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…
The Drug Enforcement Agency (DEA) issued a new regulation on May 10, 2023, entitled “Temporary Extension of COVID-19 Telemedicine Flexibility for Prescription of Controlled Medications”. This temporary extension applies to the full set of DEA COVID-19 waivers for telemedicine prescribing of controlled substances. These waivers, in effect since March 2020, have now been extended through…
A patient’s experience is defined by their interactions with the healthcare system, including their communication with all medical providers and insurers. Several aspects of healthcare delivery that patients value highly when seeking and receiving care are included in the patient experience and are an integral component of healthcare quality. Patient opinion is important in healthcare.…
The use of artificial intelligence can reduce waste and simplify the lives of patients, doctors, and hospital administrators by performing tasks usually requiring a human, at a fraction of the cost and time. But is there a risk? ChatGPT Open AI’s ChatGPT is a chatbot powered by a large language model that mimics traditional writing.…
Value-based care is the emerging alternative to Fee-for-Service reimbursement–based on quality rather than quantity. Value-Based Care basics Value-based care (VBC) is a reimbursement system that rewards providers for efficiency and effectiveness in providing care. Compared to fee-for-service models, this form of reimbursement allows providers retrospective compensation for services delivered based on bill charges or annual…
The amount of healthcare data is growing at an astounding rate. Statistical significance is used by quality improvement administrators to determine whether differences in quality are likely to occur by chance. This data presents a valuable opportunity for healthcare organizations. Using healthcare data to build better quality improvement programs Health care organizations use data to…
