Digital record keeping is here to stay – and is evolving in leaps and bounds. The vast array of hardware and software available can be confusing to even those well versed with the current digital technology. In order to differentiate between the vast arrays of available technology, industries tend to create their own vernacular for them.
In the current healthcare scenario, every patient encounter requires to be documented – both for future reference as well as for the facility to be reimbursed for the services performed. With the increase in healthcare services, the quantum of data has also increased manifold times. Along with increasing in sheer quantity, clinical data is also becoming increasingly complex.
According to the AMA’s health insurer report card, denial rates of claims for major private payers ranged between 0.54% and 2.64%. At the same time, denial rates for Medicare stood at close to 5%. Although the percentage does not sound like too much, given the fact that billions of dollars are claimed each year, the figures for denied claims suddenly assumes gigantic proportions.
The few picture frames on the wall showcase degrees and awards that have been bestowed a long time back. The magazines on the table are mostly journals – and old ones at that. Other than the soft humming of the air conditioner and the ticking of the seconds hand on the wall clock, the room is silent.
Your medical practice has never had it so good. The number of patients is increasing and you have enough left over after paying all your overhead expenses and bills. You even have enough left over to take that European holiday after paying off your mortgage and the household bills. Wow! You are doing well and your practice is earning money….or is it?
Globally, medical practices are facing tough financial times. The growing population coupled with the rise in new diseases is taking its toll on the healthcare system. Healthcare claims are coming under intense scrutiny, and the ever-increasing paperwork and frequently changing laws ensure compliance issues being faced by a medical practice. One of the critical challenges facing medical practices is claims denial.
We all work hard – but the key differentiator lies in whether we work smart too! Efficiency can be defined as the state or quality of being able to accomplish something with the least waste of time and effort.
Outlined below are 5 practice management tips you increase efficiency and improve your medical practice.