An article in Healthcare IT News stated that 10% to 20% of claims that are denied can contribute to approximately 90% of missed revenue opportunities. However, a company experienced with RCM is able to maintain quality procedures and measures that keep pace with today’s ever-changing business needs and reimbursement models.
According to the Northern California Spring Conference, California health insurers rejected approximately 1 in every 5 medical claims, approximating $45.7 million in missed revenue between 2002 and 2009 alone (and that doesn’t include claims denied by Blue Shield of California).
Even more alarming are their statistics that a managed care hospital with a net revenue of $50 million may have – at any given time – $5 to $10 million in an open state of denial. Read more
There’s no denying that the digital revolution has spawned an age of convenience, but with that convenience comes a growing concern for the security of consumer information.
This rings especially true for healthcare organizations that are responsible for mountains of patient information.
A stolen credit card can be canceled, but a medical record contains significantly more rich data and information about a person. These records contain family information, financial information, and of course, a medical history. “A person’s health information is worth 15 to 20 times more than financial information,” said Robert Wah, MD, President-elect of the American Medical Association and Chief Medical Officer for CSC, a health IT Company in Falls Church, VA.
Lisa Gallagher, Head of Privacy and Security at HIMSS agrees. “It’s easier for identity theft to take place from a medical record that’s not secure than it is from a financial record because they tend to be locked down a little better. Hackers and other perpetrators have moved to trying to get it from the medical record.”
All healthcare organizations, including urgent care centers, must educate themselves about health IT security so they can better protect their patients.
With this in mind, here are 4 things you should know about health IT security. Read more