Rising drug costs are gut punch to hospital budgets, triggering staff and service cuts, other changes
Average total spend per hospital admission rose 18.5 percent between FYs 2015 and 2017, spawning roughly $1.8 million in new spending, study says.
Average outpatient visit in U.S. approaching $500, study finds
Between 1990 and 2016, inpatient admissions globally increased by more than two-thirds, while outpatient visits increased by more than half.
Digital transformation demands a whole new level oversight to avoid healthcare fraud
AMA Washington Counsel Paul Westfall says systems need controls, policies and procedures and digital health requires strict technical oversight.
Recession preparation for physicians
Given the current turbulent political and economic state of both the United States and many other key world powers, a variety of financial experts are predicting something ranging from a significant economic slowdown to another full-blown recession. While times may be good now, physicians should examine the lessons many doctors learned the hard way and act now, while they still have the time and resources to prepare. Worst case scenario, those predicting rough seas are wrong, and you’ve merely made your continued success more predictable and better defended.
Smart ways to respond to—and reverse—declining profitability
Few things are more unnerving than realizing your business is less profitable than it once was—or than you counted on.
The instinct to take immediate action is understandable. If you’re a physician, responding quickly to urgent situations is second nature. And after all, if your profit is suddenly on a lower trajectory, you may have reason to be concerned that you’re heading toward a personal financial emergency.
How to stop theft in your back office
It’s unfortunate, but even in today’s era of two-factor authentication and hyper-alert security, we still hear stories of physicians being defrauded by their employees. To help protect yourself from financial fraud, consider adopting these five approaches in your practice.
4 front office billing tips
When the front desk staff does their part, your billing and collections routine gets off to a smart start, and that eventually means more income for your practice.
Low consumer literacy of healthcare industry linked to almost $5 billion in costs, report finds
Confusion over navigating the complex healthcare system translates into a significant customer-service cost burden for insurers.
Wraparound services hold promise for reducing health costs and improving outcomes
Wraparound services potentially saved $8.2 million from 2011 to 2016, based on median hospitalization costs, the authors found.
6 back office billing strategies
In this two-part series, Olson, who works at the Ocean Springs, Miss., firm, offers financial management and support services for the healthcare community. She shares six ways to get your back office team to bring their best game to your billing and collections efforts. Click here to see her suggestions for the front office.