Medicare Access and Chip Reauthorization Act (MACRA) will have a tremendous impact on the business and health care models in healthcare establishments throughout the country. MACRA is being implemented partially in most establishments voluntarily, to get a taste of what is yet to come and is expected to be fully implemented by the end of 2018.
The Health Insurance Portability and Accountability Act (HIPAA) is a set of viable guidelines that dictates the security of health information which is stored/ transmitted via an electronic medium. These guidelines are subject to change in a timely fashion and the medical practitioners ought to keep themselves updated with these changes and ensure that their billing is compliant with the HIPAA security standards.
Revenue cycle management (RCM) refers to the financial process of keeping track of a patient’s expenses during their stay at the healthcare facility. The health care facility employs the use of advanced billing software to manage the entirety of the billing, right from the registration of a patient to the final payment, in an effective manner.
One of the most complicated administrative practices in the medical profession is medical billing. Medical billing is an integral administrative aspect of the medical profession, and it is such a comprehensive task that it requires a whole new department of professionals who are proficient in billing practices in order to deliver results in a swift and efficient manner.
Modern physician’s office can be bisected into two parts- the medical practice and the ton of paperwork and documentation that comes with maintaining a health care facility. Even a small heath care center or an individual’s practice has its own share of record maintenance. This is why investing in a credible electronic medical record (EMR) system is necessary.
The process of physician credentialing is an important task that a health care institution has to undertake when hiring a new doctor. It is essentially a process that entails verifying a physician’s credibility, licensure and making extensive back ground checks for any criminal and financial misgivings in the past. This preventive measure will help eliminate any potential problems that might crop up in the future because of the new doctor,
A successful medical practice can flourish only when it is doing well financially. Incorporating robust billing practices and ensuring the adherence to updated medical billing codes is thus of paramount importance. Revenue Cycle Management (RCM) is a process that oversees all your health care facility billing in order to ensure that your revenue generation is at optimal levels.
HCPCS stands for Healthcare common Procedure Coding System, and is a standardized set of code that is used extensively by healthcare professionals and insurance providers in order to chalk up the insurance claims. The codes and resources provided by HCPCS offers and orderly method to assimilate and calculate the insurance, thus making it easier for everyone involved in dealing with insurance claims.
Medical transcription is an integral aspect of a physician’s practice, which involves processing a physician’s dictations into written documents. These transcripts ought to adhere to a number of regulations and laws set by the HIPPA Act, thus resulting in a degree of uniformity across practices. Medical transcriptions have hence improved a lot since their inception,
Medicine has transcended from being a profession that focuses solely on curing patients to multi-billion dollar commerce. Physicians and hospitals have been forced to amend their means of operation in order to accommodate the magnanimous paper work and related bureaucracy. Medical coding standards have steeply risen in complexity and size, thus risking overworking your current staff in billing and applying for claims and reimbursements.