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Latest Updates on Medical Billing

Latest Updates on Medical Billing

Medical Billing errors are quite common and the cost of these errors is extremely high. For instance, a write-off as low as 1% can cost an average 300-bed hospital approximately $3 million in lost annual revenue. Therefore, in order to remain financially viable, it has become necessary for healthcare organisations to be proactive in claims management. They need to implement safeguards against billing errors, identify them and take necessary measures to rectify them.    

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Do you have an effective patient payment strategy in place? If you wish to maximize collections and streamline your practice workflow, then make sure you are serious about patient collections. According to a survey conducted by MGMA (Medical Group Management Association), approximately 25% of revenue for practices is generated through patient payments. If you fail to collect Medical Billing payments in a timely manner, your practice will experience serious revenue loss.     It is

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While some practices are still getting accustomed to ICD-10, getting a grip on new processes and waiting for payments to come rolling in, there’s an updated version of the coding system waiting on the horizon to be implemented. The ideas of having a new set of codes have elicited some groans already. This is because the US healthcare industry has had a long and very complex tradition to ICD-10. But the good news is that

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Providers need to improve their revenue cycle processes for accommodating the changes in the healthcare industry. In order to ensure smooth operations, they need prompt payments from patients as well as insurers. They need to manage the revenue cycle effectively because even though the financial impact on one claim may seem small, the effect on the bottom line will be huge when multiplied by hundreds of visits a week.     Here are some common

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Providing quality care to the patients and getting paid for rendered services are top two priorities for healthcare providers. It is also important for them to use a well-designed RCM or revenue cycle management system for maintaining a steady and consistent stream of revenue.     RCM, the process of managing a practice’s claims processing, compensation and profit generation activities is very important for healthcare providers. The fact that insurance companies reject 26% of submitted

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Striving for quality patient care and outcomes is always the first priority for medical practices. However, providers also need to juggle between getting paid and compliance with healthcare reforms. Since timely reimbursement is vital for surviving in the business, they need experienced billing staff to increase profitability and maintain cash flow. Considering the growing complexities of medical practice billing and unrelenting economic pressures, many providers are choosing to outsource their billing functions. By partnering with

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Did you know demographic or technical errors are one of the top reasons for claim denials? According to the Advisory Board’s Revenue Cycle Benchmarking survey, approximately 61% initial denials are caused due to technical/demographic errors, followed by 16% due to eligibility and 12% due to medical necessity errors. When it comes to healthcare reimbursements, there is nothing more frustrating for practices than claim denials. In order to survive in business, it has become vital for

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DME billing is complex in nature- this is something that almost all practices dealing with durable medical equipment will agree with. Quite often, providers get substantial orders for supplies but they fail to recover the expected revenue due to inexperienced billing staff and their inability to work around an effective DME revenue process. Error-free billing for durable medical equipment is critical because even if one medical device is billed incorrectly, it will result in a

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Is A/R soaring and becoming unmanageable for your practice? If the answer is yes, then you need to stop making accounts receivable mistakes and start managing practice collections in a smart manner. According to a survey conducted by the MGMA (Medical Group Management Association), practices generate approximately 25% of their revenue from patient payments. So if your practice is failing to collect these payments on time, you might end up experiencing a significant loss of

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2018 has come with new opportunities as well as challenges for medical practices. By improving the quality of care and lowering costs to increase patient satisfaction, providers are having a hard time navigating through various requirements. They are finding new ways to thrive in business considering the shift towards value-based care and increased financial responsibility of patients. In order to address the market pressures and make ends meet, here are three key areas that practices

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