Reduce bad receivables through these simple tips. Medical companies often find themselves strangled with bad debts. The reasons are simple: the claims are rejected; the insurance companies don’t deem the services payable, or the medical staff wasn’t trained well to collect payments. But these bad debts can be minimized through these simple ways. Reducing Claim …
Medical billing and coding errors are one of the most common reasons that cause claim denials and physicians suffer a huge loss in revenue. According to a report from the U.S. Government Accountability Office, almost 30% revenue loss of medical practices results from medical billing errors. The nationwide rate of denials for procedures not covered …
One thing that comes to mind, when thinking of increasing patient retention, is ‘patient satisfaction’. Satisfying your patients by providing quality of care is not as simple as providing them with the best cure for their ailment. It is more than that, patients who like to come again and again to your practice, refer you …
AR & Denial Management is the main area to focus if practices want to successfully achieve their business goals. If a practice is having an effective accounts receivable and denial follow up strategy, only then the accounts balances show a positive outcome. If a practice lacks the expertise required to manage accounts receivable then it’s …
Determining the financial health of your practice on regular basis is the key to staying ahead of your financial liabilities. Checking the financial health of your practice can be a simple procedure of checking the periodic financial reports and there are advanced ratio and methods as well. However, as most of the physicians and practices …
Collecting deductibles from patients is a difficult task, especially when physicians don’t know exactly if the patient is on deductibles. It means that most of the physicians are losing a major share of their earnings due to low collections from the patients on self-pay. As the employers are moving to higher deductible plans and copays, …
Getting paid for the services offered to your patients is equally important as is the quality of care. However, many physicians and medical practices just focus on providing the care and are not good at following up payments and collections. To close your revenue cycle successfully, physicians should undertake payment collection strategies. These strategies should …
If your practice is experiencing squeezed cash flow due to any reason, either it’s the latest policy compliance or any governmental program enrolment following which you are not getting the optimum payments. The new MACRA quality payment program is also challenging the physicians as it is moving to reporting of quality metrics and collections. It’s …
Medical billing is a process of preparing medical bills for healthcare services providers to get them reimbursed for the services they provide to patients. To prepare medical bills, a medical billing professional collects all the required information including patient demographics, clinical services provided, insurance details; compiles medical bills and sends them to payer for reimbursements. …
Outsource Medical Billing Work and Increase Your Cash Flow (Outsourcing Vs In-House) The matter of whether to outsource medical billing operations or keep the procedure in-house is one that ponders vigorously on many medical specialists and practitioners. The correct answer differs from practice to practice that directly relates to many factors such as age of …