Aquina Blog

One of the biggest challenges facing every healthcare business owners is improving their payments on outstanding claims to government and insurance payers.  Whether it is Medicare or Medicaid or a private insurer, claims can take weeks or even months to process.  Even small errors in submission can lead to longer delays.  Fortunately there are a number of key strategies that can improve your experience and speed up your payments.

The CMS has begun a trial of a new pre-claim review process in Illinois on August 1st.  This new program requires home health care providers to submit claims to CMS contractors much earlier in the care process, to be audited before the claim is actually submitted for payment. The CMS has pitched this to home health agencies as a simple change to the revenue cycle, putting the pre-claim review authorization in as an added step before claim submission. However we are hearing that this is not the case.

According to the US Bureau of Labor Statistics, 23% of new businesses fail within their first year. The same study shows that the healthcare industry has a lower incidence of failure with only 20% of businesses failing in the first year. For healthcare businesses, the rate of failure within 2 years is more than 25%.  Provider Web Capital is committed to helping new businesses beat the odds. Our financing models are designed to help your organization succeed through the first years of business and meet the changing needs of the healthcare environment as your business grows.

Provider Web Capital is Building a Community by Offering our Healthcare Clients Funding Solutions

Medical small business owners are plagued by slow payment from insurance companies and government payers.  Delays in processing claims can reach weeks or even months in today's healthcare environment.  Even when a provider reaches the last phase of the process and receives the Explanations of Benefits (EOB) advice form, also known as 835 form, it still often takes 1-3 business days before the cash appears in your bank account.

Provider Web Capital recently conducted a survey of healthcare small business owners on their views of the upcoming election.  Business owners in the medical field are certainly focused on politics as the response rate from our customer base was high.  The survey asked respondents how much impact they expected to see on their business from the election.  It also asked what these business owners would like to see happen to the Affordable Care Act (the "ACA") and who they thought would win the Presidential election.

Please click play below to hear from one of our customers.  The speaker is the CFO of a mental health group in Maryland.  His business was founded over 15 years ago, and the team assists troubled teens with a focus on the family unit.  

The transition from ICD-9 to ICD-10 was supposed to improve the operational process by giving medical practices a system that would allow them to be as detailed as possible in their coding. The more detailed they are in providing information pertaining to the Five W’s, in addition to analytics such as cost, usage, and final outcome, the less complicated it should be to process payments and get reimbursed.

Fortune Magazine recently wrote on Square Capital's partnership with Upserve, "a startup that offers software and its own point of sale service to help restaurants."  Through this partnership, "Upserve will provide anonymous sales and cashflow data to Square," and Square will "analyze this data to see which restaurants qualify for loans. Eligible Upserve customers will receive personalized loan offers directly within the Upserve software."  Fortune reports that customers accepting the offer can be funded within 24 hours.

Provider Web Capital is Building a Community by Offering our Healthcare Clients Funding Solutions