Several changes are scheduled for the healthcare industry in 2015. These developments will have an impact on most of the medical practices, affecting the physicians’ incomes in varying degrees. Here are some of the important changes that practices will have to master to succeed in the coming year. 1. Implementation of ICD-10 According to the […]
Most medical practices are losing out on their revenue because of many reasons. Knowing them and getting an idea for boosting revenue can take the medical practice a long way in terms of reputation and quality service. Most medical practices are facing a lot of financial crisis these days owing to the reduced remunerations and […]
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 […]
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