The gamble is over for hospitals that avoided complying with CMS price transparency mandates. After a slow start since they were implemented more than 18 months ago, CMS has issued 350 warnings for noncompliance, 157 corrective action requests, and finally issued fines to two Georgia hospitals in June. It seems many more will be on the way. The fines are significant. The first two hospitals faced fines of roughly $880,000 and $214,000. Noncompliant hospitals with 550 beds or
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Revenue Cycle| Healthcare Finance | Policy, News, Analysis, Insights - HIT Consultant
HLTH22: 6 Digital Health Executives Share Key Takeaways
We reached out to six digital health executives for their key takeaways and reflection from attending the recent HLTH22 conference. Sunny Kumar, MD, Partner at GSR Ventures, a $3B AUM venture firm investing in early-stage digital health companies. The most fascinating element of HLTH 2022 were the concurrent contrasts. Set against a challenging macroeconomic environment with decreases in venture funding and near-daily headlines of large layoffs cutting across the tech ecosystem,
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HLTH22: Turquoise Health Launches Price Transparency Data Solution
What You Should Know: - Turquoise Health, an end-to-end healthcare pricing platform, today announced Simple Extracts, its first price transparency data product for specialty healthcare businesses. Simple Extracts allows anyone to request and receive precise searches from both the hospital and payer rates data warehouses. - This new product eliminates the cost and technical barriers specialty businesses encounter by delivering data to customers directly within the Turquoise Health platform.
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Why Data Transparency Is the Most Important Metric for Healthcare Providers Right Now
Healthcare providers all over the world are battling with how to take patient information and patient care digital. How can we use the tools and technology at our fingertips to make treating patients easier and more effective, rather than more complicated? Converting data into useful information will be the key to making this transition successful. Data is the currency, language, form, and function of digital transformation in healthcare. Having an easily accessible data warehouse and
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Fathom Secures $46M for AI Medical Coding Automation Platform
What You Should Know: - Fathom, an AI-powered medical coding automation platform raises $46M in Series B funding co-led by Alkeon Capital and Lightspeed Venture Partners with participation from Vituity’s Inflect Health, Cedars-Sinai, ApolloMD, Jonathan Bush, and other healthcare executives. - The company plans to use the funding to advance the standard in automated medical coding in response to critical challenges facing providers. The Series B round brings Fathom’s total funding to
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3 Questions Healthcare IT Leaders Should Ask Before Implementing AI in Their Operations
Artificial intelligence (AI) and automation are no longer nice-to-have technologies for healthcare providers. They are mission-critical tools for addressing significant challenges many health systems and hospitals face today — from volatile patient volumes to ballooning labor costs and staffing shortages to low operating margins. Many of these challenges are macro-level economic trends that will continue to prevail for the foreseeable future. According to research from Kaufman Hall,
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Overcoming the Healthcare Staffing Shortage Through Back-Office Automation
Today’s healthcare staffing shortage, fueled by the COVID-19 pandemic but years in the making, has left many hospitals and health systems scrambling. To date, the shortage of front-line healthcare workers has received most of the attention, and for good reason: By 2025, the U.S. is likely to face a shortage of 446,300 home health aides; 95,000 nursing assistants; and 29,400 nurse practitioners, according to a report from consulting firm Mercer. However, what is less appreciated
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Debunking 3 Common Myths About Healthcare Revenue Cycle Partnerships
The healthcare industry is facing unprecedented challenges, including severe labor shortages. According to a recent study, more than nine in 10 health systems and physician groups are experiencing a workforce shortage in revenue cycle management (RCM), with many of those reporting vacancies in over half of their RCM roles. This is one of the many reasons why there has never been a better time for health systems to think outside the box for solutions, including an RCM partnership. Often, when
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5 Tips for Building Your Revenue Cycle Metrics Constellation
If you scan a bright, clear night sky, you will likely pick out familiar shapes. Depending on your creativity, you might see Ursa Major and Minor or perhaps only the Big Dipper and its little brother. But those stars are not only entertaining, they also are important points of navigation used by ancient sailors, the Apollo missions, and even the Mars Rover. Just as sailors might choose the North Star to guide them, CFOs and healthcare revenue cycle leaders often seek a simple,
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KLAS-Bain: Post-Pandemic Investment Priorities for Healthcare Providers
What You Should Know: - Competition in the provider IT space shows no signs of abating: Early-stage capital, big tech, and scale EMR players continue crowding into more segments. This has significant implications for providers as they transition into a new disruptive period, for software players as they fine-tune go-to-market models for the current environment, and for private equity investors as they look to invest behind winning themes. - A new report by KLAS Research and Bain &
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