Billing patients for outstanding balances after receiving the portion covered by the insurance company is known as balance billing. This can happen if the insurance company gives less than the amount expected or if an episode of care is mistakenly believed to be in-network and hence expected to be covered by the insurance company. Physicians who are not bound by the in-network rate agreements and are thus classified as out-of-network physicians,
All healthcare facilities – irrespective of whether they are a business enterprise or a charitable institution – have to be financially viable in order to continue to provide services. Clinical documentation improvement (CDI) programs have evolved from being an informal part of the process to becoming the backbone of the facilities financial viability.
Improving clinical documentation leads to revenue gains and most healthcare facilities are now exploring this program. The main reason for getting into this program is to improve your reimbursements and that will happen with improved documentation and coding. However, it is important to set specific goals when putting together a Clinical Documentation Improvement (CDI) program for your facility.
Effective October 01, 2016, the code M62.84 will be used by the healthcare community for sarcopenia, thus recognizing it as a distinctly reportable condition. The AIM (Aging in Motion Coalition) announced this ICD-10-C code, as established by the CDC (Centers for Disease Control and Prevention).
What is Sarcopenia?
Defined as a combination of low muscle mass,
Times are tough – reimbursements are declining and expenses increasing. Keeping your practice viable in this environment requires being able to identify areas in your medical practice which are bleeding money and working out a strategy to stem the bleed. While each practice will require a different strategy to boost its bottom line, here are some tips that all medical practices can follow.
“Money makes the world go round” – and it can make you go round in circles too, if you make financial mistakes. This is one part of our existence, where even age and experience are no guarantee for not making mistakes. Having said that, youth and inexperience create more chances for making financial blunders than the old and wise.
The addition of ancillary services to your existing medical practice can help maximize profitability and serve your patients better. Patients prefer to have the convenience of getting medications at the medical clinic/office and having laboratory or diagnostic services done by the physician’s setup itself, rather than having to go to different places across town. Physicians providing patients with these added services are likely to see an increase in both revenues and patients.
Managing your healthcare revenue cycle is never easy. Revenue leaks can create havoc with your organizations financial viability. The root cause of revenue leaks are generally internal, with someone in the system or the system itself, not performing correctly or efficiently. According to Marc Lion, CEO of Lion & Company CPAs, the average medical practice has a 10 to 15 percent profit leak.
Once an informal process that received significant attention at just a few hospitals; Clinical Documentation Improvement (CDI) is now the backbone of an organizations financial viability. Essential for patient safety, proper and accurate reimbursement, quality ratings and more, a strong CDI program will ensure documentation integrity – a key factor in the ICD-10 transition.
Drug addiction – a problem that most governments across the world are fighting to control, has not only become a major cause of death for the addicts, but is also responsible for neonatal abstinence syndrome amongst newborn children of addicts. There are many ways in which people get addicted to drugs like opium and heroin.