Posts Tagged ‘Financial’

Power Brokers: financial institutions. : An article from: Risk & Insurance

Wednesday, August 25th, 2010

Product DescriptionThis digital document is an article from Risk & Insurance, Axon Group 1 Published in February 2009. The length of the article is 1634 words. The length of the page above on a 300-words-type side. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser. Citation Details Title: Power Brokers: financial institutions. Author: Gale Reference TeamPublication: Risk & Insurance (Magazine / Journal) Date: February 1 2009Publisher: Axon Group Volume: 20 Issue: 2 Page: 62 (1) Distributed by Gale, a part of Cengage Learning

Power Brokers: financial institutions. : An article from: Risk & Insurance

Tags: , , , , , , , ,
Posted in Hospital Insurance | No Comments »

The charge of the call: an objective approach to determine a financial contribution. : An article from: Physician Executive

Wednesday, August 18th, 2010

Product DescriptionThis digital document is an article of the physician executive, the American College of Physician Executives Published January 1, 2010. The length of the article is 2842 words. The length of the page above on a 300-word page type. The article is delivered in HTML format, and is available immediately after purchase. You can view it with any web browser. Citation Details Title: The burden of the call: an objective approach to determine a financial contribution. (Hospitals) (market value) (Internal Revenue Service) Author: H. Lester ReedPublication: Surgeon General (Magazine / Journal) Date: January 1, 2010Publisher: American College of Physician ExecutivesVolume: 36 Number 1 Page: 40 (6) Distributed by Gale, a part of Cengage Learning

The charge of the call: an objective approach to determine a financial contribution. : An article from: Physician Executive

Tags: , , , , , , , , , ,
Posted in Hospital Payment | No Comments »

Continually Evaluate Financial Strategies

Friday, July 2nd, 2010

At times, my company struggles from lack of cash flow. How significantly is our lack of working capital going to affect my business in the long-term?

Very significantly. Working capital is the readily available funds needed to run your business. It’s the money you use to meet your payroll and overhead, manage inventory and can be used to invest for growth and expansion. Having adequate working capital is the difference between long-term success and short-term stress. The lack of it leads to cash-flow problems, lost sales or missed expansion opportunities.

DME/HME providers can use working capital to cut costs. Your vendors, suppliers, and distributors generally offer discounts for increased quantity purchases and/or cash payments. By taking advantage of these reductions, these savings directly hit your bottom line. Or you can use the savings to upgrade your internal systems or streamline your operations, improving efficiency and increasing profitability.

Another benefit of having sufficient working capital is ensuring you have adequate inventory on hand to take advantage of sales opportunities. Suppose you just delivered your last unit and don’t have the funds on hand to replenish your inventory. How much business might you lose because you could not deliver? Or how much added business could you generate by using your discounts to be more competitive in your pricing?

For DME/HME providers, having adequate working capital is especially critical because of third party payor reimbursement delays. Traditionally, you acquire working capital through cash flow generated by your revenue stream, or funds are obtained through debt or equity financing. However, another financial tool increasingly being used by providers is Medical Accounts Receivable (MAR) Funding, the purchase and sale of your accounts receivables. It lets you convert a “non performing” asset from your balance sheet into the working capital you need, within 24-48 hours of billing third party payors. With MAR funding, you can generate a steady and predictable cash flow for your company without debt or ceiling caps.

Today healthcare providers must continually evaluate their current financial strategies to insure long-term success. Medical accounts receivable funding should be a key tool in that process.

Tags: , , ,
Posted in Hospital Reimbursement | No Comments »

Medical Billing Training – How To Find The Best, Avoid Scams And Get Financial Help!

