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 […]
In the US COVID vaccines are 100% free to all individuals. Only insurance companies or the federal government can be billed for medical reimbursement, not patients. For COVID vaccines administered on or after March 15, 2021, the national average payment rate for physicians, hospitals, pharmacies, and other immunizers will be $40 per dose. If you look […]
Every healthcare provider is looking for timely and efficient reimbursement from payers for the services rendered to patients, but it requires clean and error-free insurance claims in the first place. Correcting billing mistakes requires time and other resources from your facility and staff, which time and resources could be better spent on providing quality medical […]
Healthcare provider credentialing involves many parties and all basic educational information. Healthcare providers all need to prove their education, skills, and training required to see patients. Simultaneously, healthcare oversight organizations monitor the work of medical providers to evaluate reports of improper care, among other matters. All these reporting and monitoring need to be checked periodically, […]
Confidentiality is a pillar of the healthcare industry. The patients share their private information with physicians hence when deciding how to secure data in the digital age, clinicians must apply professional judgment and follow policies set forth by regulators. Electronic communication of patient information can facilitate clinical care, while mobile technologies and cloud computing boost […]
Spending on healthcare in the US is intensive as healthcare spending grew 4.6 percent in 2019, reaching $3.8 trillion or $11,582 per person. As a share of the nation’s Gross Domestic Product, health spending accounted for 17.7 percent. However, an important fraction of this money – up to 10% of total health expenditure is wasted […]
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