The medical and healthcare field is not just about healing people, there are so many aspects involved. A lot of different sectors of life come together and aid the medical practitioners to make it happen. One such important aspect is insurance. Different terminology is used for the insurance policy involved in the health sector – …
The recently passed Tax Cuts and Jobs Act is debatable, to say the least. Looking at the situation as a physician, at first glimpse, it seems as though physician independent contractor tax deductions would actually go up. If you make money outside of your “regular” job, you will most likely have some related expenses that …
The healthcare system of the United States of America is prospering and progressing with each passing day, thanks to the dedication of the physicians, doctors, and the advent of technology that has made the lives easy of both the healthcare providers and the patients. Electronic medical records or the EMR system is one such example …
The purpose of Electronic Health Records EHR is to consolidate medical records into digital documents. As a result, authorized individuals have access to real-time updates of patient records in a digital format. A patient’s medical records include information on their treatments and medical history as well as their radiological images, allergies, test results, and treatment …
The healthcare law of Patient Protection and Affordable Care, as well as increased transparency and access to patient information on the quality of care providers, has transformed the whole system. Such a shift has paved the path for pay for performance programs. What is the incentive for enrolling in the programs, why should there be …
No matter what lies behind the name fraud, it’s an illegal activity that conceals the unlawful gain obtained by the unfair means and performed to deprive a victim of his legal right. According to recent statistics, the US economy had borne around 60 billion dollars annually in health insurance frauds. This is the high time …
What determines the best healthcare system is how much the country spends on the quality of the health care provided and what are the outcomes of that spending. Moreover, it depends on the availability of healthcare services and obviously how effective it is at keeping the country’s populous healthy. At what cost, what consumers are …
Last year over 600 individuals were charged for healthcare fraud schemes in the United States involving over $900 million in false and unethical medical billing practices. There is no end to it, every year a huge number of medical practitioners are accused of healthcare frauds worth billions. Basically, frauds in the health care industry are …
There are numerous ways to emphasize the importance of electronic health records. Both large and small physician practices are rapidly switching to electronic health records from paper charts. With the implementation of the electronic health record system, it becomes easier for healthcare providers to manage patient records and optimize their clinical processes Besides, some simple …
Revenue cycle management is important because it lets you keep track of claims processing, payment and revenue generation. If you do not want to lose revenue, it is essential to track revenue cycle management metrics, as every dollar lost can cause more adverse impact than you expect. 1. Gross Collection Percentage: This is the difference …