A significant element in the field of healthcare financial management is the accounts receivable management (ARM) in medical billing, which is crucial to the success of one’s practice. Accounts receivable basically means the sum owed to a medical practice for the services provided but not yet paid. It indicates the economic health of any business. […]
The healthcare industry, as any other sphere of business, is also fraught with new challenges that come to the fore each day. This brings about tremendous pressure for the health care personnel involved and a CFO also goes under the knife at such times in terms of dealing with operational, regulatory as well as strategic […]
ICD stands for International Classification of Diseases and its codes hold important information with respect to managing health and treating conditions. The healthcare system in USA relies on a set of codes known as ICD-9 to document diagnosis and in patient procedures. These codes were introduced in the late 1970’s and will be replaced soon […]
Anything fresh and new is always exciting. To see one’s long cherished dream being actualized can be an out of body experience for many. All those sleepless nights, dreams, constant flow of thoughts, aspirations and asking a million questions before it all became a reality can be a fulfilling experience. Well, it’s almost like giving […]
In today’s times the medical community faces a plethora of challenges and shortage of physicians is one of them. The WHO is estimating a shortage of more than four million physicians and health care workers around the world. So, one can safely say that both, the developed and the developing nations will have to come […]
Miscommunication between the healthcare providers and coding professionals is one of the major reasons behind improper medical billing. The billing system in US has turned complex due to its Affordable Care Act (ACA). With more Americans heading towards insurance coverage in 2014, the possibility of errors has increased. Industry facts: As per an estimation by […]
The Obama government is making every possible effort to digitize the entire process of medical record keeping. Apart from increasing administrative efficiencies and reducing healthcare costs, adoption of EHR has been helping practices prevent careless billing errors. According to a New York Times analysis of Medicare data from American Hospital Directory, Medicare payments increased by […]
Electronic Medical Record (EMR) services or Electronic Medical Services are the need of the hour. They are much superior to the traditional paper-recording practices which were prone to errors and limitations. EMR ensures that entire billing is managed electronically in a faster, systematic and professional way. This data is accessible to many people at the […]
The medical billing process is a relationship between the healthcare service providers and the insurance companies. This process has undergone tremendous streamlining with the coming of technology but there are still some ongoing issues which can come in the way of a smooth run towards getting paid for their services. Some of the potent issues […]
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 […]
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