The Top Challenges That Independent Practices Are Facing In 2020

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The Top Challenges That Independent Practices Are Facing In 2020

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 …

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Seven Tips of Effective Contract Negotiation For Physician Practices

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7 Tips of Effective Contract Negotiation For Physician Practices

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 …

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Reasons To Outsource Your Revenue Cycle Management

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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 the coming few years. The RCM solutions are in huge demand in the healthcare sector due to its immense impact and value that it brings to the healthcare organizations. The healthcare industry has been drastically challenged by an increased cost of the services, decreased revenues and the system shifting to patient consumerism. This is putting huge stress on the care providers as they are struggling to implement new technologies, revamped infrastructure and focusing on improving the patient experience. More than 70 percent of patients are frustrated with the current billing system and they are not able to understand the complexities of the system. Surprising billing or out-of-network payments are some of the issues that are troubling patients or healthcare consumers. At the same time, the inability to pay is adding to the dilemma, when over 137 million Americans are struggling with medical debt. This is causing unrest among healthcare consumers and they are more concerned about the expected bill and the explanation of benefits. As the healthcare providers are transforming their processes to deliver value-based care, it has become immensely important to implement an RCM system that can bring transparency to their processes with technology-intensive RCM automation tools and capabilities to accurately report financial data. During these heightened financial stress, healthcare providers want their RCM processes are optimized, efficient and productive. The RCM system must be capable of meeting regulatory requirements as well. To meet all these requirements, healthcare providers seek services from professional RCM solution providers. RCM comprises a set of frond desk and back-end processes which includes administrative tasks as well as clinical functions. Some healthcare providers only choose to outsource a limited range of tasks, such as medical billing and coding, claim submission and payment follow-ups; while others move on to outsource IT administration and transcription as well. However, the decision to outsource depends on the capability of the healthcare facility to manage the resources. Here are a few reasons to outsource your revenue cycle management: To increase profitability: The first and the most important reason for outsourcing revenue cycle management is that healthcare providers want to improve their profitability. RCM vendors are experts in boosting the revenue collection process and have onboard specialized resources that can achieve it in a short while. Moreover, administrative costs, operational expenses, salaries, and rents have decreased the overall revenue of the providers. Outsourcing not only saves cost and time but also increases profits. Decrease administrative burden: When the RCM is outsourced to a trusted company, the healthcare provider can free up the resources from the administrative tasks. Providers can utilize these free resources to uplift their service standards. RCM is a complex process and engages the resources of a provider at various levels. If you are managing revenue cycle in-house then you are handling many administrative tasks manually, such as: • Paper-based record of payments and transactions • The manual patient registration process • Claim preparation and charge entry • Account receivable and payment follow-ups • Payment posting • Denial management and appeals The administrative burden would affect your performance. For instance, if your managing RCM in-house: • Your staff would be making lots of billing and coding errors • There would be delays in claim preparation and submission • Your staff won't be making targeted collections • There would be lags in denial management • Lack of financial insights and reporting Outsourcing RCM would set you free from all these administrative tasks that are consuming time and energies. Easy compliance to standards: Outsourcing makes compliance with industry standards easier. Healthcare is a volatile sector and ever-evolving regulations make it difficult to comply with. Either it is the adoption of new ICD codes, HIPAA compliance or conformity with insurance requirements; outsourcing makes it easier to embrace the change. By outsourcing it becomes the job of your outsourced RCM partner to stay updated and keep your system in compliance with the updated standards. If you are handling RCM in-house, it would indulge you in the up-gradation of resources and providing adequate training to your staff. Outsourcing sets you free from the hassle of training and compliance. However, there are various concerns of vulnerability to private data when you are outsourcing and providers remain concerned over the hidden charges. Some RCM vendors use software that does not integrate with the pre-loaded software applications of the provider. This is why a healthcare provider must carefully choose the RCM solution provider and must make these queries upfront. There is no doubt that by choosing the right RCM partner, you can not only save costs and time but can also increase your profitability. Revenue cycle management is becoming refined and more sophisticated and is helping healthcare organizations eliminate errors in their system, minimize complexity, increase in productivity and profitability. This is why healthcare providers must outsource RCM to a trusted partner.

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 …

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Measuring The Effectiveness Of Revenue Cycle Management In Healthcare

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https://sybridmd.com/services/value-added-services/

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 …

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Healthcare Revenue Cycle Management Market Growth And Demand

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Revenue Cycle Management Market Growth And Demand

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 …

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Patient’s Journey and the Revenue Cycle Are Deeply Connected

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Revenue Cycle Are Deeply Connected

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 …

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Three Factors That Affect the Revenue Cycle of Physician Practices

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3 Factors That Affect the Revenue Cycle of Physician Practices

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, …

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Major Challenges of the Healthcare Industry in 2020

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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, …

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Outsource Medical Billing of Your Independent Practice

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Medical Billing of Your Independent Practice

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 …

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How New Medical Practices Can Increase Patients Flow

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ew Medical Practices Can Increase Patients Flow

New medical practices are more focused on improving the patient flow with strategies that are patient-centered and by engaging skilled resources that can remove bottlenecks and streamline the patient flow. Increased and steady patient flow is a must to ensure that the medical practice is performing well and patients keep coming back for follow-up treatment …

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