If we consider the budgetary formula enacted in 1997 by the Congress, Medicare reimbursements might get reduced by 25% by 2014. A large number of doctors are already refusing to see Medicare patients due to low payment and with this further reduction, more doctors might refuse to accept Medicare patients. It has been estimated that […]
Merely complying with ICD-10 mandate can prove risky for the financial health of your practice. If you fail to train physicians for ICD-10 documentation, coding will become difficult and it will lead to under-billing and underpayment. Even if you maintain documentation specificity, failing to follow-up with payers and complying with HIPAA-5010 will put your finances […]
The need for outsourcing medical billing operations differs from practice to practice. If you feel that the desired financial results are not being achieved by your practice, you need to assess the problems areas and determine if outsourcing or improving in-house billing and coding process will get you back on track. Providers need to understand […]
This is forcing physicians to tighten their operating expenses by making some significant changes at their practice. Since physicians can exercise direct control over operating costs than revenue, it becomes easier for them to ensure savings. By cutting costs, your practice will have enough money for retaining skilled staff and for enhancing patient care. Browse […]
Due to lack of billing expertise, many providers don’t get paid for the services offered. They fail to understand that every single denied claim can prove critical to the financial health of their practice. What medical billing services expertise is required for your practice? Denied claims are an increasing challenge that can be tackled with […]
Denial tracking and payment posting are time consuming yet fundamental features of the revenue cycle management (RCM). Successful implementation of these processes can have a major impact on efficiency, patient satisfaction and financial performance of your medical practice. Therefore, there is a strong need to automate and streamline the procedure of payment posting and denial […]
Challenges faced by physicians accepting Medicare patients: Medicare enrollment process is one of the main challenges faced by physicians. Due to various problems found in the enrollment process over past years, Medicare billing has become daunting for providers. Increased paperwork and low reimbursement rates are also some of the hassles due to which many doctors […]
Providers are recommended to write-off small balances as losses rather than investing time and money in retrieving the amount; however, patient payment lapses should not be a common occurrence for medical practices. If you want to get your account receivable in order, it has become important to collect existing balances. This has led to a […]
In order to ensure timely payments, practices need well-trained billers and coders who can understand the difference between Medicare and Medicaid billing claims. Why you need expert staff for Medicare billing? A large number of providers, including institutions and licensed individuals get majority of their income from treatment of Medicare beneficiaries. Since this program is […]
At a time when medical practices are finding it difficult to meet the Privacy and Security requirements of HIPAA, changes brought in with the Omnibus Final Rule has increased their pressure. The changes have been introduced to enhance patients’ access to their medical records and boost the privacy of medical history but it has also […]
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