Are you thinking that revenue flow is interrupted due to high accounts receivable? Of course, you need to boost A/R productivity for the Success of Revenue Cycle but you aren’t the only healthcare professional to face revenue loss but you can make a difference particularly during the pandemic. Insurance companies are obliged to pay healthcare […]
“Account Receivable” (AR) is a widely used term referring to the amount of money that customer owes to the company. Similarly, in the healthcare industry, AR means the patient’s account balance becomes due for payment within a year. Account receivable services include the management of many reports dealing with insurance, collection analysis, write-offs, bad debt […]
Continuous cash flow is needed in order to smooth the running of your practice and an effective revenue cycle is crucial in order to manage goof finances. Things such as investing in new technologies, managing the compensation of physicians, and keeping records are given the capability to healthcare providers, which is a part of the […]
Modifier 50 applies to bilateral procedures performed on both sides of the body during the same operative session. When a procedure is identified by the terminology as bilateral or unilateral, the 50 modifiers are not reported. If a procedure is authorized for the 150 percent payment adjustment for bilateral procedures (payment policy indicator 1), the […]
Accounts receivable or AR is a term used to denote money owed to your practice for services you have rendered and billed. Any payments due from patients, payers, or other guarantors are considered AR. An increase in AR from one period to another is often a sign that monies such as copays, deductibles are not […]
Medical billing reports are a key barometer for understanding what’s going on in your medical practice. Without good reporting, it’s difficult to determine whether your practice is making money or not. Monthly reports can show you how your medical practice is performing on important revenue cycle metrics, whether claims are being paid in a timely […]
When one has to manage something as important as the claims submission for your optometry practice, many can be defensive of the process as it directly connects with their revenue cycle. As a healthcare service provider and a facility owner, it’s great to keep an eye on the processes that are making your practice earn […]
AR is the average number of days it takes practice to collect payments due. This metric provides valuable insight into the overall efficiency of your revenue cycle. A lower AR implies faster payment—a necessity in today’s self-pay and high-deductible health plan environment. Physicians need to collect every dollar that’s due to them as quickly as […]
Is your hospital facility billing continuously facing errors? Within any of your medical accounts in terms of Revenue Cycle Management (RCM) is that restricting your organization’s cash flow? There are a few common problems that have affected the current Hospital Billing setting which can be avoided in a few steps. Claim Denials One of the […]
Revenue cycle management (RCM) is the commercial process that uses medical billing software, which healthcare facilities use to track patient care episodes from registration and appointment scheduling to the final payment of a balance. In simple terms, it refers to the process of tracking the payments for the services rendered at a provider’s office, from […]