The healthcare industry has seen a number of changes in the recent past. Most of these changes have affected the reimbursements and revenue cycle of medical practices. While the insurance programs have started reducing the reimbursements for physicians, third party payers charge a negotiated fee-for-service. These factors result in reimbursements less than 100% of the […]
Medical Billing errors lead to denied or delayed payments. If the mistakes are not caught ahead of time, it can lead to costly fines and loss of revenue for medical practices. Common Medical Billing Errors occurred due to billing complexities and inexperienced medical professionals. According to a survey, approximately eight in ten medical bills issued […]
The odds of a denied medical claim or reduced payments have increased substantially as insurance companies have tightened the eligibility requirements. The procedure for claims filing has also become complicated. With new codes being introduced every day, it has become important to ensure error-free claims for getting timely payments. Claims denials disrupt the cash flow […]
Medical practices require effective revenue cycle management (RCM) solutions to improve results and control costs. It has become essential for physicians to evaluate these solutions in order to be able to answer the following RCM questions: Is my RCM technology saving staff time, helping them focus on clinical tasks? Is my practice getting paid for […]
Does your practice have collections that are tied up in old AR? If yes, a billing company can help you recover the amount without disrupting your current billing procedure. Such companies have a team of skilled billers and coders who are experts at capturing funds tied up in the 60+ day AR. They are experienced […]
The medical billing process is a relationship between the healthcare service providers and the insurance companies. This process has undergone tremendous streamlining with the coming of technology but there are still some ongoing issues which can come in the way of a smooth run towards getting paid for their services. Some of the potent issues […]
Did you know 80% of patient fees can be collected by a hospital if requested during the pre-admission process? Patients have become responsible for a large portion of providers’ revenue stream due to high deductibles and rising co-pays. In order to increase cash flow and reduce A/R days, practices need to ensure quick collection of […]
Ineffective revenue cycle management technology can lead to disrupted cash flow and negative profitability. According to a study released by market researcher, Black Book, approximately 72% practices (whether running independently, in a network or as a part of a large hospital system) expect a sharp decline in profitability in 2014 due to inefficient or underutilized […]
The medical billing and coding process is constantly evolving and newer codes are introduced every day. It is very important for your medical practice to constantly adapt to these changes in their billing and coding systems. The Revenue Cycle Management (RCM) is the basis of any financially sound medical practice and a well satisfied patient […]
Number of private practices is dropping in the US due to pressure from healthcare reforms. They are into financial troubles due to changing regulations, shrinking insurance reimbursements and rising costs of business and drugs. Medicare and Medicaid cuts are also forcing private practitioners to either shut their doors or find salaried positions in hospitals. There […]
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