Excellence in revenue Cycle Management (RCM) is vital to any medical practice’s success. The days of simply submitting an invoice to a healthcare payor and receiving payment has passed. Legal loopholes, procedural drivel, and changing regulations are used by health insurance companies because it saves them money. The payor’s greed can make your RCM management…
There is a direct relationship between medical practices and healthcare insurance companies that has become one of the most problematic issues for today’s physicians. Under the guise of keeping healthcare costs under control, are payors’ rules and regulations helping or hurting patients and practices? Problems, Policies, and Politics Although there is nothing new about healthcare insurers…
A high first pass “clean claim” insurance approval rate is what every practitioner wants. Clean claim rates are like a credit report for medical practices. But what is more important for the stability of your healthcare organization? Clean claims, or low denials? Clean Claims Rates vs. Rejection Rates When a practitioner submits claims to a…
Small Medical Practices are Prime Targets for Cyberthieves Data breaches at smaller medical practices have historically been less common, most hackers prefer to attack massive health systems due to the available large volume of valuable information. However, due to the more relaxed security of most small private practices, and a less urgent attitude toward protecting…
The financial health of an independent physician practice depends heavily on patient billing. Medical practices can lose revenue when billing errors are widespread, and penalties for common errors can financially destroy a hard-earned blooming healthcare practice. When billing mistakes occur in Medicare and Medicaid too frequently, the result can be a practice-changing billing ban and…
Cloud computing is the delivery of services via the Internet. In the healthcare setting, digital transformations continue to revolutionize a physician’s ability to store, protect, and share patient medical information. Moving patient information online offers cost-effective data storage, ease of scalability, flexibility, and improved collaboration within peer groups. Switching to cloud storage can rapidly move your…
Cybercrime attacks specifically designed to steal protected healthcare information have risen by more than 300% since 2018. As a medical practice owner and the guardian of sensitive patient information, the onus is on your business to mitigate your exposure. But how can physicians improve best practices when working to protect themselves and their patients from…
What is Your Practice’s Digital Footprint? Research and clinical trials have historically led to medical advances, but innovative medical digital technologies that examine and affect how people live their daily lives are advancing at an explosive and unexpected rate. Medicine always appears to be slower to catch up to tech in the past. Progress is…
Traditionally, physicians have accepted collections as part of doing business and will ignore unpaid balances to provide needed patient care. Most doctors know they need to take a business-centric approach, but don’t know where to begin or are afraid of the costs. Since 2023, many credit-reporting firms have removed unpaid medical debt of less than…
Patient loyalty is critical for your practice’s financial health and reputation, and it matters more than most doctors realize. Data-driven strategies harness the power of patient engagement tools that help customize experiences and keep your patients coming back. Patient Retention Basics Patient retention is the ability of healthcare providers to maintain long-term relationships with their…
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