Some practices feel that outsourcing their medical billing may result in a loss of control. In fact, outsourcing your medical billing and revenue management to a trusted, professional service improves your control over your billing, revenue and bottom line. Practices that have outsourced their medical billing have seen an increase in profitability, productivity as well as patient satisfaction.
Many medical practices lose a great deal of money to claim denials and rejections. Denials and rejections have a huge financial impact for any practice. Here are a few easy tips to prevent and manage denials in your own practice.
Computerized provider order entry (CPOE) is an application that allows healthcare providers to directly enter medical orders electronically. CPOE systems can allow electronic entry of medication, laboratory, admission, radiology, referral, and procedure orders. Developing and implementing CPOE is multidisciplinary effort and involves IT, clinical, business and informatics expertise with the following goals in mind:
As per one definition, “Blockchain technology uses secure, encrypted authentication mechanisms to validate information from primary sources and include it in a distributed ledger, ensuring a shared source of truth for validating healthcare provider information.” Blockchain is rapidly impacting healthcare. There are several aspects of healthcare technology that can benefit from blockchain and become more streamlined, efficient, and optimized. Here’Read More
Medical billing claim denials can significantly slow down cash flow. That is why it’s extremely important to identify the causes of denied claims and prevent them in the future before they occur. Denials can be hard and soft. Hard denials cannot be corrected; they have to be written-off. Soft denials can be corrected and the claim resubmitted. Here are the most common errors that can result in a denial of your medical billing claims.
Healthcare billing involves a large number of people and processes as well as a high level of expertise to make it work well. Not all healthcare providers have the resources to do it efficiently. Healthcare billing audits can help you understand where you are going wrong and losing money. Billing audits often show the following.
Healthcare practices and organizations lose billions of dollars in lost revenue each year in the form of unpaid and underpaid medical claims. You do not get paid for around 5 out of every 100 patients you provide services to. As the amounts add up, it delivers a heavy blow to the financial health of your practice. Increasing patient responsibilities and the difficulty in collecting payments are becoming a troubling issue for healthcare providers. It isRead More
In a medical practice, credit balances occur when improper payments or adjustments are made that exceed the related posted charges. Physicians and practices often face this problem due to the complexity of billing and payment processes. Credit balances are not really an asset for a practice since they belong to the patient or the state. In fact, they expose the practice to several business and financial risks. This is why credit balances should be addreRead More
Merit-based Incentive Payment System (MIPS) is part of Quality Payment program, which implements provisions of the Medicare Access & CHIP Reauthorization Act of 2015 (MACRA). For radiologists, participating in the first performance year evolves three options – test, partial, and full. MIPS will begin to take effect for Medicare physician reimbursement in 2019 but those payment adjustments will be determined by performance reported forRead More
An imaging suite/department has many moving parts. There are several steps involved: