Successful medical practices concentrate on quality of care, and the level of expertise of their practitioners. Billing is not typically a first consideration. Medical billing, however, fuels a health organization’s daily operations; therefore, warrants a better look and deeper dive. What can practices do to minimize losses, ensure timely reimbursements, and collect payment? Here’s how…
With stagnant reimbursement rates for fee-for-service, and medical cost inflation, the value-based care model (VBC) is increasingly present in health care organizations. To have success in a VBC environment, practices should embrace patient engagement as a foundational capability. Engaging patients not only keeps them healthier and prevents patients from requiring costly care or potential hospitalization,…
Most medical providers agree that prior authorization processes are overused, exploitative, and present both administrative and clinical concerns to physicians and patients alike. A physician’s healing hands can be tied by prior authorizations: Excessive prior authorization steps complicate clinical treatments. When a doctor and patient agree on what’s best for a patient’s health, many times…
The efficiency of a healthcare organization’s medical billing is a key player in their financial stability and success. With the advent of massive changes facing today’s medical practices, the demand for streamlined third-party billing solutions is strong, and the numbers agree – outsourcing may be the answer. Drivers of the outsourcing boom Outsourcing medical billing…
Healthcare technology is evolving. Digital and telehealth services continue to expand at astronomical rates and these changes are here to stay. Because this unprecedented growth extends to the healthcare cyberattack surface, the expansion also exposes the vulnerabilities and weaknesses of a healthcare organizations’ data. Partnering to manage cyber risk… Many healthcare organizations lack the executive…
Healthcare budgeting determines the scope of funding requirements, including operating costs, and capital expenditures. Health Information Management (HIM) departments are often underfunded expenses that can negatively affect a healthcare organization’s bottom line when mismanaged. Managers of HIM budgets deal with projecting budgets that estimate revenues and expenses over time. Management and Release of Records are…
For healthcare providers, maximizing revenue potential necessitates efficient insurance claims denial prevention strategies, and protocol. Managing and resolving claim denials is an essential responsibility of your revenue cycle team. However, the prevention of claim denials requires participation from physicians and administrators alike. Substandard denials management leads to financial pitfalls for any practice. Revenue cycle delays…
The mystery surrounding a physician’s knowledge of medicine has slowly dissipated with the progress of widely available information online, and people’s increased interest in participating in their own healthcare. Gone are the days when most people simply “Do what the doctor says.” Today’s typical patient questions, does research, and seeks the most qualified healthcare providers…
Americans spend close to $10,000 annually on healthcare, and in the business of medicine, providers must find ways to recover treatment expenses quickly and effectively from insurance carriers to be successful. Because healthcare providers rely on these insurance claims as a primary revenue source, they are additionally tasked with the issues of delayed payments and…
Business accounting and bookkeeping involve a variety of financial reports. In each of them, you will find the information you need to develop an accurate and holistic picture of your organization’s financial health. In any small business, including your medical practice, data-driven decisions start with reliable data. Every doctor completes years of training to become…
