What You Should Know: - The medical coding market is estimated to secure a valuation of $ 6.7B in 2023 and is estimated to rise to $15.3B by 2033 at a CAGR of 8.6% during the 2023 to 2033 forecast period, according to a new Future Market Insights report. - The increasing availability of a large number of medical coding service providers and the rising adoption rate of advanced healthcare solutions like electronic health records (EHRs), revenue cycle management (RCM) software, and mobile
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Revenue Cycle| Healthcare Finance | Policy, News, Analysis, Insights - HIT Consultant
Catholic Care Center to Deploy Medsphere’s Wellsoft EHR and RCM Cloud Solutions
What You Should Know: - Medsphere Systems Corporation announced that Catholic Care Center of Bel Aire, Kansas, a Wichita suburb, will open a new senior behavioral health hospital with the company’s Wellsoft electronic health record (EHR) and RCM Cloud revenue cycle management solutions. - Medsphere’s Wellsoft EHR solution supports comprehensive care across behavioral health, urgent, and emergency care environments. The company’s RCM Cloud solution is
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KLAS Reveals Some Providers Lack Confidence in Oracle Cerner’s Roadmap/Vision
What You Should Know: Cerner, one of the major software vendors in healthcare IT, has gone through significant changes over the last year and a half. In October 2021, they announced a new CEO and introduced RevElate as their go-forward patient accounting platform. Two months later, Oracle announced their intent to acquire Cerner. Customers soon reached out to KLAS, wanting to know about their peers’ experiences with these changes.To gather this information, KLAS has been meeting regularly
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Survey Reveals Accelerating Use of AI to Overcome Workforce Challenges
What You Should Know: - Given the severity of labor shortages and staffing constraints facing health systems nationwide, C-suite executives are turning to artificial intelligence (AI) to fill gaps and improve productivity, according to a recent survey conducted by The Health Management Academy (The Academy) with support from Outbound AI. - Almost half of executives (47.5%) report their health system is currently using AI solutions for the workforce, while all others
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17 Execs Share How Health IT Can Address Clinician Burnout, Staffing, & Capacity
Clinician shortage has reached a new level of urgency as we face rising demand and healthcare costs, according to a recent Accenture report. Healthcare workers are increasingly burned out and leaving the industry altogether in droves. Those who remain to do the work are overburdened. We ask seventeen healthcare IT executives for their insights on how health IT solutions could potentially help address clinician burnout, clinician staffing shortages, and deal with capacity. Staffing levels
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Healthcare in Denial: The State of Claims in 2023
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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KLAS: State of Small-Hospital Patient Accounting 2023
What You Should Know: - Small hospitals are changing their EMRs and patient accounting systems at a greater rate than that of their large-hospital counterparts. Most market selection energy is going to Oracle Health (Cerner), MEDITECH, and Epic; small hospitals also use other vendors like athenahealth, CPSI, and MEDHOST. - While many vendors offer viable clinical systems, there are significant differences across the customer experience with patient accounting that should not be overlooked
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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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