It has been observed, that since 2008 and after the Affordable Care Act (ACA) has come into being, there has been a major doubling of patients with high deductibles plans. People often have picked a high deductible plan because it has a lower premium and out-of-pocket expenses are lower and can fit into their budget. […]
With an increase in high-deductible plans, soaring medical bills, new rules, and increasing patient responsibility, patients are usually not ready to pay high bills. Nevertheless, a few below-mentioned strategies can gauge and boost the ‘Patient Payment Collection’ process. Patient Payment Collection process: Payment type: To provide maximum flexibility, make all types of payments available at […]
The changing healthcare reforms have not only brought major upheaval in the medical financial area but also has caused some changes in the way physicians work too. Long clinic hours, trying to pay off education loans, home mortgages, car loans, vacation loans, tend to make most physicians a bit uptight and pushy, and often brusque […]
Since the Affordable Care Act has been effective, Jan 1, 2015, physician’s payments have been tied to providing higher-value care. Further, practices that cannot attest to meaningful use can face heavy penalties. So how does all this tie with effective practice management? What is involved in practice management? Will technology alone help boost efficiency? In […]
Healthcare is an evolving industry and the tribulations faced in this volatile industry are immense. There are new diseases being discovered which have to be diagnosed and battled. With technological advancements, it is observed that physicians are spending less time with patients and more on the billing aspect. Hospitals are not paying as high as […]
Healthcare industry is one of the fastest growing industries in the world, with advanced technology and scientific progress taking place all over the world. It is hence so pertinent that the doctors do what they are best at. However, these physicians are bogged down with a lot other work like documentation, record keeping, insurance follow ups […]
Is your skillset translating into equivalent cash flow? Are you happy with the amount of money you’re making out your practice? Indeed, a question worth pondering over when everything seems alright on the face, but end results differ drastically. Despite your best efforts, customers are paying outside terms. You have limited account receivable details and […]
As an aftermath of the drastic regulatory changes the healthcare industry has undergone in the past couple of years, a large number of physicians and healthcare providers are still trying to find ways to improve their revenue model. Having seen steep downward slopes in their annual revenue lately, many practitioners have been driven into desperation […]
After 25 years of training medical practice staff how to successfully ask patients to pay at the point of service, there are many common excuses that we hear when staff members fail to collect Revenue from Patients. As per the Consumer Financial Protection Bureau (CFPB) report released in December 2014, 43 million citizens have overdue […]
Starting October 1 2015 , it will be mandatory for all the provider’s offices in United States to report their patients’ diagnoses applying the new ICD-10 coding. In other words, there will be a transition from the existing ICD-9 coding to new ICD-10, which is bound to affect the revenue cycle of all physicians, lest […]
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