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A healthcare facility’s Financial Assistance Policy (FAP) is designed to provide clear access to discounted or free care for those that need financial assistance to access vital healthcare. The policy is designed to both make patients aware of any assistance that they are entitled to receive and also to ensure a consistent quality of service and level of transparency across the sector. And becoming FAP compliant is vital for all…
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What is Healthcare Fraud, Waste & Abuse? Healthcare fraud, waste and abuse (FWA) costs the US medical market a significant amount every single year. It is estimated to be in the region of $300 billion – a huge expense that not only impacts national medical resources but can also influence tax rates and other legislation that makes everyday life more expensive. With medical scams on the rise and breached medical…
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Hospitals and other healthcare facilities have a primary focus of helping patients access medical care, but this care needs to include functions and processes that allow it to be funded sustainably, and that’s where healthcare revenue cycle management (RCM) comes into play. Without suitable financial planning, facilities would struggle to maintain patient care and continue with day-to-day operations. Revenue cycle management allows them to collect fees and keep up with…