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…
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…
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…
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