Important steps involved in the healthcare revenue management cycle

Healthcare service providers strive to provide excellent services to patients. In fact, they want to be better than competitors in all aspects. However, this sense of competition makes sense only when the healthcare provider has managed their financials well. To get a better grip on the income and reimbursement procedures, it is important to learn about the hospital revenue cycle. 

Steps for Healthcare Revenue Cycle Management

The most important steps in healthcare revenue cycle management can be outlined as under:

  • Outsourcing processing or RCM Software installation

Is your organization so big that its revenue cycle management can be tedious to handle? If this is the case, the hospitals have a dedicated wing taking care of revenue management issues. The smaller organization can consider installing RCM software to give revenue cycle managing a head start. 

Sometimes, even if the organization is small, the owners may not be so trained in revenue management issues. After all, their core expertise lies in providing treatments to the patients and not in managing the paperwork. Thus, outsourcing comes as a sensible option for hospitals and other healthcare service providers when it comes to managing the revenue cycle.

  • Pre-authorization of patient

The US Govt makes it mandatory for every treatment to be accompanied by a prescription from a registered medical practitioner. The prescription entails the kind of equipment, medicine and healthcare that will be required for the treatment of the patient. Revenue cycle managers can approve skipping of a patient’s pre-authorization when there is a case of a medical emergency. However, during the course of medical treatment, the healthcare providers can try to find the medical insurance enabling procedures of such patients by referring to their PECOS certification records.

  • Verification of patient’s eligibility for benefits

Modern RCM software makes it easy for the medical billing company to find the patient’s eligibility for any kind of benefit. It is a common fact that patients are either accompanied by the attendants who are not much aware of the patients’ benefits. Sometimes, patients are all alone and not able to tell anything about the same by themselves. In such cases, the RCM software scans the patient profile, tells about his insurance policies and finds if their case is entitled to get any kind of benefit under the possible heads.

  • Claims submission

When entertaining the cashless insurance claims, the hospitals have to be thorough and quick to submit the claims. Their spending of resources on the treatment of patients can come down heavily on them when the staff handling RCM is not aware of the procedures. It can increase their receivables head which, ultimately, may put the pressure of liabilities on the hospital or healthcare organization.

Therefore, claims submission is a very important step in the revenue cycle management process of any healthcare providing service.

  • Posting payment received

The next step in revenue cycle management of a hospital is posting of payments received against the claims submitted to the insurance company. This posting of payment means that the payment is now clear from the patient’s side. In case the patient is having post-payment reimbursement, the system prompts the patient to make payment when the claims’ correctness has been ascertained by the insurance company.

  • Denial management

It becomes a matter of grave concern when the claims are being denied in high numbers. The poor reimbursement rate can cost the healthcare organizations heavily and may put it under financial stress. 

The biggest cause of denial management is an incorrect submission of claims. The patients may have filled the claims form incorrectly, or there can be some human error on the part of the claims receiver. Too many people working together on any claims case also become a big source of error. This raises the importance of efficient denial management. Largely, it is the guidance and revisiting of rules work that is done to keep denials within the limit.

  • Reporting

The final step in the functioning of an RCM is reporting.  The software tells about the claims submitted, denials and claims disbursed in a report form which can make it easy for the accounts department to understand the situation and make decisions.

Thus, RCM proves to be an effective tool and is designed in a sequence of steps that make it easy for healthcare providers to function efficiently and survive the challenges of the healthcare market.

9 points Why Nidhi Company Registration Is Required

The term ‘Nidhi’ refers to finance, stock or fund, or treasure. A Nidhi company is a form of company in the sector of Indian non-banking investment or investment that gets included with the purpose to develop the practice of thrift as well as profits or savings amongst its members. Activities of Nidhi Company include borrowing and giving money among their members for their common and mutual benefit. Registration of Nidhi Company takes place following the requirements declared in Section 406 of the Companies Act of 2013.

Why is Nidhi Company Registration required?

The various reasons for Nidhi Company Registration in India are:

Simple Formation Method

  • The method of Nidhi Company structure is free from all the complexities. In other words, it’s easy and simple to form a Nidhi Company.
  • There is no requirement for a Nidhi Company to attain a license from the Reserve Bank of India. The development of this company requires a minimum documentation method.
  • In the proof of Nidhi Company, there is a condition of only seven members. Three members out of the seven members will be the executive or director.
  • Ministry of Corporate Affairs, i.e., MCA is the accountable body behind the management of Nidhi Company. Along with this, RBI can issue instructions, if needed.
  • It takes about 10-15 days for a Nidhi Company to get enrolled or registered.

