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Latest Updates on Medical Billing

Latest Updates on Medical Billing

This month, the Medical Group Management Association released the results of a questionnaire that ranked members’ most pressing practice-management challenges. In this edition of “Practice Makes Perfect,” we’ll tackle No. 5 on that list: preparing for the transition to ICD-10 diagnosis coding. As the Oct. 1 ICD-10 compliance date draws closer, physician practices are becoming increasingly concerned about the readiness of their internal processes and external trading partners. Despite the CMS’ recent policy modification—not denying

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Relief from pain and illness often comes at a steep price. One visit to a doctor’s office or the emergency room can produce a bill for hundreds or even thousands of dollars. The good news? That “total due” isn’t set in stone. It’s often possible to negotiate a lower balance and a manageable payment plan. A 2014 NerdWallet study found that 63 percent of Americans have received medical bills that were higher than expected, but

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Hospitals are increasingly attuned to the need for forward-looking revenue cycle management technology and are eying vendors very closely according to a peer60 report. In doing so, they are becoming increasing picky about the vendors they select reports HealthCare Dive. “Healthcare is being pushed to a 90 percent adoption rate of value-based reimbursements by the end of the decade,” said Jeremy Bikman, CEO of research firm peer60. “Our research indicates that as providers transition to

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The changes incorporated in the healthcare industry in processes like medical billing, due to the Affordable Care Act (AFA) may not be as affordable for the US physicians as for the citizens. It is advisable to have a proactive approach to safeguard your medical practice’s revenue. The healthcare reforms and introduction of new systems like the Meaningful Use (MU) Stage 2, ICD-10, patient quality report system (PQRS), payment incentives, etc. are reported to cause revenue

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The Medicare program announced yesterday that ICD-10 diagnostic claim codes will get a one-year grace period. The new regulation says that they will not be rejected for payment for the simple reason that the ICD-10 code submitted is not specific enough. These codes are very long and numerous. However, the Centers for Medicare & Medicaid Services (CMS) says the they are important as a new code system will help to modernize patient care and research

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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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