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Latest Updates on Medical Billing

Latest Updates on Medical Billing

Did you know, majority of physicians have a negative view of prior authorizations? It not only adds to their administrative burden but also causes significant delays in care delivery. In a survey conducted by the AMA (American Medical Association), 91% surveyed physicians were found to be frustrated due to prior authorization requirements. They said that it extended the waiting period for treatment and negatively impacted their care process. Majority of prescriptions that get rejected at

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247MedicalBillingServices has been offering top-notch medical billing services to various practices based out of Ohio, proposing them solutions to overcome revenue challenges. Recently, we were hired by a cardiology practice in Ohio that was facing issues with their medical billing. Here were some of the challenges that were impacting their revenue cycle: Issues Mentioned by the Client: Medical billing was not being completed within the set deadline. There were challenges with in-house billing due to

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Providers cannot underestimate the importance of proper credentialing if they wish to ensure a steady cash flow. They need to respond to credentialing requests by insurance carries in a timely manner and also be prepared with the accurate documentation. If they lack in meeting the requests, it can lead to deactivation and loss of revenue. For instance, if a carrier deactivates a provider, he/she will have to enroll in the program all over again. Also,

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Public and private payers have been redesigning reimbursement models as the industry is shifting to value-based care. New models like bundled payment not only stress on accountability but also on reducing healthcare costs. According to the industry experts, bundled payment model will help in defining the future of revenue cycle management. It will embrace value-based care without putting providers in the downside financial risk contracts. Recently, there has been a rise in the number of

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Medical billing and coding is the last thing that providers want to deal with after a long day of treating patients and filling out charts. But if they don’t deal with it, running their medical practice profitably will become a struggle. So in order to keep getting paid on time and focus on patient care, many practice owners choose to outsource medical billing services. If you are a healthcare professional wanting to hire a medical

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Higher collections and reduced workload are two main reasons why practices are choosing to outsource medical billing services. Outsourcing has revolutionized the way healthcare professionals are working but unfortunately, there are certain myths that are stopping many providers from taking advantage of outsourcing. Here are to five common myths related to outsourcing: Unnecessary expense – Many healthcare facilities believe that outsourcing is an unnecessary expense and a ‘nice to have’ service only for profitable practices.

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DMEor durable medical equipment billing requires appropriate HCPCS (Healthcare Common Procedure Coding System) codes and modifiers. These are needed for describing the items that are being billed. For DME billing, ICD-10 diagnosis codes are also used, indicating the medical condition of the patient for which the equipment was prescribed. In DME billing, coders need accurate HCPCS codes along with modifiers that are used for providing more information about the equipment. If the coders are failing

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The DMEPOS fee schedule has been updated by the CMS for 2019 and several new codes have been added to the HCPCS file. For instance, from 1st January 2019, DMEPOS fee schedule file includes fees for three home infusion G-codes – G0068, G0069 and G-0070. For other new CY2019 codes, the fee schedule amounts will be established under the July 2019 DMEPOS fee schedule update. DME Billing Reportedly, the DME MAC will establish local fee

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The DME Billing market in the US is growing and it is expected to reach $60.2 billion by 2020. Even though the competitive bidding under Medicare and other regulations are making DME sales challenging, the demand for DME continues to grow every year. DME providers need to understand the industry really well, particularly around billing and reimbursements. For instance, if they have submitted the claim and it gets denied, they will lose out on that

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According to a survey by AAFP (American Academy of Family Physicians), denials are a frequent occurrence accounting for between 5-10% of hospital claims. Denial Management Services Industry experts believe that in order to improve revenue flow, it is very important for providers to keep this number close to 5%. And in order to achieve this, they need to have a robust denial management process in place. Why denials continue to be a challenge? You will

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