In this issue:
Thanks to HIPAA, claims submission is mainly electronic, and some providers have also made significant headway in posting patient payments automatically. What's next? Savvy healthcare providers are now focusing on two major impacts to the bottom line: contract management and denial management. Read more.
Healthcare providers and payers be on the alert! A rule change approved by the National Automated Clearinghouse Association (NACHA) documents specific requirements for the COMPANY NAME field used to identify the originator of ACH credits and debits. The new rule, which takes effect in June 2008, requires that the transaction originator be identified by a name that a consumer can recognize. For example, MERCY HOSPITAL might be an acceptable COMPANY NAME, while MHHC (standing for "Mercy Hospital Healthcare Center") might not be acceptable. In addition, telephone numbers can no longer be used in the COMPANY NAME field. Read more.
A new acronym carries weight in this nascent era of consumer and employer-driven healthcare. The acronym is R4R or Ready for Retail. Is Your Practice R4R? John R. Thomas, President and CEO of Medsynergies, Inc., one of the leading U.S. providers of revenue cycle services to physicians, suggests how your practice can improve its "customer" experience. This article is reprinted by permission of Medsynergies, Inc. (Note: The opinions expressed in the article are those of the author, not PNC Bank.) Read more.
PNC is the first bank to meet industry standards for both clearinghouse and lockbox operations. Read more.