The biggest problem in revenue cycle management for healthcare facilities is unpaid bills for medical services provided. The acquisition of medical debt leads to a detrimental impact on medical care provided by the healthcare facility and negatively affects the healthcare industry in general. There is a dire need to redesign the medical billing system to ensure shrinkage of bad debts,
One of the biggest banes of healthcare revenue cycle management; denied claims are a major source of stress for healthcare facilities and have an adverse impact on the cash flow and net revenue for the facility. But before we start blaming the payers for these denials, let us look at the common reasons for claim denials.
The ever changing policies and reforms in today’s healthcare scenario are forcing medical practices to change the way they manage their revenue cycle. Revenue cycle management is all about generating the maximum amount of net revenue. With the recent 5010 transition & ICD-10 switch, growing patient responsibility for payments & declining Medicare reimbursements,
An ongoing challenge for all hospitals, revenue cycle management requires the use of technology to keep track of claims and address issues as and when they arise. It is fairly common for claims to be denied, denial management being an industry wide challenge. Efforts by healthcare facilities have not made much impact in the reduction of claim denials.
Since the beginning of time, communication has been the most important factor in human relationships. In time, the way we communicate has evolved and today, technology plays a huge role in our communication with each other. Communication between patients and providers is gaining importance in the healthcare industry. Good communication with your patients will result in them following your advice,
The passion to cure people of ailments is what drives a person to become a physician. However, just medically treating people is no longer the only work that a physician needs to do – there are so many other things that demand his attention on a regular basis. Juggling between treating patients and running a practice often brings in many challenges that need to be faced on a daily basis.
According to the Health Information Technology for Economic and Clinical Health Act (HITECH), providers and hospitals who demonstrate the meaningful use of a certified electronic health record (EHR) system, are eligible for incentive payments.
The meaningful use programs seemed to have worked well, with office based physician EHR use jumping from 67.5% in 2013 to 74.1% in 2014.
Medical billing is an important part of your practice. In fact, it is one of the crucial aspects, which if ignored or not handled properly, can even lead to the practice eventually facing closure. Healthcare providers handle their medical billing either in-house or through outsourcing. However, the benefits of outsourcing your medical billing are far more than keeping them in-house.