Working closely with the Centers for Disease Control and Prevention, the AMA CPT Editorial Panel approved unique CPT Codes for COVID-19 vaccines as well as administration. The new CPT codes clinically distinguish each coronavirus vaccine for better tracking, reporting, and analysis that supports data-driven planning and allocation. Newly added CPT codes and their descriptors are […]
The Centers for Medicare and Medicaid Services (CMS) announced that it is increasing premium and deductible costs in the Original Medicare program. Healthcare costs rise more each year, and to make up these costs, premiums, and deductibles for Medicare increase. Medicare deductibles, premiums, and coinsurance costs are adjusted annually. Medicare Deductibles and Premiums Changes Explained […]
Value-based care is gaining more popularity in the US healthcare system and Accountable care organizations (ACOs) provide the main push for the healthcare industry away from fee-for-service towards value-based care. ACO is a very interesting model for care where groups of doctors, hospitals, and other health care providers voluntarily offer coordinated, high-quality care to patients. […]
Most of the practices are seeing medical billing as a nightmare scenario due to the heavy investment of time and money on the billing side of businesses that involves the employment of extra staff to cope with the detailed work. Moreover, when you neglect accounting procedures and billing methods, it leads to claim denial and […]
Have you ever checked how accurate claims are being submitted by your medical billing department? Due to the complex medical coding system, it is not surprising that errors are possible. A small error may lead to denial which ultimately impacts overall practice revenue. Let’s discuss common errors when submitting claims in detail. Every practice has […]
The number of visits to ambulatory practices fell by nearly 60 percent in the early stages of the pandemic which leads to financial pressure on sustainability for practice owners and administrators. Moreover, frantic patients are the main contributor to the sudden rise of daily call volumes as fear of the virus added a new layer […]
An increase in Account Receivable from one period to another indicates that payments such as copays (and increasingly, deductibles for those patients with high-deductible health plans) are not being collected upfront. It threatens the cash flow of the practice. In growing healthcare practice, it is necessary to keep track of claims that are billed but […]
Patient financial experience is important for every healthcare provider as a single poor billing experience can negate your patients’ positive, high-quality clinical experiences and you should always remember that the last impression is the lasting impression. Today, in the wake of COVID-19, providers need to consider financing flexibility, a shift to digital payment methods, and […]
You know every member of your team is responsible for creating an exceptional customer experience, but the front desk team is accountable for most of these responsibilities like scheduling patient appointments, and collecting payments like co-pays and other balances due, upfront. You know that the healthcare industry is dynamic and facing various regulatory changes periodically […]
There is more than evaluating cash flow to assess the financial health of any physician’s practice. However, cash flow is just one factor. You don’t have to be a finance expert to understand the other important metrics like Gross Collection Rate (GCR) and Net Collection Rate (NCR) that should be calculated and reviewed when evaluating […]
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