Healthcare data breaches are affecting millions in the United States and one of the major causes is hacking by cybercriminals. According to a report titled The State of Cybersecurity in Healthcare, by The Fortified Health Security which gathered data spanning over a decade and found that forty million Americans were affected in 2019. This is the …
Independent practices make up a major part of the American healthcare system. Undoubtedly, people are more influenced by these independent practices as they are relatively inexpensive and ensure better care than larger healthcare organizations and hospitals. Moreover, these practices have won patients’ trust by adding to their convenience as they provide low-beneficiary costs and are …
Physicians go through a tough phase where they have to choose between opting independent practice and joining hospitals or other healthcare organizations. This decision proves to be a turning point in their medical career, so they have to weigh the pros and cons of each before taking a final decision. After a thorough cost-benefit analysis …
Revenue cycle management (RCM) in the healthcare industry has become the most sought-after thing. As healthcare providers are fraught with unpaid bills, payment denials, billing errors, ever-changing requirements, revenue leakage, and the inability to reform the financial cycle. According to a study ‘the revenue cycle management market is projected to reach US$ 216,990.6 million in …
Healthcare providers are more focused on improving the quality of care but at the same time, they remained concerned about reimbursements and collections. The lack of financial automation tools and the availability of limited resources bounds them to rely on conventional methods. Using the conventional approach to manage the revenue cycle, it is difficult to …
Revenue cycle management (RCM) in healthcare means a streamlined process of billing and payment collections. To achieve revenue targets, and optimized revenue cycle must feature seamless payment claim processing, medical coding, charge capture, payment posting, explanation of benefits (EOB) reconciliation, denial management and account receivable services. The revenue cycle workflow starts from the patient’s billing …
Revenue cycle management for healthcare providers was considered as optimization of clinical processes and enhancing administrative productivity. The approach is more focused on improving those core functions that collectively contribute to maximizing collections and improving the revenue gains. However, the current market trend in healthcare is more patient-centered and is inclined towards creating a uniform …
What is revenue cycle management means for physician credentialing practices? The revenue cycle for a physician practice means tracking payments and revenue collection from patients. It starts with registration and scheduling of patients, proceeds to insurance verification, co-pay collection, handling health records, coding of clinical procedures performed, charge entry, claim scrubbing and submission, payment posting, …
The healthcare industry is one of the most rapidly changing industries in the world. Challenges, such as rising costs, value-based care delivery, payment reforms, data security and transformation to smart healthcare technologies have engaged healthcare professionals in recent times and there is more to come in 2020. Technology is transforming healthcare at a faster pace, …
In medical practices, one of the most demanding and time-consuming tasks is medical billing. Many independent practitioners or physicians often have confusion about whether to keep the billing operations in-house or to outsource the billing procedures? The answer to this is not fixed and depends upon several factors including the size of the business and …