Effective RCM Strategies to Collect Maximum Patient Responsibility

Patients’ financial responsibility is on the rise as more patients are choosing high-deductible health plans (HDHP). Increasing patient responsibility is an ongoing trend that does not seem to be slowing down in the near future. Providers report many challenges with responding to growing patient financial responsibility. Given the increased payment responsibility, being able to determine […]

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Highly Neglected Revenue Cycle Processes

For most providers, the revenue cycle process means submitting claims and wait for payer reimbursements. These providers are under the impression that if they submit the claim, it will get paid but that’s not the case. Revenue cycle management includes really crucial processes like provider credentialing and contracting, Benefits verifications, prior authorizations, and out-of-network billing […]

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Effective RCM Strategy to Increase Reimbursements

The Healthcare Financial Management Association (HFMA) defines Revenue Cycle Management (RCM) as all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. Revenue cycle management (RCM) is the financial process related to a patient’s clinical encounter. According to HFMA, a basic role of RCM is to measure how […]

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Revised Accounts Receivable Strategy during COVID-19 Pandemic

Almost every medical practice is facing financial uncertainty as a result of the COVID-19 pandemic. A recent report from Practice Pulse states that while any practice’s primary focus is on caring for patients and keeping their staff safe and healthy, providers have expressed growing concern over reduced practice collections and increased accounts receivables. In this […]

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Increasing Patient Payment Collections in 5 Steps

Most of the practice owners work really hard to understand payer billing and coding guidelines and reimbursement policies. Their intention is to receive accurate insurance reimbursements on time from private as well as government payers. But while making such strategies they miss on the prominent payer i.e., their patients. You will be surprised to know […]

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3 Signs that Show Need of Outsourcing Revenue Cycle Functions

Healthcare providers are under increasing pressure as more and more patients are shifting to value-based care. Providers are already under pressure as they have to deal with declining reimbursements, higher risks, and tighter margins while improving patient care. Due to this, hospitals and physician practices of all sizes are being forced to re-examine their revenue […]

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Preventing Revenue Leakage in Your Practice

Revenue leakage is nothing but the lost opportunity to collect money earned from your practice. The reason for revenue leakage can be rejected claims, unbilled claims, unbilled procedures, credentialing-related denials, underpayments, and outstanding patient balances. For any healthcare practice, medical billing and revenue leakages could result in significant loss because of long payment cycles. There […]

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Preparing Your Practice for Value-Based Care

What is Value-Based Care? Unlike traditional ‘fee-for-service care models that link payment to the number and type of services utilized, value-based healthcare is a health care delivery model in which providers, including hospitals and physicians, are paid based on patient health outcomes. Value-based care differs from a fee-for-service or capitated approach, in which providers are […]

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Improving Point-of-Service (POS) Patient Collections

Increased Patient Financial Responsibility In the current healthcare climate, more and more patients are opting for high-deductible healthcare plans resulting in increased patient financial responsibility. Due to high deductible healthcare plans patients has to make large out-of-pocket payments to receive treatment. Few years before physician facilities, and hospitals were not that dependent on patient portions […]

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Eligibility Verification: Most Neglected Process of RCM

What is Eligibility and Benefits Verification? To receive payments for the services rendered, healthcare providers need to verify each patient’s eligibility and benefits before the patient’s visit. According to RemitData, two of the top five claim denial reasons for the year 2013 were insurance-coverage related. With more patients choosing high deductibles plans, this figure might […]

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