Patient out-of-pocket costs have been trending upward for several years now. High-Deductible Health Plans (HDHP) account for 51% of the US workforce today. Now throw the global health crisis into the mix. A year after the initial outbreak, unemployment levels remain stubbornly elevated and one in four adults say they
Rising deductibles are shifting medical costs to patients, making it harder for patients to meet their out-of-pocket expenses, and in turn, putting Healthcare Providers at financial risk. According to the Kaiser Family Foundation research, the average annual deductible among covered workers has increased 36% over the last five years and
As the pandemic further compresses margins, Providers are increasingly asking the question: how can we improve the efficiency of Revenue Cycle Management (RCM) operations using technology? One clear possibility is automating Remittance Posting. According to the 2019 CAQH Index, the medical industry spent $6 billion on remittance advice (RA) processing,
Hospitals do everything they can to address the spike in healthcare demand and maintain their levels of service quality. But the reality is they continue to grapple with staffing shortages, supply chain interruptions, and communication/monitoring issues. Healthcare Providers are already constrained by tightening cash flows and shrinking revenues due to
COVID-19 has changed how businesses operate as people are compelled to work from home.
The last decade has seen a seismic shift in the healthcare industry
Current economic challenges pose a substantial burden on the healthcare industry already struggling with multi-faceted challenges — changing patient expectations, shifts in financial responsibility, increasing ecosystem complexity, and growing demands for robust health infrastructure. All key industry players — Hospitals, Physician groups, Health Plans and Health Services — must prepare
Cost-effectively and consistently improve your provider data accuracy with Firstsource, and reduce the cost, risk and complexity across departments and systems. Enhance member and provider satisfaction, and grow claims auto-adjudication rates.
The traditional physician credentialing process is long and arduous, taking anywhere between 60 to 90 days, given the level of diligence required when appointing front-line healthcare service providers. Reviewing lengthy applications, conducting background checks, validating licenses and certifications, cross-checking peer references – all of it takes time but is critical
The traditional denials and appeals (D&A) management process continues to labor under the twin burden of growing costs and complexity. Ongoing reliance on paper records and manual processing not only costs hospitals and patients time and money but also impacts customer experience. Studies show that an average of 63% of
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