Increased Importance of Telehealth Small practices tried their best to survive during the COVID-19 pandemic and telehealth helped them a lot to survive in these challenging times. During the COVID-19 pandemic, the use of telemedicine has only grown in importance. Experts predict that by 2025, the size of the telehealth market will reach $17.2 billion. […]
In March of 2020, the CDC asked physicians to provide non-essential care with virtual care in order to reduce the risk of COVID-19 exposure. But now post-pandemic landscape, many physicians have adopted virtual solutions in order to provide quality care for marginally healthy groups. Virtual care gives physicians risk-free, reliable ways to offer non-essential care […]
Recoupment and Refund Recoupment is a request for a refund when an insurance company overpays an account. On the other hand, a billing refund is a technical process of returning the excess money in the specified amount that the party, medical provider, patient, or other responsible parties owes according to the recoupment request. Some of […]
Current fact suggests, nearly 6 in 10 patients either rarely or never received an estimate of out-of-pocket costs before they received treatment. As per a survey report from TransUnion Healthcare, 75 percent of patients mentioned that they can play better if they receive pre-treatment estimates of out-of-pocket costs well in advance. The healthcare experts agree […]
Eligibility and benefits verification is the first and most significant step in the medical billing and coding process. Today’s continually changing and increasingly complex healthcare environment requires, more than ever, close attention to validating coverage, benefits, co-payments, and unpaid deductibles. With the eligibility and benefits verification process in place, you can collect more accurately. Thus, […]
Sometimes, you are so focused on delivering the best patient care, it causes key medical billing mistakes. Whether it’s submitting paper claims, not having EOBs for all claims, not understanding denial reasons, not following up on claims, not reviewing clearinghouse reports, and the list goes on. Unfortunately, failure to follow payer policies and reimbursement guidelines […]
Despite your best efforts to remind patients of their appointments, you’re still likely to encounter one or two patient no-shows every day, approximately 5 percent to 7 percent of total monthly appointments. If the average office visit generates a $25 co-pay and a $90 reimbursement, just two missed appointments per day can cost your practice […]
Inefficiencies in medical practice not only waste time and effort, but also contribute to errors, reduce productivity, affect practice revenue, and frustrate patients, staff, and providers. Despite the potential for serious consequences, many practices fail to address these inefficiencies. Perhaps practice owners don’t have skilled manpower to handle such inefficiencies or they can’t take sufficient […]
Telehealth is gaining popularity daily. The COVID-19 pandemic endorsed the importance of virtual care. Telehealth has received acceptance and more confidence from patients not only for counseling but for other medical services too. If you are not offering telehealth services then you might be missing greater opportunities. Offering telehealth services requires little preparation. Preparing your […]
Maximizing profitability and practice collections is the main objective for successful medical practices. In a time of this pandemic, however, practice profitability became even more critical. Your practice’s profitability depends on a variety of factors that aren’t always under your control, particularly during times of crisis. But rather than looking at this pandemic situation as […]
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