Clinical Documentation App
What You Should Know: - Nuance Communications and Microsoft launches DAX Express, a workflow-integrated, fully automated clinical documentation application and the first to combine proven conversational and ambient AI with the newest and most capable generative AI technology, GPT4. - DAX Express creates draft clinical notes automatically and securely in seconds from exam room or telehealth patient conversations for immediate clinical review after each
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New Medical Billing Codes You Should Know About
Physicians need to keep their billing and coding right to ensure seamless reimbursements from payers. Similarly, they should stay updated with the latest coding changes to keep their revenue cycle intact. In addition, running a successful medical practice is a daunting task as the providers need to stay updated with the industry guidelines. The year 2023 is bringing changes in medical codes to help providers reduce their burden and streamline patient care. So, providers need to stay focused on
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OpenLoop Secures $15M for White-Label Telehealth Support
What You Should Know: - OpenLoop, a leader in white-label telehealth support services powering virtual and hybrid care across the country, today announced it has raised a $15M Series A funding. - The round was led by Nava Ventures, with participation from new investors UnityPoint Health Ventures and PrimeTime Ventures, and existing investors SpringTide Ventures and ManchesterStory. The company also announced a new nationwide insurance payer network that allows clients to offer reimbursable
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How Hospitals Can Safely & Effectively Continue Patient Care Amid Rising Cybersecurity Risks
The world we live in is becoming increasingly integrated, and as it does, the amount of data also increases. It is estimated that 2.5 quintillion bytes – that’s 2,500,00,00,000 million, for perspective – are created, captured, and shared every day, and experts predict that number will grow exponentially in the coming years. Estimates show that the healthcare industry generates about 30% of the world’s data volume. That number is expected to reach a compound annual growth rate of 36% within the
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Tegria RCM Rebrands as Acclara
What You Should Know: - Tegria, a leading healthcare technology consulting and services company, announced today that Tegria RCM, its division dedicated to revenue cycle management (RCM), will operate under the Acclara brand effective immediately. - The rebrand is part of Tegria RCM's strategic focus on expanding its revenue cycle services capabilities and marks a major milestone for the organization. The Acclara name gives the team the opportunity to build on the division's strong
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Hospitals Enter 2023 Facing ‘New Normal’ of Financial Uncertainty
What You Should Know: - Hospitals enter 2023 on more stable footing following the worst financial year since the start of the pandemic—but challenges persist, according to the newest data from Kaufman Hall. - The latest National Hospital Flash Report finds that hospitals continue to experience the same challenges that made 2022 the worst financial year since the start of the pandemic, including higher labor expenses, lower patient volumes, and a fundamental
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CodaMetrix Raises $55M for AI-Powered, Autonomous Medical Coding
What You Should Know: - CodaMetrix, an AI technology platform transforming healthcare revenue cycle management, today announced that it closed a $55 million Series A round led by SignalFire. Frist Cressey Ventures (FCV), Martin Ventures, Yale Medicine, University of Colorado Healthcare Innovation Fund, and Mass General Brigham physician organizations also participated in the round. - The capital injection will accelerate go-to-market with major provider organizations and health systems, as
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A New Way of Thinking About Interoperability in 2023
Interoperability in the U.S. healthcare system has been an ongoing challenge. While there are several industry initiatives that are going to advance the industry and make incremental progress toward interoperability, there remain several gaps that are unaddressed. Interoperability is a much broader concept that encompasses more than protocols, APIs, and limited networks. It’s about more than exchanging data through one-to-one connections between a provider, payer, or vendor. True
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Ambience Healthcare Launches Automated AI Medical Scribe Platform
What You Should Know: - Ambience Healthcare, an AI company developing technology to supercharge healthcare providers launches its fully automated AI medical scribe, Ambience AutoScribe. - Already in use by provider organizations across North America, AutoScribe is revolutionizing the way healthcare providers document patient visits. How AutoScribe Works AutoScribe comprehensively captures the nuances of each patient story, without the need for a virtual or in-person human scribe.
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