MGMA18, an annual conference by the Medical Group Management Association, presents learning sessions, compelling speakers, a tradeshow and networking opportunities for medical group practice managers who are interested in learning optimized methodologies. More than 5,000 professionals — including medical practice and hospital executives, physicians and consultants — are expected to attend the trade event Sept.…
Value based healthcare is expected to impact debt collections for the average 350-bed hospital, a classic American institution that is losing about $22 million each year according to the Advisory Board. The transition from the traditional fee-for-service payment model to value based healthcare is expected to be “painful” in the short term, but most experts…
Effective medical collections procedures are essential in maintaining a thriving and profitable medical practice. To assist U.S. medical professionals and healthcare organizations, the American Medical Association (AMA) provides an extensive archive of practice management resources focused on the billing and collections process. The association’s website offers both open-access and member-only content. The Practice Management tab…
The first two articles in this series discussed the early and middle stages of revenue cycle management where healthcare executives, administrators, controllers, CFOs and collections managers use key performance indicators (KPI) to determine financial stability in their respective organizations. Metrics play a critical role in a spectrum of industry-specific financials where accurate auditing, reporting, monitoring…
What’s in a number? … For the vanguards of revenue cycle management — treasurers, government reimbursement administrators, cost accounting directors, controllers, chief financial officers, and billing and collections managers — a number can have special meaning if it happens to be a key performance indicator (KPI) in the healthcare industry. These medical industry professionals rely…
The eighth annual HIMSS Revenue Cycle Solutions Summit will assist healthcare financial professionals in optimizing the revenue cycle at healthcare organizations through educational seminars lead by world-class speakers, special networking events and an exhibit hall staged with the latest health IT technologies. According to the Healthcare Information and Management Systems Society (HIMSS), “Revenue cycle performance…
Revenue cycle management relies on key performance indicators to monitor the day-to-day operations of healthcare organizations wishing to remain profitable and offer the finest patient care. These metrics represent the mathematical tools that allow administrators to gauge revenue cycle efficiency and make real-time adjustments to strategies that benefit institutions and patients alike. The numbers also…
The Healthcare Financial Management Association (HFMA) has added a new certification to its selection of education programs, the Certified Revenue Cycle Representative (CRCR). CRCR certification helps set performance standards for individuals working in revenue cycle management and verifies that a specific level of knowledge and expertise has been reached. Individuals holding this certification are promised…
The Medical Group Management Association (MGMA) released its first Digital Payment Progress Report earlier this year, providing U.S. healthcare finance managers with a detailed look at patient payment preferences and behavior. The report surveyed 761 MGMA member organization representatives at hospitals and ambulatory surgical centers — 61 percent in management, 28 percent in executive positions…
As the nation’s premier membership organization for healthcare finance leaders, the Healthcare Financial Management Association (HFMA) is committed to helping its 38,000 members via education, analysis, resources and networking opportunities. Members include CFOs, controllers, accountants, hospitals, managed care organizations, physician practices, accounting firms and insurance companies. “Working with a broad cross-section of stakeholders,” states the…