Twitter might not be for me because I'm not a follower. Never satisfied but always thankful. Christ is my strength. Egypt is the homeland. U of Illinois ‘17
I’m no revenue cycle expert, but I know a little bit about how physicians are paid.
They don’t just submit an invoice from Quickbooks.
They have to submit a CMS1500, or in certain circumstances, a UB-04 form.
The 1500 claim has 33 mandatory fields. It’s purposefully designed to “adjudicate soft denials” simply by incorrect coding or sequencing of coding. You know - the procedure code, the diagnosis code, the modifier codes, the place of service codes…they not only must be present, but present in the correct sequence.
And all payers require the same codes and sequencing, right? No. In fact, it is widely variable from payer to payer.
Oh - and you don’t submit that directly to the payer. What a silly goose! That makes too much sense.
You have to pay for a clearinghouse to submit the claim and receive the remittance advice on your behalf.
But before you submit to the clearinghouse, it has to be “scrubbed” in a “claim scrubber” - that costs money too.
A 2018 study estimated that billing and insurance-related activities cost $20.49 for a primary care visit and up to $215.10 for an inpatient surgical procedure. That was in 2018.
Today, a primary care physician pays about $33 to get $67.
Of course, that’s if they get paid - about 34% of their claims are denied.
Remember, they still have to pay for the claim submission even if they get denied. And every time they resubmit the claim - it costs the same amount.
@CMSGov@DrOzCMS@DOGE_HHS@HHSGov@SecKennedy
#2: If you're the bottleneck, you'll never grow (and you'll be miserable)
Most biz owners deal with all the problems. If there is uncertainty it starts and stops with him.
But the successful owners have given their employees the framework on which to make decisions.
Want to know one of the biggest problems in healthcare? Deductibles.
Deductibles are defined by the plans the insurance companies design. Then they are approved to be offered by the feds or employers. Then we the people decide what deductible we want when we choose our plans.
Often we choose higher deductibles because we are healthy or because we can only afford the lowest premium plan.
When we got get care and can't pay our deductible for whatever reason, you know who takes all the credit risk and losses?
Doctors, hospitals and caregivers
They have ZERO to do with designing, selling or choosing the plans.
But when you can't pay, they are the ones that become the bill collectors we hate. The ones that put millions into default and bankruptcy,
DESPITE HAVING NO SAY in the plans and deductibles we all choose.
That is one fucked up system that needs to be redesigned.
Next time I'll tell you how insurance companies decide not to pay what they contractually owe to the hospitals and use delay tactics like denials, they know they will approve , just to earn interest on premiums.
And the hospitals aren't innocent. But I'll let them off the hook for now because they have to take anyone that walks in the doors
@BillAckman@elonmusk@DOGE@RobertKennedyJr@DrOz
I would have paid $100k to have been given this lesson when we were a 50-employee company.
It would have returned 50x over the last 7 years.
Here it is:
Scaling culture is hard, and leaders don't typically think about it until it's too late.
On the journey from 50 to 500 employees, it is very easy for culture, quality, and reputation to become "casualties on the side of the road" as you pursue growth.
Don't let that happen in your business.
Here are 3 things you can do right now (in this order) when you are 0-50 employees that will make your company so much stronger when you reach 500 employees.
1. Mission, vision, purpose, values... I'm not going to tell you which to pick, but you need to pick 2-3 of these and go all-in.
Clear your own filters.
View this as some of the most important work you will do, and not a distraction from whatever you consider your "real" work to be.
For us, we selected "purpose" (the reason our company exists) and "values" (the things that will guide our decisions in pursuit of our purpose).
2. After you've gained clarity around #1... make it show up in your business in meaningful ways.
Talk about it in interviews.
It should certainly be part of onboarding.
Weekly 1on1s.
90-day reviews? You better believe we will look at your performance AND your values alignment.
Goal setting? Fits squarely beneath our "solution driven" and "ownership" values and allows us to advance our "purpose."
Annual reviews should absolutely incorporate ratings against values.
You get my point. It can't just be a pretty graphic on a wall.
Make it real.
3. Create a 1-page coaching card for each value.
There are 3 parts to a coaching card.
- What does it look like when a value is demonstrated?
- What does it look like when a value is NOT demonstrated?
- What does it look like when a value is overdone?
Coaching cards are powerful.
Without them, our "solution driven" value would have as many meanings as we have employees.
CEOs...if you haven't already, do these 3 things now.
Have a small business? What are your must-have apps, programs, and tools for running your business smoothly? I'm looking for suggestions for web design, file management, team communication, hiring, etc. Share your favorites below! 💻💡 #entrepreneurs#businesstools
@Kyroooo Hi @Kyroooo , here's a list of some popular and effective tools for small businesses:
•Web Design: Wix, Webflow, Wordpress
•File Management: Google Drive, Dropbox, OneDrive
•Team Communication: Slack, Microsoft Teams, Zoom
•Project Management: Asana, Trello, Clickup
Most watched vid in Veritas history closing on 16M views on Twitter alone. It’s become a phenomenon.
In an extraordinary series of events, no legacy media seems to be asking questions. That’s fine, we’ll do their jobs for them.
The realization sets in:
WE are the media now
In 2021, Private equity invested $151 billion into healthcare, a freaking massive sum of money in a $4.3 trillion industry.
Here's a primer on how the private equity playbook works in healthcare.
I recently came across data on who we spend our time with over the course of our lives.
The insights are simultaneously inspiring and depressing.
Here are 6 graphs everyone needs to see:
My best friend is private-jet-rich.
His dad is an incredible mentor.
Yesterday, he taught me this:
You can beat 75% of people by working hard.
You can beat 15% of people by being honest.
And the last 10% is just a dog fight.