Although Medicare has been a trusted health organization for almost half a decade. It covers 60% of the hospitalization, almost 80% of the doctor’s bill, and other precautionary services. However, now its beneficiaries are facing higher costs for the benefits it offers. Medicare prescription drugs should not be of out-of-pocket costs; this facility should be …
Read moreOut-of-Pocket Costs Catching up with Medicare Beneficiaries
Physicians often conduct partnerships with other medical units for a steady supply of services for the patients. This happens to take care of the patient load and lack of medical staff to take care of the facilities. The medical units want proper health care for patients in their unit and medical staff from other services …
Read moreInsurance Reimbursement and Cash Flow Dilemmas for Physicians
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 …
Most medical practices analyze their financial health with a simple analysis of cash flow when it represents only the one aspect of the revenue cycle. Revenue cycle management for practices is a complete process that starts from charge capture, claims submission, accounts receivables, collections and ends up on the analysis of the financial data. It …
Read more6 Key Revenue Cycle Metrics That Your Practice Must Track
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 …
Read more6 Tips To Increase Your Patient Retention and Getting New Referrals
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 …
Read moreAccounts Receivable (AR) Follow Up and Denial Management for Practices
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 …
Read moreLearn How to Determine Your Practice Financial Health
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, …
Read more7 Tips on How to Collect From Patients Having Deductibles
Credentialing — also called Physician Credentialing, is a process of formal verification of a physician’s educational documents, work record, license and practice history. Employers and payers review this information and determine whether the physician should be hired, or in the case of a payer whether the physician will be permitted to bill that insurance carrier. …
Read moreInfographic – 7 Easy Steps to Physician Credentialing