Medical billing is one area that most healthcare facilities find nerve wracking, time consuming, complicated and tricky. With all those rules to follow, codes that need to be put in correctly and supporting documents to be attached, medical billing is an area that is highly prone to mistakes. Typically these mistakes are due to carelessness,
Have you ever been a victim of medical billing fraud? Medical billing fraud, especially those related to insurance billing are far more common in practices than you would think. There are cases of willful fraud committed as well as those that are committed without even knowing it. In either case, the onus of the fraud and its legal consequences rests on the practice.
Do you remember why you started your medical facility? The desire to help and treat others of their ailments – wasn’t that the reason? And yet here you are, dabbling with billing, insurance companies, revenue cycles and bad debts – all of which impinge on the time that you could be spending looking after your patients.
All medical billing and coding professionals use standardized classification systems to code the patient’s medical and care history. However, there are medical billing and coding professionals who specialize in specific areas of medicine and work as specialist coders and billers. To become a specialist medical billing and coding professional,
The ever-changing healthcare scenario is making it difficult for clinicians to manage their finances. On one hand, the number of patients are increasing every day, while on the other, reimbursement by insurance companies for medical care provided is being reduced. Rising expenses and tons of paperwork; compliance issues and fears of a malpractice suit – all these are creating pressures on healthcare providers to maintain their standards of care and service.
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.
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.
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.
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.