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Latest Updates on Medical Billing

Latest Updates on Medical Billing

Running a financially healthy healthcare unit amidst all the healthcare regulatory changes that take place regularly is an arduous task. Keeping up and incorporating the changes is as essential as keeping a tab on the practice’s performance, especially on the revenue cycle. Your accounts receivable (AR) health shows whether or not you are covering up for your expenses and for the services you rendered. Although most medical practices conduct a yearly AR report, we at

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Almost 30% revenue loss results from billing errors. These errors are the common cause for claim rejections by insurance companies, aka payers in the US. Medical billing is much beyond just documentation; it is the very means of revenue generation. Since the maximum percentage of a physician’s income is from the payers, the billing process should be devoid of the following common errors. 1.Incomplete Patient Information When it comes to detecting the loopholes in a

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Medical practices take resort to outsourced medical billing services in the wake of healthcare reforms and the revised payment fee schedule. It is predicted that most individual practices will either merge to form group practices or take resort to outsourcing their billing process to strike a balance between their administrative tasks and generating revenue. Specialists provide complete medical billing outsourcing services to medical practitioners and healthcare centers. The following are areas where healthcare centers or

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The US healthcare industry is constantly at a state of reform, especially so from the time ICD-10 has been on the cards, i.e. from the year 2012. The original deadline was set for October, 01, 2013; however, it has been postponed yet again to October 01, 2015 now. Another major factor constituting the reform is the reimbursement trends from insurance companies and change in the payment schedule for physicians. As the deadline to implement ICD-10

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Generating revenue is a basic need for businesses to run smoothly. This stands especially true of running successful healthcare facilities. However, the noble cause of treating patients is put to financial risk by the constantly changing healthcare reforms. The main source of earning revenue for medical practices in the US is the reimbursement from payers. Medicare and Medicaid plans of the Affordable Care Act (ACA) make up the maximum percentage of insurance coverage followed by

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Seventy-nine percent of the nearly 300 healthcare organizations responding to a KPMG survey reported a successful transition to the new ICD-10 coding system since the switch was implemented on October 1. EHR Intelligence reports that, despite mixed feelings about the transition, 51 percent of respondents said they encountered some technical issues, but the transition overall has been successful. Twenty-eight percent said the transition has been smooth and 11 percent said the transition has been a

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It was only about 10 minutes into the game when I fell on the soccer pitch this summer and tore a ligament in my knee. My subsequent trip to the hospital garnered me a specific diagnostic code that went to my insurance company. My insurer was then able to see why I sought care and billed accordingly. Despite significant upgrades in medical knowledge and care, the same thing would have happened a decade ago. Those

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“If you’re bringing in a certain amount of revenue, you can’t have expenses that exceed that revenue. It’s seems very basic but people don’t look at it that way.” Money may be the root of all evil, but it is also the root of the healthcare industry. Revenue cycle management, based upon the straightforward notion of continuously staying in the black, is about getting paid, and expediently so. Within the healthcare space, successful revenue cycle

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