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The Centers for Medicare and Medicaid Services (CMS) recently published the Calendar Year (CY) 2024 Medicare Physician Fee Schedule (PFS) proposed rule on July 13, 2023. Stakeholders can comment and provide feedback within a 60-day window, with the proposed rule scheduled to be finalized by November 1, 2023, after review of submitted comments by CMS.

Futuristic technology is taking the world by storm, especially within the healthcare industry, from ChatGPT writing your next speech to Artificial Intelligence-based algorithms identifying early diagnosis of patients. (Disclaimer: ChatGPT was not used to write this blog.) The medical billing industry is no different, undergoing a major shift from manual tasks to adopting automation software and artificial intelligence (AI), creating an array of opportunities for healthcare providers to optimize their revenue cycle

Today’s healthcare professionals face traditional point-solution technologies for billing tasks, such as claims processing, denial management, and patient payments. However, as Bain & Company notes in their latest Healthcare Provider IT Report, the “tech stack” of poorly integrated software solutions is driving many organizations to refocus on “all-in-one" systems.

What seems like routine, annual wellness visits can quickly become a burden for many patients. From unmet health insurance deductibles to increasing prescription drug costs, more and more patients are skipping “wellness” appointments to avoid medical bills; which unfortunately contributes to the 131.3 million emergency department visits per year, and possibly an even bigger bill in the end.

Medical Revenue Cycles are responsible for bridging the gap between effectively reimbursing physicians for their care and elevating patients’ experiences from check-in to bill-pay. Medical bills must be accurate, compliant with regulations, and timely to ensure that patients receive proper care and that medical facilities receive adequate reimbursement. Unfortunately, several key issues can arise when it comes to medical billing in revenue cycle management (RCM) processes, negatively impacting efficiency, accuracy, and patient satisfaction.