Wednesday, May 26th, 2010

If you’re looking for the best information about the best medical billing training I’m going to help you with a few tips in this article.
Medical billing specialists actually handle a wide range of duties including medical office operations, electronic medical billing and coding, taking care of insurance forms, and using and keeping up with the newest medical billing software. Statistics report that there are more than one million of these specialists in the US.
You’ll learn the newest electronic medical billing software called medical practice management software, and the newest and improved versions are quite different from the older versions. But there is a variety of medical records software and electronic medical billing software packages that you will use.
As a medical billing specialist it doesn’t matter whether you plan to work for a health-related clinic or company or work from home. Medical clinics and physician offices, various insurance companies and your local hospital all need trained staff to take care of all the billing tasks.
The process of medical billing means taking care of the submission of medical claims and then following up on those claims to health insurance companies so you get payment for any medical services that were performed by a health or care provider.
If you take one of the Internet or online medical billing training courses you’ll learn the trade secrets and also how to use what you learn to start a medical billing business from the comfort of your home. And learning from your home computer may just be the best way for you to learn how you can start a medical billing career.
One of the first steps is to decide whether you should take your electronic medical billing training online or on a campus.
After completion of your training you can expect to earn between $25,000 and $30,000 annually if you’re working on salary. You can find medical billing jobs throughout the US, with wages ranging from $10 to $20 on an hourly basis depending upon your range of experience and your geographical location.
The smaller medical offices usually outsource billing and coding work to work-at-home medical specialists who have an established, reputable medical billing business. To completely understand the payment of a medical billing claim, the health clinic owner must have thorough knowledge of all the insurance plans that companies offer and know the laws and regulations that preside over them,
Because many health insurance claims are rejected because of faulty billing practices, doctors and health care providers only hire trained professional medical specialists for medical billing and coding. They no longer depend on regular office staff to handle it.
So if you’re considering becoming a ‘medical biller’ you need to decide whether you want to go to a local vocational or community college or take an online medical billing training course. Check with your local Better Business Bureau to check out the reputation of any local schools you’re considering. You want to make sure they have no outstanding complaints.
When deciding on the best program for you make sure to compare all the offerings and make sure it includes everything you need. Read over any contracts thoroughly so that you know exactly what you’re committing to – what it’s going to cost, what happens if you can’t complete the course, etc. Have a trusted friend, parent, spouse, partner or advisor read the contract also. If you’re going to an accredited college or university this will be less of an issue. You want to know that you’re signing up with a reputable online or vocational school.
Today starting up a medical billing business from your home is easier than ever. You don’t need a college or university degree to become a medical billing specialist. Learn all you can about medical billing before you sign up whether it’s a school online or an on-campus school.
Some of the online medical billing training programs have basic introductory classes, intermediate classes, and classes for those who are advanced. Once you finish your training you’ll be fully trained and informed and immediately ready and able to either start a work-at-home business or comfortably find a medical billing job. It’s not well publicized but the federal government has set aside money for online degree courses and you should check this out so you can save money on your course.

Tags: , , , , , , , ,
Posted in Hospital Bills | 1 Comment »

Aetna Health Insurance Provides a Financial Safety Net for the Uninsured

Friday, March 5th, 2010

There are millions of people living in the United States without health insurance. Mainly because it is expensive but also many people don’t realize that they need health insurance until its too late and they are already financially in over their heads. Living in the United States without health insurance can be extremely dangerous both physically as well as financially for both families and individuals. The reason why it is so physically dangerous for families and individuals to live without health insurance is because more often than not people will postpone doctor’s appointments, x-rays, and yearly check ups because they do not have health insurance. This can be very dangerous because it is during these yearly doctor’s appointments where people are screened for serious ailments and sicknesses like cancer. Without many of these types of appointments people may not be screened for serious sicknesses that need immediate treatment. Also, people who do not have health insurance are more likely to avoid going to the doctors if they are sick because the cost of the trip to the doctor’s office can be extremely high for someone who is uninsured. This means that often an individual will go to work or continue on with their life while they are sick until the sickness gets so serious that they have to go to the doctor. This often can cause a life-threatening situation for people who do not go to the doctor who are seriously ill. The reason why it is financially dangerous for people to not have health insurance is because of the costs of medical bills without insurance. The biggest problem of this is that most people who do not have health insurance do not realize how expensive these costs really are until it is too late. For even small injuries such as broken bones the costs can really pile up and cause huge financial problems for people, and that is only for minor injuries. The costs of a serious car accident where only one person is injured can cost thousands and thousands of dollars in medical bills, ambulance bills, the cost to stay in the hospital (remember some accidents require a long hospital stay) as well as rehabilitation and physical therapy after the accident. These costs alone can cause a person to have to file for bankruptcy as a way out of the financial burdens that are caused by an injury for someone who doesn’t have insurance. One of the ways to find affordable health insurance is to search online or contact local health insurance providers to try to get some affordable quotes. One of the most affordable companies around is Aetna Health Insurance. Aetna health insurance is offered in most states and is one of the most affordable companies around. Individual and families can both be covered by Aetna Health Insurance and tend to be very happy with the results.

Tags: , , , , , ,
Posted in Uninsured Hospital Bills | No Comments »

The burden of call: an objective approach to determining financial payment.: An article from: Physician Executive

Thursday, March 4th, 2010

Product Description
This digital document is an article from Physician Executive, published by American College of Physician Executives on January 1, 2010. The length of the article is 2842 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available immediately after purchase. You can view it with any web browser.