Limited RBI Regulations

The management appointed by the Reserve Bank of India on the Nidhi Companies is restricted. By its quality of the activity, Nidhi Company comes under the NBFC level, and also it is an investment or finance company. These businesses should incorporate themselves with the Ministry of Corporate Affairs (MCA) as public limited companies.

Simple Nidhi Rules

  • Getting support from the RBI side is not a required condition. Nidhi Companies follow the Nidhi Rules, 2014 given by the centre for the regular functioning and running of the company.
  • These organisations got releases from foremost requirements otherwise appropriate in the case of Non-banking Financial Companies in India.
  • Reserve Bank of India won’t be building any obstacles in the method of Nidhi Company Registration in India. Therefore, you can use such types of advantages of Nidhi Company Registration in India.

No Scope for External Parties or outsiders

  • The organisation, as well as control of Nidhi Companies and the advantages that it provides, are involved with and to their members only.
  • external parties or outsiders didn’t get the authority to interfere in any concerns of Nidhi Companies by any means. Neither they have any interest to interfere in the performance of the Nidhi Companies, nor can the outside parties get credit from these organisations.
  • Besides this, the external parties or outsiders can’t deposit money, and also they can’t interfere in the management-related arrangements.

Low Capital Provision

The minimum condition of capital is one of the important advantages of Nidhi Company enrollment in India. According to the Nidhi Rules of 2014, the net owned stock or fund of Nidhi Company requires to be Rs 10 lakhs. MCA in their directives declared that the least capital requirement for Nidhi Company enrollment in India is Rs 5 lakhs.

Minimum Capital Requirement

In addition to this, the capital requires to get promoted to the amount of at least Rs 10 lakhs in the time boundary of 1 year. In comparison to various financial organisations, the capital required for filing a Nidhi Company in India is less.

Micro Banking Assistance

Nidhi Companies grant support to the remote and rural forms of India by providing micro banking services. Those states located in far-off locations get micro banking services through Nidhis.

Stimulate Saving Practices

One of the notable advantages of Nidhi Company in India is that it excites the maintenance and saving habits amongst its members. From a six-year-old child to a 60-year-old man, everyone is craving to do savings. There is a belief in Nidhi Company, and therefore, features won’t be placing restrictions on their maintenance habits.

Facing the Demands of Lower and Middle Class

Nidhi Companies begin from the front when it proceeds to meet the requirements of those people who refer to the lower as well as the middle class of the community by allowing them financial aid without any additional responsibility of documentation. Therefore, it is one of the important advantages of Nidhi Company registration in India.

Different Types of Sports Flooring

The sports arena is highly diversified due to the numerous types of sports events and the surface required for playing those sports. Some sports demand friction-free surfaces, and some need a shock-absorbing floor. The sports flooring is one of the vital parts of gameplay because if the floor isn’t right, it can cause multiple injuries to the players. Thus, the texture, moisture level, and shock-absorbing rate of the floor need to be precise.

For the ease of players, nowadays, multiple types of sports flooring are designed with the help of latest techniques. There are various sports floor manufacturers present in the market, but only a handful of them understand the criteria of different sports forms and design meticulous floors. One good sports floor manufacturer deals with multiple types of sports floor options so that they can offer a complete solution to their customers.

Read more about sports flooring here at Junckers:

When looking to place an order for sports flooring, it is imperative to be informed about all the different types of sports floor options available in the market.

Indoor Sports Flooring

There is an array of sports that are played indoors, including volleyball, tennis, wrestling, basketball among others. To accommodate all the different types of sports, the right style of flooring is essential. For instance, the hardwood flooring will be an idyllic surface for sports like basketball and volleyball. However, for other sports, rubber flooring will be the right solution. Thus, the understanding of the complete indoor sports flooring catalog is advisable before making your decision.

Hardwood Flooring

Whenever you think about your school gymnasiums, you instantly remember the shiny and solid hardwood flooring. The maple hardwood flooring is commonly installed in basketball courts for providing ease in surface diving to the players. Hardwood flooring is aesthetically appealing and comes with numerous colors and customization options. This type of sports flooring is shock-absorbing and can be swiftly installed or removed. However, maintenance of hardwood sports flooring is costly, but overall, it’s a good indoor sports floor option.

