The account receivable turnover ratio is referred as an important financial ratio to indicate the Ability of the company to collect its accounts receivable. When you are setting a benchmark to accelerate receipt of payment for services and then improve the processes to support the goal; you should consider the account receivable turnover ratio as […]
COVID-19 affected the healthcare system badly in 2020 hence there is an immense opportunity for the payers and stakeholder collaborators to rebuild the healthcare system into a more effective and consumer-centric system in 2021. Virtual care is a broad term and it comprises various ways that healthcare providers are using remotely interact with their patients. […]
Globally it is observed that patient compliance consists a multidimensional and complex health issue. Approximately 50% of patients do not take their medications as prescribed. They don’t follow instructions for the timing, dosage, and frequency of their medications which comprise the health of the patients. Hence it is necessary to understand the importance of patient […]
Co-management compliance is tracking down by the U.S. Department of Health and Human Services OIG (Office of Inspector General). You should manage the patient’s transfer of care correctly as well as it must be medically acceptable (determination is made by the surgeon and the patient). Transfer of care is defined as a transfer of responsibility […]
The prior authorization process is seeking “approval from a health plan that may be required before you get a service or fill a prescription for the service or prescription to be covered by your plan”. What is Authorization in Medical Billing? Authorization in medical billing refers to the process of obtaining approval from a patient’s health […]
The Healthcare Insurance Portability and Accountability Act (HIPAA) plays a critical role in healthcare organizations and the main objective of (HIPAA) is to improve the efficiency and effectiveness of the health care system. HIPAA regulations were mainstream in 2020 due to COVID-19 testing, status, transmission, and care. HIPAA the act was signed into law in 1996 […]
Covid-19 affects the healthcare industry especially medical practices that experienced a negative financial impact directly or indirectly. For example- according to the Medical Group Management Association, there is a 60% decrease in patient volume since the beginning of COVID-19. Lockdown in the US forced patients to stay indoors due to which many patients delayed or canceled […]
It turns out that third-party medical billing can be extremely beneficial for medical practices because medical billing can take up a lot of valuable time. Moreover, it is difficult to find and train people to handle billing and coding complexities. Plus, if claims are processed slowly or incorrectly, they can negatively impact your practice’s revenue. […]
Current Procedural Terminology codes are a set of codes published and maintained by the American Medical Association (AMA) for chiropractors and chiropractic billing specialists. Mistakes such as incorrect chiropractic CPT codes can lead to claim rejections and delays in payments and put your practice at risk for failure. Hence to avoid errors you should consider […]
It is important for all oncologists to be prepared as significant changes to the Evaluation and Management (E&M) codes E/M are into effect from January 1, 2021. Components for code selection were narrowed down to make them more clinically intuitive and to reduce variation among contractors and payers. Elements of MDM affecting coding for an […]
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