Citation Details
Title: The burden of call: an objective approach to determining financial payment.(Hospitals)(fair market value)(Internal Revenue Service)
Author: H. Lester Reed
Publication: Physician Executive (Magazine/Journal)
Date: January 1, 2010
Publisher: American College of Physician Executives
Volume: 36 Issue: 1 Page: 40(6)

Distributed by Gale, a part of Cengage Learning

The burden of call: an objective approach to determining financial payment.: An article from: Physician Executive

Tags: , , , , , , , , , ,
Posted in Hospital Payment | No Comments »

Financial Breathing Room Through Medical Bill Negotiation

Tuesday, March 2nd, 2010

Filing for bankruptcy is comprehensibly not the right way out for taking care of phenomenal hospital bill. It will have a negative impact on your credit report and hurt your chances of securing a loan or a job in future. Paying by credit card is just another fill-in arrangement for the bill is only moved from one source to another. Earlier you owed the medical provider, now you would owe the credit card company. Most people can’t think in regards to negotiating even if their medical bill is out of their capacity to pay. To negotiate medical bills with the medical provider for a hospital bill is no different than negotiating with any other vender who’s selling you something. First step in negotiating hospital bills is to go through a detailed statement of your bill to make sure that you are only being charged for services that you used. You should also check with Medicaid to look that the service hospital has not charged you more than the fixed limit for any service. Also see that you know what all parts of the bill will be covered by your medical insurance agency. Secondly, you should negotiate medical bills in an approach that is delicate yet firm. Realize that shouting and misbehaving with service representatives is not going to make situation beneficial for you. Instead, you must concentrate on trying to drive home the point that the bill is just too high for your paying ability.Be upfront during negotiations. Keep a record of your past conversations relating to the concerned matter and the name and IDs of the officers you have spoken to. It’s never a good idea to negotiate medical bills over the phone.Lastly, be accurate in what you are aiming for. You must be very clear in your mind as to what you want from the hospital’s side.

Tags: , , , , , ,
Posted in Hospital Bills | No Comments »

Improving US Hospital Patient Registration Processes and Bottom Line Financial Results

Thursday, February 11th, 2010

According to the American Hospital Association sixty percent of hospitals in the US lose money providing patient care; this really is a shocking statistic especially in this time of economic downturn and highlights the inefficiencies in the administration processes going on in US Hospitals.
If you have ever been treated at a hospital in the US you will probably been exposed to some of the administrative complexity which results in the losses I have described. To be precise, Healthcare Providers lose $60bn per year because of administrative errors. To put this into perspective this equates to the 2007 cost of providing universal healthcare through the British National Health Service to 25 million people in Britain.
Problems begin right at the registration point. It always amazes me just how much information must be gathered and processes initiated at patient registration time; such as insurance plan code identification, insurance eligibility verification, demographic checking, credit risk assessment, charity availability, pricing estimation and much more. Patient registration not only involves the creation of the patient’s medical record, which must be accurate in order to provide appropriate treatment and care, but, in addition, a healthcare provider’s ability to estimate cost and collect payments directly correlates to an efficient and accurate registration process.
To get all this done in a timely and accurate fashion is a major challenge for hard pressed registration staff; a new and innovative approach is needed to improve the registration process is to enable hospitals to not only access the information needed, but to customize the information to fit the required process, and then intelligently and automatically guide the patient-facing employees to use the information effectively through on-screen interactive guides.
To understand what I mean by the patient-facing employees being ”intelligently guided”, let’s examine one of the many registration processes that are key to the hospital’s overall revenue cycle: the insurance verification process. When a registrar has gathered enough information for the insurance verification process to be initiated, a message is sent to the appropriate data source to validate that the patient does have that particular insurance plan – and it is in force at that point. The system then validates the terms of the plan and establishes the copay amounts; sending that information back to the registrar during the patient registration in a user friendly form and automatically prompting the registrar to use the information, and then be guided to the next set of relevant questions in the process.
With other methods, the insurance verification information received from the various sources is not readily available in an easy-to-use format. The registrar has to interpret the information and glean whatever information is relevant. On the other hand, with a system like the one described above, the data is automatically interpreted and the appropriate set of prompts is shown to the registrar to enable the correct interaction with the patient and then seamlessly continue to the next step in the registration process.
The days of the bolt-on or standalone point solution are over! A vital requirement is that systems seamlessly integrate with the healthcare provider’s existing patient registration system and back office systems enabling the hospital to have a patient registration system that determines who is going to pay for the treatment and in what shares it is going to be paid.
Innovative systems like this can vastly improve the hospital’s revenue cycle, reduce losses and make money available to be spent where it really matters – providing a better service to patients.

Tags: , , , , , , , ,
Posted in Hospital Payment | No Comments »