Does “Sleeper Fraud” Lurk in Your Bank?

Linda Straub Jones, Director of Market Planning—Compliance at LexisNexis Risk Solutions, has a fascinating article on Banking Exchange about a rising plague of misdiagnosed fraud.
Dubbed “sleeper fraud,” it’s a manner of hacking and using credit cards – – often to fund international terrorist groups – – via subtle maneuvers that don’t register on normal fraud radar. In a worst case scenario, an account goes from a current status all the way through the aging process without a single contact with the account holder, and is then written off.
Jones reports that right now, 45% of these chargeoffs could be misclassified as deadbeats when in reality, they’re [More]

Would You Want Tom Brady or Brett Favre To Deliver Healthcare Payment Processing?

If Tom Brady was in healthcare payment processing, he’d get to 100% automated posting of insurance payments… but he wouldn’t get there the way you think.
Does he have the physical tools? Sure – – but that’s not enough. Attention to detail, discipline and hard work factor in even more than a strong arm. As much as I hate to admit it, Brett Favre (my favorite), had all the tools as well, but he’s only won one Super Bowl.
It’s much the same with getting to 100% electronification of healthcare payments. You can have all the latest technology in the world, but if the training, [More]

Check Recognition Is Like the Greatest Comeback in Super Bowl History

How is the greatest comeback in Super Bowl history like check recognition?
If you’re the New England Patriots, Bill Belicheck and Tom Brady, you practiced, trained and, to use their oft-repeated mantra, worked hard…“worked ‘expletive’ hard!” They constantly optimize technology and planning, and then execute on the field. That recipe all came together when they were down 28-3. They saw their opportunities, relied on great preparation, and focused on delivering.
Though we suffer far fewer blows to the head (and rarely wear helmets), that’s the Orbograph story, too. The philosophy is encapsulated in the phrase Envision More. Achieve More. That focus and preparation has evolved into OrboAnywhere. We see our opportunities [More]

2017 RCM Global Forecast: Realistic or Exaggerated?

When a market report predicts steady, or potentially explosive growth of revenue cycle management, what comes to mind? Is it a real opportunity or should we be skeptical?
This link provides a summary of the larger, comprehensive report offered by ReportLinker:
The global revenue cycle management market is projected to reach USD 80.56 billion by 2021 from USD 45.52 billion in 2016, at a CAGR of 12.1% from 2016 to 2021. Factors such as regulatory compliance encourage the use of RCM solutions, government support, process improvements in health organizations brought about by RCM, and the increasing number of patients and subsequent growth [More]

“Go Ahead, Write a Check for Your Coffee”, Just Not for Beef Jerky

Photo by Elsie www.elsiehui.com
Gert Watkins just become the poster child of checks in an article about the reality of check writing.
The Wall Street Journal article, posted by former colleague and friend Kathy Strasser, explored the dynamics behind why checks still exist and what the leading motivations are. Of course, when it comes to checks, technologists want to bash them.
When Gert Watkins pulls out a check at Wal-Mart or Target, the shoppers in line behind her roll their eyes, sign deeply and mutter under their breath. Ms. Watkins, a 67-year-old former banker in Birmingham, Ala., knows that many other shoppers pay with [More]

President Trump’s ACA Executive Order

No, the ACA isn’t repealed – – that will take an act of Congress and, one would hope, a suitable replacement  – – but President Donald Trump did sign an executive order hours after taking office that greases the wheels toward a repeal scenario:
“To the maximum extent permitted by law, the Secretary of Health and Human Services (Secretary) and the heads of all other executive departments and agencies (agencies) with authorities and responsibilities under the Act shall exercise all authority and discretion available to them to waive, defer, grant exemptions from, or delay the implementation of any provision or requirement of [More]

Did the 2016 FDIC Conference Deliver Short-Term Success?

The FDIC 2016 Community Banking Conference provided a foundational approach for the market. With the theme of Strategies for Long-Term Success, four conference panels discussed the community banking model; regulatory developments; managing technology challenges; and ownership structure and succession planning.
Chairman Martin J. Gruenberg announced that community banks today account for 13 percent of banking industry assets but hold 44 percent of the industry’s small loans to businesses and farms. In fact, for more than 20 percent of the nation’s 3,100 counties, the only banks operating in those counties are community banks.
The FDIC has taken steps to respond to issues raised at the conference [More]

7 Thoughts on the Importance & Future of Blockchain in RCM

If you don’t know already, Blockchain is a ledger of records arranged in data batches called blocks that use cryptographic validation to link themselves together. Each block references and identifies the previous block by a “hashing function,” forming an unbroken chain, which is where we get the name. (We’ve discussed Blockchain in the OrboNation before for banking and introduced it for RCM as well.)
Blockchain means that the live, accurate data block does not have to live on a single database for retrieval — it can and does live and update on multiple computers and databases simultaneously.
You can see how this is valuable in the [More]

The Future of Blockchain in RCM

A few months ago we asked “How Will Banks React to the Blockchain?”
Now it’s the healthcare sector that needs to take a good look at Blockchain and its potential integration into RCM.
BlockGeeks.com graphic
Here’s an excellent Blockchain primer from Blockgeeks.com using a GoogleDocs analogy:
“The traditional way of sharing documents with collaboration is to send a Microsoft Word document to another recipient, and ask them to make revisions to it. The problem with that scenario is that you need to wait until receiving a return copy before you can see or make other changes because you are locked out of editing it until the other person [More]

Top 10 Retail Banking Trends & Predictions

For the sixth consecutive year, Digital Banking Report has surveyed a panel of over 100 global financial services leaders for their thoughts and predictions on retail banking and credit union trends. The crowdsource panel includes bankers, credit union executives, industry analysts, advisors, authors, and fintech followers from Asia, Africa, North America, South and Central America, Europe, the Middle East, and Australia. They’ve created a research, analysis and Digital Banking Report entitled “2017 Retail Banking Trends and Predictions,” sponsored by Kony, Inc.. The 93-page report is now available here.

One of the clear  conclusions we can draw from the summary is that improved use of data and advanced analytics [More]