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We are in the midst of a digital transformation in healthcare. Changing needs, spurred on by the global pandemic, have prompted a massive technological transformation in the healthcare industry. This transformation is encouraging new ways of approaching challenges and driving innovative problem solving. The change has been lightning fast and we are forced to adapt quickly to how we live and interact every day. In every area of human life,…
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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…
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What Is A Good Faith Estimate? The concept of a Good Faith Estimate (or GFE) was introduced alongside the No Surprises Act in early 2022. The estimate acts as notification of expected medical costs to those who are uninsured or choosing to pay for treatments separately from their medical insurance plan (self-pay patients). The legislation must be followed by all licensed healthcare providers and there are no specified exemptions for…
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What is the No Surprises Act? The No Surprises Act, in its most basic form, is federal protection for those with either individual or group healthcare plans. It is designed to protect them from surprise medical bills when using emergency services (and some non-emergency services.) The Journal of the American Medical Association reported that as many as one in every five insured adults had received surprise medical bills in the…
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Understanding data helps people gain a better grasp of their surroundings, including what has transpired, why it occurred, where things are heading, and what defines a significant change. Big Data and Predictive Analytics is a rising trend in Healthcare that gives providers and patients deeper insights into all aspects of the level of care being delivered and received. What is Big Data? Big Data refers to sets of information that…
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Covid -19 created a profound impact across the planet. Costing millions of lives, altering social and interactional norms, and disrupting the global economy, the world has needed to quickly adapt to a “new normal.” Of course, there are always silver linings in the darkest of clouds. For the healthcare industry, this silver lining is a reevaluation of its practices and priorities and the emergence of new trends in healthcare. In…