Becker’s 25th Annual Meeting: What we Heard on the Tradeshow Floor

Regent RCM’s leadership team recently attended the Becker’s 25th Annual Meeting: The Business and Operations of ASCs.

While there was a plethora of great information to take away from the show, Director of Revenue Cycle Management Erin Petrie  picked up on a few common pain points among center leadership, including:

  • The increasing difficulty of negotiating payer contracts
  • The need for ASC-specific revenue cycle benchmarking data
  • The rise of bundled payments – and the race to execute successfully

We drilled down on two of those issues in our latest guide,  3 Revenue Cycle Audits That will Improve Collections and Lower Days in A/R, where we identified inefficiencies and mistakes that put ASC financial performance at risk and shared best practices around denied claims, improving coding accuracy and payer contract adhesion.

If you’re interested in learning more, click here to stay abreast of ASC news via our blog.

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Bundled Payments and ICD-10

In 2015, Medicare and Medicaid will be expanding the bundled payments for services and there is uncertainty in the healthcare field regarding the implementation of ICD-10. Due to the bundled payment options, historical payments will drop, and if Congress decides to implement ICD-10, hospitals will have to code based on procedure rather than revenue. This will likely be a stressful combination for hospital financial managers, who will have to deal with these issues on top of an already demanding workload.

The key to handling both of these developments efficiently is having a solid RCM system in place. In order for the hospitals’ financial leadership to understand the monetary impact the bundled payments will have, it is absolutely critical to become adept at revenue cycle management.

Furthermore, regardless of whether ICD-10 is implemented this year or not, hospitals should be making the necessary changes. Those that already take revenue cycle management seriously will be in better shape than those who do not.

Far simpler than hiring and training new staff to cope with the coming changes would be to hire an outside firm specializing in RCM, already equipped to handle bundled payments and ICD-10 documentation, and ensure that no money is left on the table.