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.
Medical practices have been leaking money for some time now – increasing expenses, shrinking insurance reimbursements, and increased compliance parameters means more paperwork than ‘actual’ work. Relying on practice managers to help cut down your expenses could prove tricky if not done right, then there are efficiency and technology challenges that have been plaguing a number of practices.
The New Year witnessed a happy and healthy resolution connected to the importance of health information technology, made by The Centers for Medicare and Medicaid Services (CMS). The center stated in its release, “We are working diligently to improve the means for information exchange and electronic data sharing across and among providers and health systems.”
Revenue Cycle Management is the process of managing your claims processing, payment and revenue generation. This includes everything from determining the patient’s eligibility, collecting their co-pay, coding the claims, tracking the claims, collecting payments and following up on denied claims. A critical part of your office function, it is important that the entire revenue cycle process is managed efficiently.
John is definite that he wants a career in the healthcare industry. After all, the healthcare industry is one of the fastest growing sectors in the country and John is sure that there were many opportunities for those willing to work diligently. When he expressed his desire of joining the healthcare industry to his immediate neighbor and good friend,
Robert was shocked, as he read the news regarding the settlements made by the hospitals, for incorrect Kyphoplasty procedures. He clearly remembered that day, when his mom had to undergo the same procedure, way back in 2006. Although active and otherwise healthy, his mom suffered from osteoporosis since the last three years. Last week, she slipped in the kitchen and felt a sharp pain in her lower back.
As we come to the end of another year, it is good to look back and reflect on the highlights of the year – the good, bad and the ugly. Understanding what could have been avoided; done in a better way and what was just perfect, is a great way to build on your new year resolutions.
The adoption and use of new technology is driving several new trends in the healthcare industry. As the industry moves towards becoming more patient centric, interoperability and security measures are bound to progress at a steady pace. One of the fastest moving trends, electronic health information exchange (HIE) will see an increased adoption by all providers along with a much greater interoperability between Federal and State agencies on one hand,
If you look at your patient’s problem holistically, why would you not do so with your revenue cycle problems too? Similar to the human body, where different organs work in tandem to keep the body healthy; in revenue cycle management different parties come together to keep the cycle healthy. These would include the patient,
Revenue cycle is defined by the Healthcare Financial Management Association as “All administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue.” The term includes the entire tenure of a patient account – from its creation to the payment. The process of revenue cycle flows into and affects each component of the system.