Family Practice’s Financial Challenges Image Source Owning and operating a family practice can be financially challenging. Major reasons for such financial challenge includes, declining reimbursements, increasing overhead costs, unpaid patient balances, staffing costs, regulatory compliance costs and many other costs incurred during the day-to-day operations of family practice. To ensure family practice’s financial sustainability, practice […]
Outsourcing Family Practice Billing can Ensure Financial Sustainability
Read More.. Outsourcing Family Practice Billing can Ensure Financial Sustainability
Common Billing Challenges of Emergency Medicine
Emergency medicine billing can be complex and challenging due to the unique nature of emergency medical services. Here are some of the common billing challenges of emergency medicine: Common Billing Challenges of Emergency Medicine 1. Correct Coding Image Source One of the primary challenges in emergency medicine billing is to ensure that the services provided […]
How to Increase Revenue of Behavioral Health Practice?
There are several strategies that can be implemented to increase revenue in behavioral health: Increase Revenue of Behavioral Health Practice: 1. Accepting More Insurances Apart from increased behavioral health practice revenue, accepting more insurances can be beneficial for various reasons. As healthcare providers, behavioral health professionals have a responsibility to provide care to as many […]
Avoiding Common Anesthesia Billing Pitfalls
As anesthesia billing can be complex, it is important to avoid common pitfalls to ensure that claims are processed correctly and payment is received in a timely manner. Here are some tips to avoid common anesthesia billing pitfalls: Avoiding Common Anesthesia Billing Pitfalls: 1. Inaccurate Anesthesia Coding Some of the common anesthesia coding errors include […]
Plastic Surgery Billing Challenges
Overall, successful plastic surgery billing requires a thorough understanding of insurance coverage, medical necessity requirements, documentation requirements, coding and billing guidelines, and patient responsibility. Key plastic surgery billing challenges includes, complex coding requirements, prior authorization, limited insurance coverage, and compliance risk. It is important to have knowledgeable billing specialists and a streamlined billing process to […]
Increasing Wound Care Reimbursements
Increasing wound care reimbursements can be challenging, as it involves multiple stakeholders such as insurance companies, healthcare providers, and policymakers. However, there are several strategies that can be used to address these challenges, including: 1. Partnering with Wound Care Specialists Source: freepik.com Partnering with wound care specialists can be a great way to increase practice […]
Tips to Avoid Unbundling Codes
What is Unbundling Codes? Unbundling codes in medical billing refers to the practice of separately billing for individual components of a medical procedure or service, rather than billing for the complete procedure or service as a single entity. This practice can result in higher payments to healthcare providers and higher costs for patients and insurers. […]
Benefits of Outsourcing Accounts Receivable in Medical Billing
Accounts Receivable in Medical Billing Accounts Receivable in medical billing is retrieving of payments due by the insurance and patients to the physician for the delivered services. For the long-term financial sustainability of your practice, it’s crucial to keep accounts receivable under check. Accounts receivable are categorized as the number of days the payment hasn’t been […]
7 Ways to Reduce Revenue Leakage in Medical Billing
Revenue Leakage in Medical Billing ‘Revenue leakage’ refers to situations where a healthcare provider doesn’t receive insurance reimbursement for delivered services. In such billing situations, accounts receivable remain unpaid for too long and eliminates the chances of payment recovery, even partially. Healthcare practices cannot afford to ignore their revenue leakage as it’s directly affecting their […]
Key Strategies for Improving Medical Coding Accuracy
Medical coding is a key process of revenue cycle management. Whether you are facing a high rate of denials and not achieving best-in-class A/R outcomes or not receiving timely insurance reimbursements, the impact of low-quality coding shows very quickly on your practice collections. Medical coding not only produces clean claims but also helps identify issues […]