A successful senior advisor and radiology consultant, David Kent Joslin, has put together deals for multi-million dollar companies. He has also worked for a variety of healthcare services, management consulting, and software development. His successful career in the healthcare industry has also led him to sit on the board of InSight Radiology Puerto Rico, a multi-site operator of free-standing radiology facilities. With such a long successful career, David Joslin has identified healthcare reimbursement trends to watch out for in 2019.
Merit-Based Incentive Payment System
According to David Joslin, Merit-Based Incentive Payment System (MIPS) is a trend that is not going away any time soon. MIPS is useful in the health reimbursement sector because it tracks three useful things into one single payment program – the Value-based Payment Modifier Program (VM), Physician Quality Reporting System (PQRS), and Medicare Electronic Health Record Incentive Program. Since MIPS combines all of these systems into one, physicians and health centers will minimize financial errors.
Big Players Continue to Get a Bigger Piece of Pie
In the healthcare reimbursement sector, large hospitals and healthcare centers usually get the largest financial reimbursement, while small private practices tend to fall short. As more and more small practices merge with large health centers, the big players will continue to demand the largest financial gain.
Providers Will Improve Value
David Joslin explains that physicians and hospitals with the data to prove positive outcomes will be more attractive for insurers. Although some carriers will still stick to the fee-for-service business model, carriers will emphasize service value. The healthcare reimbursement sector will depend a lot more on value-based care than in previous years.
Healthcare Reimbursement Will Cover Virtual Visits
Many insurance companies now offer virtual visit consultations for their patients. David Joslin explains doctors and providers can now set up consultations with patients via video-chat or over the phone and get paid by insurers. The value of virtual check-ins makes it convenient for both patients and providers. Before accepting virtual consultations, physicians need to ensure insurance companies will cover those services.
Boost Revenue with Existing Codes
David Joslin explains that many providers are focusing on transitional care management (TCM) and chronic care management (CCM) codes to boost revenue. By using the proper codes to document patient discharge dates and relevant information, providers miss out on billing opportunities. David Joslin says health care centers will see the value in using these existing codes.
About David Joslin
David Joslin has a B.A. in history and political science from Duke University and an MBA in finance and accounting from Columbia Business School. David Joslin lives in Sarasota, FL, with his family.