The healthcare industry is going through a seismic move designed to reduce healthcare fraud, waste and abuse and improve the quality of patient care and reduce financial looses. However, the prime aim is to decrease management pressure and reduce waste within the system, the near-term effects actually increase the cost of running a medical center and reduced overall provider earnings. But a million dollar question comes how providers are impacted from Fraud Waste and Abuse:
- Increased technology execution expenses as providers try to adhere to required transformation dates
- Increased functional expenses due to improved returns, are attractive, and claim adjustments
- Longer Consideration Receivable periods
- Increased income threats such as reduced reimbursements
- Increased patient bad debt