Polyurethane Flooring

Polyurethane is one of the highly durable and resilient flooring types that can easily absorb heavy pressure of sports activities and equipment. This type of flooring is prominently used in sports complexes where multiple sports are played. Moreover, polyurethane can be smoothly customized as per the requirements of field houses.

Rubber Flooring

Vulcanized rubber sports flooring is among the highly durable flooring. It is a very common type of sports floor. Multiple layers of rubber provide soothing comfort, and shock absorbency keeps the players balanced. It is essential to keep the top layer of rubber flooring protected against mold and bacteria. The maintenance cost of rubber flooring is minimal.

Outdoor Sports Flooring

The fields of sports like lacrosse, baseball, cricket, football, hockey, and some racing tracks are outdoor. The outdoor flooring needs to be strong, durable, resilient, and shock absorbent, just like the indoor flooring. If the quality of outdoor sports flooring isn’t up to the mark, it can impact the performance of the player negatively. Outdoor flooring can be broadly categorized into two types –

Tracks

The outdoor tracks are mostly designed with high shock-absorbing rubber material because sudden pull for traction can cause an intense leg, ankle, or knee injury to the player. The track surface is designed with a water-resistant technique as well to keep it dry. Thus, the vulcanized rubber is the ideal material to design outdoor fields because they are developed from recycled rubber, which doesn’t contain any harmful materials. In a way, rubber outdoor field tracks are eco friendly as well.

Artificial Turfs

Mostly, schools and universities are nowadays using artificial turf to design the outdoor sports ground because it doesn’t require maintenance like natural grass. Artificial turf consists of durable filament fibers to recreate the same appeal as natural grass. For football, baseball, cricket, and other outdoor sports, the artificial turf surface is used aggressively.

There are multiple sports flooring options available for the field houses nowadays to select from. With the support of the leading sports floor manufacturer company, you can easily find the right type of sports floor. Just find the best manufacturer first, and the next process is super easy.

10 Must-Have Travel Essentials Items

The wanderlust in you makes you travel the length and breadth of the world. One day you are hiking the mighty Himalayas, while the other day you are seen soaking the sunshine on a beach in Goa. You can just pack your bags and travel as much as you can, and for as long as your heart desires. But, what most travellers often overlook, including you is travel essentials that can make your travel escapade more exhilarating.

Here is a list of must-have travel essentials that you and every traveller should carry along. And, the best part, all the listed accessories and essentials can be bought from an online gift shop. So, make even your last minute travel plans successful by ordering whatever you need online.

  1. Lifestraw Filtration Bottle: It can filter up to 1000 litres of contaminated water, making it safe to drink. This one is a real-lifesaver if you love to go for hikes, camping, or just travel. Do we need to explain why you must carry this? Also, carry along one or two reusable water bottles.
  2. Universal Travel Adapter: Every country has a different charging outlet. So, it would help if you carried a universal travel adapter that allows you to charge your phones, laptops, tablets, and other electrical appliances and gadgets.
  3. Power Bank: Now, along with a universal travel adapter, carry a power bank also. A power bank is essential when you are travelling long distances and finding a plug point is difficult or next to impossible. If you have a power bank, you are perfectly ready to go.
  4. Eye Mask: Whether you are travelling by airplane, train, or road; it’s always convenient to carry an eye mask. With an eye mask, you can sleep and relax more comfortably. Sleep is important because otherwise, you won’t be able to enjoy your expedition.
  5. Ear Plugs/ Headphones: Do we need to tell you the importance of an earplug or headphones? It’s your forever companion and makes the long journeys bearable. Also, it’s great when you wish to ponder over your thoughts.
  6. Inflatable neck pillow: Another essential for a comfortable sleep during the journey. It is also the best solution to carry at times when you don’t like to use pillows provided at the hotels.
  7. Passport Holder: You would never wish to lose your passport, would you? Travelling to foreign land requires you to carry your passport with you. Keep it safe with the passport holder. Generally, the passport holder has space for cards and cash as well. You can get the passport engraved with your name also. Personalised passport holders make for an excellent gift choice along with handmade cards.
  8. Toiletry Bag: Keep your toiletries safe and organized at one place by carrying along a travel toiletry bag. Travel toiletry bags are compact and can be fit in a suitcase, backpack, or even a handbag.
  9. First Aid Kit: You never know when you will fall sick or get a cut while hiking or any causality. Having a first aid kit by the side is a guarantee of getting first hand help immediately. In your first aid kit, carry bandages, cold compress, antacids, ointments, some necessary tablets, or medicines that you take.
  10. Travel Jacket: For outdoor locations, a travel jacket is an absolute saviour. Always carry a travel jacket with maximum pockets to carry small but important stuff so that you do not need to unzip the bag often.

