Happy Friday and, more importantly, Happy Spring! Celebrate the new season with fresh picks from the past week:
Big news from the financial world, as the three major credit agencies have struck a deal with regulators to change their policy for reporting medical debt. According to a story from FierceHealthFinance, these agencies will now grant a six-month waiting period before placing medical debts on an individual’s credit report. This shift has the potential to completely alter the medical payment process, particularly at a time when the average medical debt is $1,800 per person in the US.
RevCycleIntelligence published an article in support of the shift toward value-based reimbursement models. The piece asserts that as the trend of fee-for-value reimbursement continues to grow, physician compensation models are expected to follow suit. Although the transition may prove to be slow and deliberate, ultimately, it will benefit the entire healthcare industry. With the new models, physicians are ensured that their compensation reflects outcomes and clinical quality, helping to guarantee improved care for all patients.
Finally, our chief data scientist Paul Bradley authored an article on hfm’s blog titled, “Predictive Modeling Can Detect Meaningful Correlations across Claims Denials Data.” Paul discusses how organizations can leverage predictive analytics to increase efficiency and optimize reimbursement. He outlined a real-world example of pre-screening claims for likelihood of acceptance that streamlines the revenue cycle for positive financial and operational outcomes.