Michael Morris

The Unique Challenges of Accounts Receivable in Healthcare 💼 Working in accounts receivable (AR) within healthcare is no small feat. This role demands a unique skill set and a mindset that not everyone possesses. 🔍 Attention to Detail: AR employees must meticulously track and manage vast amounts of data while ensuring accuracy in billing and collections. A single mistake can lead to significant revenue loss. 🤝 Interpersonal Skills: They often communicate with patients, insurance companies, and internal teams, requiring a blend of empathy and assertiveness. Balancing compassion with the necessity of following up on outstanding payments is a delicate dance. ⏳ Resilience: The pace can be relentless, especially when deadlines are looming, and the pressure to collect can be intense. Those in AR must be adaptable, able to pivot strategies quickly as policies and regulations change. 🧩 Problem-Solving Mindset: Each day presents new challenges, from complex claims to resolving disputes. A successful AR employee thrives on finding solutions and navigating the intricacies of revenue cycle management. 🔮 Instinct Matters: A lot of success in AR comes down to instinct. Do you have the right people in this role? Those with a keen sense of when to push for payment and when to exercise patience can make all the difference in a healthcare organization’s financial health. While this role is vital for the financial well-being of healthcare organizations, it’s not suited for everyone. It takes a special individual to excel in such a demanding environment. As a consultant with many years of experience in this role, I can help you assess whether you have the right individuals in these critical positions and provide tailored strategies to enhance your team’s effectiveness. Let’s chat about how I can help your organization thrive! #Healthcare #AccountsReceivable #RevenueCycleManagement #HealthcareProfessionals #JobChallenges www.ascendlrp.com

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Smart patient navigation has a profound impact on a health system's success by enhancing patient outcomes, improving operational efficiency, and reducing costs. By guiding patients through the complexities of healthcare, smart navigation tools ensure timely access to care, minimize delays, and reduce the likelihood of missed appointments or unnecessary treatments. This not only improves patient satisfaction but also optimizes resource utilization within the health system. Great post, Blake. #PatientNavigation #HealthcareEfficiency #PatientCare

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In March, hospitals experienced a slight drop in operating margins and patient volumes, potentially indicating forthcoming financial challenges. While the month's operating margin index decreased to 3.4%, down from February's 3.6%, the year-to-date index remained at 3.9%, notably higher than the previous year. The report suggests uncertain short- or long-term implications of these declines. Outpatient revenue also fell by 5% due to intensified competition. Hospitals face additional financial hurdles such as increased bad debt and charity, alongside prolonged accounts receivable. External factors like the Change Healthcare cyberattack contribute to these challenges. To counter revenue and volume declines, hospitals are advised to expand high-performing services like ambulatory surgery centers and pharmacies, and consider establishing retail outlets. Overall, hospitals must adapt to shifting healthcare landscapes and evolving patient preferences to maintain financial stability. Our RCM team supports hospitals by optimizing revenue cycles, managing accounts receivable efficiently, and mitigating bad debt. We adapt strategies to address challenges like declining revenue and increased accounts receivable, ensuring financial stability amidst changing healthcare landscapes. We are the One! #revenuecycle #revenuecyclemanagement #priorauthorization #medicalbilling #medicalcoding #healthcare #healthcaretechnology #accountsreceivables #denialmanagement #consulting #management #implementationpartner MedCity News

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Surging hospital prices have been identified as a key factor contributing to persistently high inflation rates. Why? We're seeing a ripple effect that impacts both individual households and the national economy. However, understanding this dynamic requires a deep dive into the factors driving hospital price increases. 1. Labor Costs: The healthcare industry faces a chronic shortage of skilled professionals, including doctors, nurses, and specialized technicians. To attract and retain talent, hospitals often offer higher wages and better benefits, which directly contribute to increased operational costs. The COVID-19 pandemic exacerbated these issues, leading to burnout and a higher turnover rate, further driving up labor costs. 2. Tech Advancements: While tech innovations have revolutionized patient care, they come at a high price. Advanced diagnostic equipment, cutting-edge surgical tools, and electronic health record systems require significant investment. Hospitals pass these costs onto patients and insurers, resulting in higher overall prices for medical services. 3. Regulatory and Compliance Costs: Healthcare providers must adhere to stringent regulatory requirements and maintain compliance with various federal and state laws. This necessitates substantial spending on administrative functions, legal services, and compliance technologies, all of which add to the cost burden. 4. Increased Demand for Services: As the population ages and chronic conditions become more prevalent, the demand for healthcare services continues to rise. Hospitals must expand their facilities, increase staff, and invest in more resources to meet this growing demand, driving up prices further. As leaders in the industry, we need to tackle the root causes of rising hospital costs to potentially mitigate their impact on inflation and create a more sustainable and equitable healthcare system. #Healthcare #Inflation #Hospitals #TechTrends #Patients

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"Primarily we think there's a massively overlooked problem of overstock inventory & stranded equipment within U.S. healthcare." - Dan Crittenden, CEO at RevMed. Get more in our NEW The Hospital Finance Podcast: https://gag.gl/21jDOQ #HospitalFinancePodcast

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Discover how FTI Consulting helped a high-growth dental services organization address liquidity and debt issues by uncovering approximately $24 million in potential EBITDA improvements. Dive into the full case study here: https://lnkd.in/ecFz7K7e

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NAIC is pushing #CMS to allow members to leave their #MA plan if their provider terminates their MA plan contract. If this is successful, what would you do? ⏩ Would you rethink Provider contracts, payments, engagement or incentives? ⏩ Would it change your UM/MM, denials or #PriorAuthorization strategy? ⏩ If member retention was suddenly on the line, would you change your approach to provider contracting vis-à-vis #CAHPS and #memberexperience to protect #StarRatings? As more providers leave #MedicareAdvantage and the industry outcry grows, this is a great time for reflection: Could your plan adapt fast enough to not only survive, but thrive, if NAIC is successful? The future of member trust, satisfaction, and retention could depend on it. H/T to Amy Lotven for this great find! #ItTakesAVillage to keep up with all of the moving pieces now that 50% of seniors are in MA!

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