Carry these travel essentials to your next trip, and it will be one of its kind travel.

How Cloud is Reshaping the Healthcare Industry in 2020

The healthcare industry is the one experiencing a massive shift in its practices all across the globe. The global shift is coming in terms of the penetration of technology and doctors and other medical staff normalizing it. It wouldn’t be incorrect to say that for the longest amount of time, several operations in the healthcare industry have been managed manually.

Right from managing the lodging information of the patients to more precise customer data, everything was done manually without the staff having to look up anything online. So, when the data had to be fetched it was a difficult task to do, since there were more than a few manual dependencies.

Healthcare and Technology: The Story of a Rapid Transformation

While doctors and medical staff feared the intervention of technological advances in the healthcare industry, the tables have started to turn already. In other words, today the medical staff is more acceptable than ever in the adoption, usage and deployment of the latest solutions for the good.

While there is an endless list of technologies that are currently reshaping on java development services company in the world as a whole, the list is much narrower when it comes to the healthcare industry. And that’s because there has to be a critical judgment of the technology and its beneficial aspects before it is allowed to be deployed as medical personnel.

Be it artificial intelligence, machine learning, big data or cloud, the promising technology promises to leave its impact on the sector and transform it like never before. While artificial intelligence is being used to bring about faster solutions and a more efficient diagnosis it is also being used in several key departments. AI-powered robotics java development solutions are today a major hit in the healthcare industry.

It is performing surgeries in major healthcare divisions and keeping the name of doctors up while outshining with the end patient. With precision properly adjusted for these robot doctors, a sense of safety is guaranteed when operating the patient. While customers have to no doubt sign form agreeing to the risks by technology, it is in fact more powerful and a much better enabler of medical services, since it is programmed.

While technology might not be able to take steps on its own, it is still doing an excellent job at what it does best- and that follows commands. Once programmed AI systems accomplish every task with efficiency., their purpose stands served. But, this nowhere means that technology is replacing the need for real human medical staff.

However, when it comes to promoting decision making under strenuous aspects. AI systems in spite of being an intelligent fail. This is where the intervention of the medical staff is needed. Moreover, instead of being a replacement, technology is complementing the efforts of the medical personnel.

This has more than a few benefits, First, it is bringing a new wave of efficiency for the healthcare industry. And second, it has simplified the work of doctors like never before. And third that customers were visibly more satisfied with this combination of java development technology and usual medical services by the doctors.

The Age of the Cloud

Similarly, with machine learning algorithms primarily running in the healthcare industry, it directly means better healthcare facilities such as improved diagnosis of a disease, faster study of the patient history or electronic health records of the patients along with becoming the aid of doctors in deciding the course of treatment.

But, all of this has only been possible with the advent of cloud services. Cloud has been one of the biggest enablers of progress and advancement in the healthcare industry. Be it sharing data across platforms to collaborating with scientific organizations for improved medical research, cloud has been the answer to all.

Since healthcare is also an industry that requires a lot of improvement because we still don’t have the right measures and equipment to perform several full-fledged studies and up the game in the industry. Cloud is only a step that is enabling the wave of progress in the industry. Imagine how beneficial it will turn out to be for the industry if all the data that is stored could be put to use.

The point is there is no shortage of data and companies have for the longest amount of time been trying to harness its potential for various jobs. While the entire process was difficult to imagine had it happened a decade back, things are much different now.

With the latest cloud technology in the picture, more than a few brains can be out to the task of bringing the right output and results. Researchers and medical staff from different universities and organizations can collaborate over an issue, extract the same data for their own purpose, while at the same time contribute to the overall development of the project by doing their bit.

The massive shift in the industry processes is happening in more than a few ways. For example, since the healthcare sector is already overburdened with costs, one of the main aims of deploying cloud based solutions is to lower the entire costs and take organizations to new heights.

With a minimum spend, companies can reserve a large amount of space without having to fuss over a large infrastructure or anything else. Moreover, expansion becomes so easy that organizations only pay for their use. There is no burden or a minimum spend or purchasing a large cloud space in advance to ensure it doesn’t run out. This brings an overall positive impact on the healthcare industry and takes its trajectory towards growth.