B.T Elite Healthcare Consulting Group LLC’s Post

In our latest Bottom Line Thursday video, Brad Johnson shares some alarming trends about patient delinquencies and collection rates. Did you know that even with insurance, 53% of patients are struggling to pay their medical bills over $500? Providers are facing challenges in collecting outstanding revenue, with only half of the patient-side collectibles being recovered. But there's hope! The VIP Network offers a solution by connecting patients with high-quality providers offering transparent discounts, allowing self-funded employers to waive cost-sharing for their employees. Don't let healthcare bills break the bank! Watch our video to learn more about how you can take control of your healthcare expenses and provide affordable benefits to your employees. #HealthcareBills #Patients #SelfFundedHealthcare #EmployeeBenefits #BottomLineThursday

Did you know hospitals are required to offer "self-pay rates" for care? 🏥 A recent analysis found a staggering 47% of hospitals had self-pay rates that were LOWER than the negotiated rates with insurance companies! 💸 The takeaway: asking for the self-pay rate could go a long way in helping you save on your healthcare. #themoreyouknow

This infographic shows the revenue cycle management process for healthcare providers. It looks simple, but it's actually quite complex. This process has a huge impact on patient care. If a prior authorization is denied, the patient goes without medication. If the patient thinks they will receive a huge bill, they tend to decline follow-up care. If an insurance company denies the claim, the provider doesn't receive payment. If the front desk doesn't complete a proper intake, the insurance company could reject the claim. If we don't verify the insurance appropriately, our systems send the claim to the wrong place, delaying payment for the providers. #process #efficiency #accountability #teams #rcm #revenue #patientcare #priorauthorizations

The complexities of insurance coding can be a significant challenge for hospitals. Different insurers accept various combinations of revenue and CPT codes, which can lead to unexpected denials when coding criteria don’t align. Unfortunately, hospitals are not given a clear roadmap by insurers on which code combinations are acceptable, leaving billing departments to navigate a frustrating process of trial and error. On top of that, the pricing inconsistencies in hospital billing can be staggering. For instance, a medication with a production cost of just a few cents might be billed at hundreds of dollars—resulting in dramatic markups. These practices not only create confusion but can also burden patients and the healthcare system overall. Innovative solutions are needed to bring transparency and standardization to healthcare billing. Contact: info@cooeyhealth.com #HealthcareBilling #RevenueCycleManagement #InsuranceChallenges #HealthcareInnovation #CooeyHealth

On average, healthcare organizations face a 5-10% denial rate for claims submitted to insurance payers. While this might seem small, it translates to significant revenue losses. The good news? 90% of these denials are preventable! By leveraging data analytics, providers can: ✅ Reduce denial write-offs by 42% ✅Improve clean claim rates by 19% Understanding key denial causes can drive efficiency: ✅50% of denials are front-end, primarily due to missing or invalid patient information. ✅30% arise from coding errors. #Healthcare #RevenueCycleManagement #DenialManagement #DataAnalytics

Denial management plays a pivotal role in the complex landscape of healthcare revenue cycle management (RCM). Efficiently managing claim denials is essential for optimizing revenue and preventing revenue leakage due to incorrect billing practices, procedural errors, or miscommunication between healthcare providers and insurance payers. Read our latest blog to learn more: https://hubs.li/Q02vD7Ly0 #Denialmanagement #RCM #healthcare

Denial management plays a pivotal role in the complex landscape of healthcare revenue cycle management (RCM). Efficiently managing claim denials is essential for optimizing revenue and preventing revenue leakage due to incorrect billing practices, procedural errors, or miscommunication between healthcare providers and insurance payers. Read our latest blog to learn more: https://hubs.li/Q02vD75q0 #Denialmanagement #RCM #healthcare

Denial management plays a pivotal role in the complex landscape of healthcare revenue cycle management (RCM). Efficiently managing claim denials is essential for optimizing revenue and preventing revenue leakage due to incorrect billing practices, procedural errors, or miscommunication between healthcare providers and insurance payers. Read our latest blog to learn more: https://hubs.li/Q02vD7YM0 #Denialmanagement #RCM #healthcare

Medical Billing - where numbers meet psychology. From navigating insurance complexities to ensuring fair access, it's a blend of strategy and empathy shaping the backbone of healthcare finance. 🧠💳 #MedicalBilling #HealthcareFinance #FastBillingSolutions #MedicalBillingCompany #medicalbillingpsychology #EmpathyInHealthcare #PatientCareFirst #hope #trust #tranparency #relief #healthcaresystem