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 […]
The healthcare industry is going through a dynamic yet unstable time, forcing practices to recognize their ability to change and focus on strengthening their financial health. Medical practices need to set financial goals every year in order to stay focused and in business. If your practice is losing money, you won’t be able to survive […]
Fee-for-Value or Pay-for-performance billing models are making waves in healthcare industry and care providers are finding it increasingly difficult to adapt to the changes brought on by them. Most importantly, this change in billing model is accentuating pressure on current workforce and healthcare attrition has seen an all-time high over the past few years. Why […]
If you are looking for an effective cost-cutting strategy, outsource your medical billing services to a billing partner. Since a separate, well-trained team will be taking care of your billing and insurance processing needs, your staff will get enough time to focus on patient care. How will outsourcing reduce expenses? Reduce infrastructure costs: Expenditure of […]
Denial tracking and payment posting are time consuming yet fundamental features of the revenue cycle management (RCM). Successful implementation of these processes can have a major impact on efficiency, patient satisfaction and financial performance of your medical practice. Therefore, there is a strong need to automate and streamline the procedure of payment posting and denial […]
Claim denials are experienced by every medical practice; however, the percentage varies on the basis of how effectively medical billing tasks are handled. Providers can bring down denial rates below 5% if they invest time and money in improving their billing performance. It will not just improve their revenue cycle and increase their cash flow […]
Gastroenterology is a focused and specialized area of medical care that has been gaining prominence over the past few years. With unprecedented population growth and dramatic changes in lifestyle, Gastroenterology has seen a steady rise in patient inflow. In addition to that, groundbreaking advancements in medical equipments and techniques have broadened the scope of gastroenterology. […]
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