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…
Among the most significant updates to the medical code system are changes to the Current Procedural Terminology (CPT) codes. Due to their close connection to billing and reimbursement needs, falling behind in understanding these changes can quickly damage your organization’s bottom line. There have been 225 additions, 75 deletions, and 93 revisions to CPT 2023. The…
Today’s successful medical practice owners and administrators realize the importance of analyzing future trends in healthcare technology to plan for their practice. Understanding what changes may be coming, and the advances that are most relevant to your practice can help you keep your bottom line healthy during the healthcare technology boom, and your practice profitable…
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A streamlined billing process is one of the most important parts of your practice and one of the most insightful ways to gauge your fiscal health. Medical Billing Reports provide valuable information regarding each claim, payment history, and other financial aspects of your practice. Running a wide range of reports should take priority, particularly at…
Prior Authorizations in practice Payers use Prior Authorization to control costs and ensure their members receive only medically necessary care, before providing specific services or items to a patient, providers must obtain payer approval in advance. Providers are now burdened with the process of obtaining prior approval for services. Group medical practice executives cited Prior…
Determine what impact The 21st Century Cures Act legislation was enacted with the goal of increasing choice and access for patients and providers in 2016. The law authorizes funding to address the opioid epidemic and improve mental health services. Current funding encourages expedited approval of new drugs, devices, and treatments. As of October 6, 2022,…
Malware attacks on healthcare up 121% in 2021, 22% of small practices and 45% of large practices have been victimized by ransomware. If you think your healthcare organization is safe from a cyberattack because you’re too small to be a target, it may be time to re-evaluate your risk. A recent survey found five percent…
