Medical claims are an important part of the hospital record-keeping puzzle.
Without the proper claims procedures in place, billing and filing can quickly become a nightmare.
In order to help keep your hospital on the right track, here are a few ways to make sure your claims management system is as healthy as possible:
Cost of Claims Errors
The medical claims process is a delicate one. There are a number of elements that come into play when deciding patient billing, which can often result in claims errors.
In fact, according to the latest report by the American Medical Association, almost 20% of commercial health insurance claims result in processing errors.
These claims processing errors cost insurers and hospitals more than $3.5 million in unnecessary charges each year.
Add to that the administrative costs that go along with each claim and processing errors end up costing the health system more than $1 billion every year.
If your hospital wants to avoid statistics like these, then it needs to improve its claims management procedures. Fortunately, there are a number of steps your hospital can take to do exactly that.
As the article “Healthcare Revenue Cycle Management: Streamlining Claims Management” looks at, a growing need among hospitals all across the country is healthcare revenue cycle management (RCM).
With the proper RCM procedures in place, hospitals can reduce Medicare and health insurance denial claims and increase overall reimbursement. RCM management also reduces the amount of paperwork that goes into the medical claims process.
Medical claims management and RCM go hand-in-hand and when both procedures work seamlessly together, it improves workflow.
After a patient is treated, the services your hospital rendered are coded and sent off to the appropriate health insurance agencies to determine coverage. This is when most medical claims errors take place, especially when Medicare and other specific insurance providers come into play.
By using RCM, your hospital can avoid any claims errors by streamlining the claims process. From electronic processing to contract denial management, RCM immediately find claims errors and remedies them before they turn into a costly mistake.
Your hospital’s records department handles hundreds of patient billing records every day.
On top of that, they’re also in charge of collecting and storing patient information on a daily basis. Medical claims management is a necessity in this type of file-heavy environment.
The proper claims management procedures in combination with RCM can help your records department keep track of the treatments and expenses that go along with each visit. In addition, RCM can handle complicated health insurance policies, even if the patient visits more than one medical facility for treatment.
Claims Management Options
There are a number of ways you can implement healthier claims management procedures into your hospital. A number of companies offer claims management and RCM software that’s user friendly as well as easy to install.
However, most medical facilities in the country opt for outsourcing their RCM and medical claims management.
Claims management service providers are able to handle large amounts of patient claim information quickly and accurately. In addition, outsourcing claims saves money on training in-house employees.
When your hospital is ready for healthier claims management procedures, the information above will help you get started on the right track.
About the Author: Adam Groff is a freelance writer and creator of content. He writes on a variety of topics including healthcare and technology.
Getting into college has become a grueling, competitive process – especially for exclusive colleges or Ivy League schools.
Even still, regular universities can be a bit of a challenge. So many things need to be submitted – including transcripts, letters of recommendation, volunteer experience, essays, standardized test scores and more.
Gathering the correct paperwork can take months – sometimes longer – of preparation.
The process itself is long and tiring, and that’s not even accounting for the competition to get into your top school.
Though not all schools are competitive to get in in-general, most are competitive when it comes to getting into a specific program.
I, for example, went to the W.P. Carey School of Business at Arizona State University.
That particular year, a good amount of students applied to the program, making it more competitive since there were a set number of spots available. Depending on your major, you’ll want to find ways to stand out among the crowd.
Colleges Look at Number of Factors
Colleges evaluate potential students in a number of ways.
When your application is received, it’s stored electronically in the school’s database.
Typically, your grades will be standardized so they can be compared to the other applicants average GPAs’ all on the same scale. Students that do not meet the school’s minimum GPA requirement are automatically denied admissions.
For everyone else, let the competition begin.
Viewing the Student as a Whole
Thankfully, most universities look at the student as a whole instead of just their GPA (though you do have to meet the minimum require at the very least).
This means that if you’re GPA is on the lower-end of the scale, you won’t necessarily be denied over the other, higher GPA-ranking candidates.
So say, for example, one student has a “C” average but excelled at the essay portion of the application. This will give the student a more competitive edge than a “B” student with a poorly-written essay.
According to the article “5 Factors Colleges Use to Evaluate Students,” colleges will look at grades first, and then standardized test scores, then student essays, then teacher and counselor recommendations and lastly extracurricular activities.
To stand out and increase your chances of being accepted, try to excel in every single area.
Write clear, well-written, concise essays that differentiate you from the rest of the applicants. Be as involved in extracurricular activities as your schedule allows. Find a program to volunteer at on a monthly basis.
All of these little things add up and will greatly increase your chances for acceptance.
Start the Planning Early
Of course, in order to volunteer and be involved in extracurricular activities, you need to have planned ahead.
Parents should encourage new high school freshmen to join a few different clubs or sports teams so they can get a feel for what they like early on. Some high schools give seniors a half-day schedule.
Use this extra time wisely – perhaps by picking up a part-time job, volunteering, tutoring other students or helping out more with some of the clubs you’re involved in.
With college admissions being so competitive, the better-rounded you are, the more likely you are to stand out.
About the Author: Sarah Brooks is a freelance writer living in Charlotte, NC. She writes on college admissions, careers and personal finance.
These days, health care is so expensive that it becomes a big bargaining chip in any employment negotiation.
For workers with families or chronic health conditions, company health benefits can play a large part in whether they want to work at a certain company, or if they want to jump ship and move to a company with better health benefits.
If you’re in the market for a better company with better health insurance, consider these giants of industry; there’s sure to be a branch near you.
When it comes to looking out for employees’ health, Google is one of the leaders. Besides appearing at the top of the list of companies with best benefits, they also offer on-site health practitioners at many of their locations. This is just another example of why Google is one of the best companies to work for. They place high importance on the work-life balance, and make efforts to minimize hassles when an employee gets sick.
Surprisingly, one of the nation’s top big box stores is also tops when it comes to taking care of their workers. Not only do they pay above minimum wage rates for part time and hourly employees, but they also provide generous health benefits to all levels of workers. After an interim period after hire, salaried and hourly employees – including part timers – enjoy their pick of either a Choice Plus insurance plan or a Freedom of Choice insurance plan. As the following article looks at, if caring for your child’s teeth is a priority for you, Costco’s comprehensive dental plan for all levels of employees may prove too enticing to pass on.
Adobe Systems not only offers health insurance benefits on par with top grade tech firms, but they put their own twist on what it means to care about employees’ families. Their unique spin? They offer pet insurance. Not a bad idea, considering that pet veterinarian bills can easily spiral up into the thousands of dollars overnight. This interesting benefit is also a great way to put a pet friendly face on a company you wouldn’t necessarily expect to care one way or another. Though a person might not choose to work for Adobe solely because of the pet insurance, it’s surely a great reason to stay there.
The biggest shocker of all is Monsanto, which holds one of the top ten spots for best employee compensation and benefits. For a company that deals in food chemicals to turn around and show an eagerness to take care of employees’ health, that’s either one leap of creative imagination or publicity genius. Whether it would be worth it to work for such a company in order to reap what they’re sowing is up to the individual.
The question of why companies would choose to offer exceptional insurance benefits to employees when they aren’t forced to is easily answered.
Better benefits attract more candidates, retain more existing employees and are overall, better for the company as a whole.
When smart companies make the wise decision to take care of their employees’ health, they pay for fewer sick days, experience less downtime and enjoy a more efficient working environment.
As time goes on, hopefully more companies will take notice and follow suit.
About the Author: Kate Supino writes extensively about best business practices.