Category: Healthcare
Are You Ready for a 501(r) Checkup?
Nonprofit hospitals with tax exemption status have struggled to ensure compliance with 501(r) regulations ever since the final rules were released at the end of 2014 by the Internal Revenue Service. A recent inquiry into whether these hospitals meet the requirement of the 501(r) raises questions about what goes into 501(r) compliance, and how a
Avoid these 5 mistakes with late patient accounts
Chances are, your practice is faced with the challenge of a higher load of aging accounts receivable and the likelihood of needing medical bill collections services. Unlike a decade ago, the core strategy in lowering those A/R days is not necessarily centered on streamlining insurance company processes. This time, patients are the likely source of
The Cost of Uncompensated Care for MN Health Systems
The 2017 numbers are in: Minnesota healthcare systems provided $691 million in uncompensated care during 2017, up 19.2% from the prior year. But as a Minnesota collection agency, IC System has to wonder what do these numbers, reported by Beckerâs, really mean and why are they important? First, letâs look closer at the issue. All
New Price Transparency Order Results in More Confusion
Effective January 1 based on a mandate from the Trump administration, hospitals are now required to post their list prices on the hospitalâs website in an attempt to move towards price transparency for healthcare consumers. Unfortunately, the approach some hospitals have taken isnât of much value to the patient community and doesnât resolve the problems
Patient consumerism: Why a patient-friendly billing and payment system matters
To boost your bottom line, it may pay to consider patient consumerism when dealing with your patients. Because when a patient schedules a visit for medical care, theyâre not simply thinking about the quality of care. Theyâre thinking about the value theyâre getting from the visit, even if they have medical insurance coverage. Here are
Revenue cycle secrets for clinics and practices to reduce the number of A/R days
It would be an understatement to say our health insurance system has seen a seismic shift in the past decade. It makes revenue cycle management a challenge because patients, not insurance companies, are paying for a larger share of their medical visits. According to one study, a patientâs cost-sharing payments for medical care have outpaced
IC System Partners with eClinicalWorks
IC System, a leader in the healthcare accounts receivable industry, has partnered with eClinicalWorks, a trailblazer in healthcare technology solutions, to offer medical care providers a modern and efficient collection solution. Users of the eClinicalWorks practice management system can now automatically connect their account to IC System. The new partnership will save providers time and
Priority Number One: The Patient Experience
A bad collection experience can easily bruise the relationship between the patient and a healthcare or dental provider if the wrong approach is used by the providerâs collection agency. IC System approaches every call with the consumer experience in mind, with the full understanding that our patient financial representatives are calling on behalf of our clients.
Understanding the link between physician staffing companies and the patient experience
In recent years, hospitals have turned to physician staffing companies to fill empty shifts for emergency services. But recent reports raise the possibility this arrangement does more harm than good when it comes to improving patient experience as well as recovering patient receivables. Hospitals turn to physician staffing companies because it eliminates the need to
Reduce A/R days with a targeted strategy for insurance payers
Keeping accounts receivable days to an acceptable level is a challenge for any medical practice management system, especially when the source of excess days comes from the insurance companies. If your billing department can single out payers that are racking up 90 A/R days or more, that can have a cascading effect on your cash flow, especially if the
