Not so long ago, Medical billing departments and services collected nearly every dime of medical practice revenue. Other staff would have little to no involvement in collecting money from patients, with the exception of copays at check-in. Patients would be billed, usually for small balances, after EOBs were submitted by insurance companies. However, health plan Read more…
Medical Billing
How EHR And Billing Can Unlock Your Practice Revenue
If you’re looking to increase practice revenue, full schedules and robust patient panels aren’t necessarily the answer. You can only see a certain number of patients each day, and you can’t add more than your providers can handle. However, the additional revenue you are looking for may already exist. It may be locked deep inside Read more…
The Rising Need for Specialized RCM Solutions in Healthcare
While the US healthcare system is in the process of making its shift from fee-for-service care to value-based care, it is unfortunately still wasting trillions of dollars on processing medical bills and managing costs and revenue – and will continue to suffer losses till the shift is complete. The flaws in the system are particularly Read more…
Taking A Consumer-Centric Approach to Your Billing Cycle
Without a doubt, billing remains the most critical component of your organizational workflows. It is the backbone of a productive and profitable medical practice. However, the COVID-19 pandemic has inevitably transformed how healthcare providers practice medicine and bill for it. Therefore, providers are increasingly adopting a consumer-centric approach to managing their billing cycle. Medical practices Read more…
4 Simple Steps to Reduce Denials In Your Medical Practice
Economists had already predicted a recession in 2020, and the arrival of a global pandemic only made things worse. Unemployment rose and companies were forced to close doors, putting many under severe financial stress. Healthcare practices were certainly not immune to these problems, so casting an eye over your billing process to ensure problems are Read more…
Common Billing Mistakes – and How to Fix Them
Unfortunately, there are far too many healthcare practices that still rely on outdated billing methods. This only extends the payment cycle and days spent in accounts receivable. Practices already struggle with collecting the patient portion of payments, and these archaic billing processes exasperate this problem, while also introducing problems caused by simple error. These problems Read more…
5 Important Factors to Consider When Hiring Your Next Practice Manager
A good practice manager can take your practice to the next level. Finding the right fit, however, is easier said than done. For the most part, hiring a manager at all is among the most overlooked steps in building a medical practice. The first challenge is that physicians, especially those in smaller practices, are far Read more…
8 Important Features of Practice Management Software
Running a successful medical practice is an extremely difficult and labor-intensive process involving many moving parts and complex workflows. Thus, anything that can streamline the process is extremely valuable. Improving efficiencies and simplifying workflows is necessary for improving the performance of the practice. Office management tools have existed for decades, but they are simply not Read more…
4 Tips for Collecting Patient Balances
During the COVID-19 pandemic, medical practices have had to be creative in order to adapt, survive and ensure continued access to medical services for patients. examples of this include telemedicine, curbside immunizations, and drive-up testing for the virus. The main challenge posed by all of these methods is collecting patient balances. Here are 4 tips Read more…
Reduce your risk of bad receivables
Over the last ten years, the cost of care has increasingly shifted to patients. This has been done through increasing co-pays, co-insurance and deductibles. Many of the ACA plans rely on patients to shoulder 40% of the cost of their care — even Medicare is now tracking at about 25% out-of-pocket cost to patients. Gone Read more…