Posted By Amanda
June 27, 2012

The U.S. government responded to this crisis by lending a hand to American International Group and also Bank of America, the United States’ largest bank. Bank of America was given $20 billion in government aid and $118 billion worth of guarantees against bad assets. In addition, the US Treasury agreed to take a stake in the company in return for their financial assistance. Bank of America was believed to be one of the strongest banks in the United States, until they made the acquisition with Merrill Lynch.  However, by emphasizing revenue cycle management education many of the problems that led up to the 2008 crisis could have been mitigated.

In addition to helping AIG and Bank of America, the government also responded to the financial crisis by injecting more money into the market in order to avoid a deflationary impact that can be caused from a major decrease in consumer spending. When the Government increases the supply of money, they are improving liquidity in the market, which then introduces the concern that too much money in circulation would cause inflation. Inflation decreases consumers’ purchasing power and essentially anything you have too much of loses its value. After the crisis, the government had to be more vigilant than ever to recognize when to start tightening credit again to prevent future disruptions to our credit and financial system.

To learn more about taking extra measures to ensure financial integrity visit this revenue cycle management service.

Posted By Amanda
June 26, 2012

Many factors came together at once to break the banking and financial institutions and cause the American people to lose confidence in their country’s economic system. The problems that resulted demonstrated the need for stricter regulations, better business ethics, and the importance of revenue cycle management service and collection management.

In a strong attempt and reaction to resolve the financial issues that emerged and that led up to the recession, the government took different approaches to improve the macroeconomic environment, increase market stability, and repair the entire structure of the financial system.

Central banks increased access to liquidity for commercial banks, because these banks were finding it much harder to make profits anymore due to that fact that consumers lost trust in the banks and did not want to take out loans anymore. In order to increase market stability, liquidity was provided to specific markets, especially the commercial paper market, in order to restore their function as suppliers of credit.

One way of doing this was to increase deposit insurance by the FDIC from 100k per account to 250k and expand the FDIC program to include money market accounts. This helped the banks maintain liquidity by easing people’s fears about losing the money in their bank accounts.

To learn more about debt collections visit this medical revenue cycle management company website.

Posted By Amanda Guerrero
June 18, 2012

Earlier this year, the U.S. Department of Health and Human Services (HHS) announced that it was considering postponing the ICD-10 compliance date from October 2013 to October 2014. While this is good news for healthcare professionals already struggling to meet other technology-related deadlines, patients should breathe a sigh of relief as well. The thousands of new codes, some providers fear, may create massive billing problems if not implemented correctly.

The billing process, as it is, is rather complicated and involves people throughout a hospital’s many departments – from front desk workers who collect demographic and insurance information to the doctors and nurses treating patients, all the way down the line to coders, billers, and even a facility’s revenue cycle management service. Because so many people are involved in the process, the likelihood of someone making a mistake and affecting the final patient bill is enormous. Throw in several thousand new codes and the chance of a mistake being made grows considerably.

Poorly implemented ICD-10 procedures, for example, could affect the number of claims that get denied, how much providers are paid, and whether or not a service is covered by a patient’s insurance plan. Additionally, patients could end up receiving confusing EOB statements and having to pay for services that their insurance provider might have covered had the correct codes been applied.

The HHS’s proposed delay, however, will give medical professionals more time to prepare for the changes, including going over new processes with coding and billing staff, working with a revenue cycle management service to reduce potential interruptions in cash flow, and even training nursing and administrative employees about working with the new system. The extra year of preparation time will likely save rushed doctors (and uninformed patients) from problems caused by poor ICD-10 preparation.

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