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.
Often mistakenly assumed to be the same, medical billing and medical coding are two very distinctly separate jobs. Although there are many similarities between the two and small healthcare settings may entrust a single person for doing both the tasks; most medium and large healthcare facilities have different individuals responsible for the two different jobs.
The Healthcare Industry has always been on top of the game when it comes to technological advancements and usage. Computers, ECG machines, even artificial intelligence has been integrated with leading US hospitals. However, most of these advancements have been in the core medical practices.
It is universally known that American Healthcare has one of the most complex billing systems.
University of Pittsburgh Medical Center (UPMC) reported $212 million in bad debts for the fiscal year 2014. The numbers are not deniable – the reason for bad debt is higher deductibles. While choosing their medical insurance plan, most people tend to choose the plan with the least annual premium, what they fail to realize is lower premium means higher deductible.
MedConverge helps physician practices become ICD-10 ready.
A lot of discussion has gone into how ICD-10 (International Classification of Diseases, 10th Revision) will impact physician practices, and ultimately change the face of their bottom-line.
However, what seem less debated are the possible solutions that physician practices can adopt, and do well as usual,
Yes, truly! You can be assured of your practice’s financial health by asking yourself these Three Questions periodically:
1. Is my front office efficient? Because front office is where it all begins. When we consider the fact that most patients have a minimum of $10-$15 primary physician copay and $30-$40 specialist copay,
You should never,