Shannon West, Chief Product Officer for Datavant
The healthcare industry is facing immense pressure to provide patients with seamless and compliant access to their medical records. Despite recent regulations that discourage information blocking and promote interoperability for secure access, the medical records retrieval process remains confusing and difficult. This affects both patients and healthcare providers, who need a comprehensive understanding of the patient's record and context. Even
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Revenue Cycle Management | News, Analysis, Insights - HIT Consultant
Revenue Cycle: 3 Reasons Why Waiting for AI Adoption is Costly
Few can miss the increasing role of AI in healthcare. In revenue cycle management (RCM), the last few years have seen the emergence of new technologies for coding and billing. These tools take advantage of natural language processing, deep learning, and other advancements that enable results far superior to the rules-based robotic process automation of the prior generation.
For example, take medical coding. Healthcare providers have historically relied on teams of medical coders – people
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M&A: Apixio and ClaimLogiq Merge to Minimize Reimbursement Inaccuracies
What You Should Know:
Apixio announced it has completed its merger with ClaimLogiq, a healthcare technology business that delivers savings for health plans by reducing claim errors prior to payment. Together, the combined entity will be branded as Apixio.Together, the combination of Apixio and ClaimLogiq’s critical infrastructure, artificial intelligence, and proprietary healthcare data will accelerate the shift toward outcomes-based reimbursement models by reducing costs, minimizing
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With A Recession Looming, Here’s How Practices Can Ensure Minimal Revenue Loss
Healthcare systems driven by insurers fronting most of their members’ healthcare bills have allowed hospitals to be relatively immune to economic downturns in the past. However, this dynamic began to shift as consumer-directed health plans hit the mainstream. Exaggerated by the rise of the current consumer mentality, even more, patients will be vulnerable to healthcare financial responsibility due to the prevalence of high deductible plans (HDHPs) as consumers embark on the looming bust.
To
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AI Can Eliminate Surprise Bills, Improve Payment Integrity
Anyone who receives a hospital, medical imaging, or outpatient surgery bill is usually surprised at the cost.
No matter the cost, how do they know the bill is correct? They don’t.
Incorrect medical bills have become so prevalent that organizations have started applying technologies like artificial intelligence (AI) and machine learning to reduce drastically high healthcare costs.
Consider what organizations as diverse as the Office of the Inspector General, Harvard
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Denials Management Named Most Time-Consuming Task in RCM
What You Should Know:
A new HFMA survey commissioned by AKASA highlights the revenue cycle tasks requiring the most subject matter expertise, according to responses from over 550 CFOs and revenue cycle leaders at hospitals and health systems across the U.S.Denials management not only requires the most subject matter expertise, but it’s also the most time-consuming task within revenue cycle management (RCM) — followed by prior authorization and insurance
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How Health Payment Accounts Improve Health Equity
In 2022, 38 percent of Americans reported delaying medical care—a 20-year high. But as with many things, the burden of paying for healthcare doesn’t affect all Americans equally.
Lower-income communities, for example, tend to have higher incidences of disease and therefore a greater need for healthcare. And in a vicious catch-22, those with lower incomes, Black and Hispanic adults, and women often have health benefits mis-sized to their income, which contributes to higher incidences of
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FWA Is Increasing. Healthcare Costs Are Spiraling. Now There’s A New Generation Of AI Technology To Take Back Control
In 2020, the Department of Justice estimated that fraudulent, wasteful, and abusive (FWA) billing practices account for more than $100 billion of the nation’s healthcare expenditures.1 Today, the National Healthcare Anti-Fraud Association (NHCAA) conservatively estimates that healthcare FWA costs the nation about $68 billion annually, representing 3% of the nation's $2.26 trillion in healthcare spending.2 FWA estimates from commercial health plans range as high as $230 billion annually, or
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Inbox Health Raises $22.5M for Patient Billing Communications Platform
What You Should Know:
Inbox Health, a New Haven, CT-based patient billing communications platform raises $22.5M in a Series B financing round, led by fintech-focused Ten Coves Capital. The Series B announcement follows news that Inbox Health's billing technology was awarded a patent by the U.S. Patent and Trademark Office in April 2023. The new growth capital will further accelerate Inbox Health’s strategic growth as it continues to improve and modernize the billing, support, and payment
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Sagility Acquires Payment Integrity Provider DCI Consulting
What You Should Know:
Sagility, a provder optimizing the member/patient experience and business process management acquires Chandler, Arizona-based Devlin Consulting, Inc. (DCI), an established healthcare technology services company with nearly 30 years of payment integrity experience.The acquisition represents Sagility’s first acquisition since unveiling its new identity as an independent U.S.-based company solely dedicated to the healthcare industry following the 2021 divestment from HGS.
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