The hours and days spent on treating your patient all comes to naught if you are not paid for the services rendered. The satisfaction of having cured and/or saved a patient has no parallel; but, it is money that makes your practice sustain and allows you to continue curing and saving people. Sadly, not getting your dues is not an exception – data shows that in 2016-17,
ICD 9 codes were replaced by ICD 10 on October 01, 2015 as they had some inherent issues which were addressed and rectified in ICD 10.
However, it is important to understand that ICD 10 codes are not merely ICD 9 codes that have been increased in numbers or volume; ICD 10 codes with changes in terminology and providing far more details are definitely more complex than ICD 9 codes.
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.
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.
The ever changing policies and reforms in today’s healthcare scenario are forcing medical practices to change the way they manage their revenue cycle. Revenue cycle management is all about generating the maximum amount of net revenue. With the recent 5010 transition & ICD-10 switch, growing patient responsibility for payments & declining Medicare reimbursements,
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.
John is definite that he wants a career in the healthcare industry. After all, the healthcare industry is one of the fastest growing sectors in the country and John is sure that there were many opportunities for those willing to work diligently. When he expressed his desire of joining the healthcare industry to his immediate neighbor and good friend,
According to a recent report, post ICD-10, the American healthcare industry has successfully processed claims from about 2400 hospitals and 630,000 healthcare systems at a collective value of around $25 billion. October 1st is a significant milestone in the ICD-10 journey. Let’s take a look at what the past month with ICD-10 has revealed.