The account receivable turnover ratio is referred as an important financial ratio to indicate the Ability of the company to collect its accounts receivable. When you are setting a benchmark to accelerate receipt of payment for services and then improve the processes to support the goal; you should consider the account receivable turnover ratio as […]
COVID-19 affected the healthcare system badly in 2020 hence there is an immense opportunity for the payers and stakeholder collaborators to rebuild the healthcare system into a more effective and consumer-centric system in 2021. Virtual care is a broad term and it comprises various ways that healthcare providers are using remotely interact with their patients. […]
Globally it is observed that patient compliance consists a multidimensional and complex health issue. Approximately 50% of patients do not take their medications as prescribed. They don’t follow instructions for the timing, dosage, and frequency of their medications which comprise the health of the patients. Hence it is necessary to understand the importance of patient […]
The Healthcare Insurance Portability and Accountability Act (HIPAA) plays a critical role in healthcare organizations and the main objective of (HIPAA) is to improve the efficiency and effectiveness of the health care system. HIPAA regulations were mainstream in 2020 due to COVID-19 testing, status, transmission, and care. HIPAA the act was signed into law in 1996 […]
Covid-19 affects the healthcare industry especially medical practices that experienced a negative financial impact directly or indirectly. For example- according to the Medical Group Management Association, there is a 60% decrease in patient volume since the beginning of COVID-19. Lockdown in the US forced patients to stay indoors due to which many patients delayed or canceled […]
It turns out that third-party medical billing can be extremely beneficial for medical practices because medical billing can take up a lot of valuable time. Moreover, it is difficult to find and train people to handle billing and coding complexities. Plus, if claims are processed slowly or incorrectly, they can negatively impact your practice’s revenue. […]
It is found that nearly 70% of Independent Physicians specialize in a certain aspect of healthcare and that the specialized nature of their practice within the local healthcare community enables them to remain independent. However, reimbursement of physicians working for a hospital or health system is significantly higher than that paid to independent physicians. According […]
Hospitals form an integral part of an ACO (i.e. Accountable Care Organizations), and hospitalists serve critical roles within their hospitals. Hence, they are very much interested in the impact of ACOs on their practices as ACO’s goals are a long list of hospital goals. In a patient-centered organization, the patient and providers are true partners […]
In today’s environment reimbursement continues to decline coupled with increased regulatory oversight hence it is necessary for physicians, patients, and the healthcare industry to be efficient. Hence Central Billing Office (CBO) is the answer as it improves efficiencies in billing, payment posting as well as enables enhanced customer service and seamless patient experience. Now let’s understand […]
To run independent medical billing practice becomes more complicated with every passing year. There are new regulations, coding updates (e.g. 2021 changes to E/M Coding), revisions in payer rules, and performance measures that can significantly impact your reimbursement. You need oversight of RCM experts to your revenue cycle, healthcare organizations cannot put their cash flow […]
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