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GroupOne Health Source Practice Management Blog

      

The GroupOne Health Source Blog

 Answers and Insights Every Healthcare Professional Needs.

 

Keith Lage

Keith is the Director of Business Development at GroupOne Health Source. His CPA experience and forward thinking has helped shape GroupOne's customer success and growth.

Email: klage@g1hs.com

Author's Posts

How to Switch Medical Billing Services Without Losing Revenue

by Keith Lage on May 1, 2017

If your medical billing service is losing your practice revenue, you should be looking into switching your billing services provider. You know that once you find a new service and start fixing some of the errors from your current billing service, your revenue will soar. But how do you go about switching from your existing billing service to a new billing service without losing even more revenue?

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Topics: Revenue Cycle Management

Top 5 Practice Management Challenges and Their Solutions

by Keith Lage on March 8, 2017

While it's estimated that practices in the U.S. lose $125 billion each year due to poor medical billing operations, the challenges of practice management expand far beyond revenue cycle management. Here, we'll discuss the top 5 practice management challenges and provide resources and solutions that can assist in overcoming them.

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Topics: Revenue Cycle Management, Practice Management

What Doctors Should Consider When Weighing Independence vs Employment

by Keith Lage on December 13, 2016

A recent Medscape study found that self-employed physicians are more satisfied in their profession than employed physicians (63% vs 55%). However, the Employed Doctors Report 20161  states that twice as many doctors (27% vs. 13%) have switched from independent practice to employed. But why?

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Topics: Revenue Cycle Management, Medical Business, Physician Payment

2016 Physician Compensation Survey Results

by Keith Lage on November 9, 2016

This year's Physicians Practice Physician Compensation survey revealed some interesting insights into the financial burdens physicians are experiencing. The survey not only gathered insight into things like overhead costs and personal income but also touched on how practices have been affected by high-deductible insurance plans.

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Topics: Revenue Cycle Management, Medical Business, Physician Payment

Is Your Healthcare Organization Ready for Clinical and Financial Business Intelligence?

by Keith Lage on September 20, 2016

In the next few years, the existence of clinical and financial business intelligence is expected to grow significantly, according to the HIMSS Analytics 20161 Clinical & Business Intelligence (C&BI) Essentials Brief. And rightly so, seeing that clinical and business intelligence is essential for healthcare organizations looking to reduce costs and move to data-driven healthcare improvements.

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Topics: Revenue Cycle Management, Medical Business, EHR

Some Health Insurance Companies Automatically Enrolling Patients In Medicare Advantage Plans

by Keith Lage on August 3, 2016

Whether to sign up for traditional Medicare or with a Medicare Advantage plan may no longer be your decision to make. It turns out that some Medicare-age people are being automatically enrolled in Medicare Advantage plans by something called "seamless conversion."

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Topics: Revenue Cycle Management, Practice Management

How to Make Sure Patients with High Deductible Health Plans Pay Their Bills

by Keith Lage on July 5, 2016

With more and more patients moving to a high deductible health insurance plan, it is becoming increasingly important to make sure that those patients pay their deductibles on time and in full. Though a portion (ideally no higher than 4 to 6%) will become bad debt and be written off, to keep your practice healthy, you will need to encourage your patients to pay these deductibles and make that payment process easy and as pain-free as possible.

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Topics: Revenue Cycle Management, Self-Pay

How to Avoid Revenue Loss During Your EHR Transition

by Keith Lage on April 18, 2016

An upgrade or change of vendor for an electronic health records (EHR) system is a major IT initiative, and disruption is to be expected. The problem is that a hiccup in one business process can propagate causing disruption to your entire practice, or in this case, your practice's revenue cycle management.

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Topics: EHR, EHR Training

4 of the Top Challenges Healthcare CFOs Face (And Their Solutions)

by Keith Lage on March 16, 2016

Does any other industry face the extreme financial pressures healthcare providers routinely take on? Add to those pressures the Medicare and Medicaid cuts, healthcare IT changes, and new reimbursement methodologies, and the healthcare CFO has more on their plate than ever. Not only must CFOs deal with budget crunches and shrinking reimbursement, they have to do what every business CFO does and ensure their hospital or healthcare facility remains financially healthy.

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Topics: Revenue Cycle Management

5 Reasons You'll Replace Your EHR in 2016

by Keith Lage on January 20, 2016

The 2015 Jackson Healthcare report on Physician Trends found that 85% of physicians have adopted electronic health records (EHR) systems. Furthermore, 61% of physicians said their overhead costs for their EHR have increased because of requirements under the ACA. At the same time, physician satisfaction with EHR systems has been declining - significantly in some cases. With the average physician seeing 22 patients per day, an EHR can make or break a practice's efficiency.

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Topics: EHR

How Creating Strategic Partnerships Can Benefit Your Practice

by Keith Lage on January 12, 2016

Do strategic partnerships have anything to do with revenue cycle management? Absolutely. But picking the right partner to assist with various aspects of your medical practice can be a daunting decision. Pick the right partner and you save a time and money. Pick the wrong partner and your practice's cash flow can take a serious hit.

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Topics: Practice Management

5 Ways to Find RCM Tools That Grow With Your Practice

by Keith Lage on January 11, 2016

Perhaps there was a time when you could argue that revenue cycle management tools were only worthwhile for large practices with big budgets. All that has changed, however. In fact, a small or new practice may benefit disproportionately from having excellent revenue cycle management tools.

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Topics: Revenue Cycle Management, Practice Management

10 Reasons a Physician Should Seek an MBA

by Keith Lage on December 29, 2015

More doctors are pursuing the Masters of Business Administration (MBA) degree on top of their medical qualifications. Should you? It can be a wise career move whether or not a doctor is interested in transitioning to the management side of healthcare. But do the pros outweight the cons?

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Topics: Medical Business, Practice Management

Why Your ICD-10 Transition Might Not Be Long Term Success

by Keith Lage on December 9, 2015

Many health organizations have checked ICD-10 off as a complete success since its go-live date of October 1st brought little disruption to practice productivity and cash flow. But is it too early to declare with certainty that the ICD-10 transition was indeed successful?
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Topics: Revenue Cycle Management, ICD-10

Bipartisan Budget Act of 2015 Signed Into Law

by Keith Lage on November 10, 2015

On Monday, November 2, President Obama signed into law the Bipartisan Budget Act of 2015. Among its provisions, the two-year budget deal sets 2016 Medicare Part B premium rates, changes Medicaid rebate policy, repeals the ACA auto-enrollment requirement, and provides for a new Medicare payment policy for new outpatient providers.

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Topics: Revenue Cycle Management, Medical Business, CMS, Incentive Programs

Can Billing Software Help Minimize Denials?

by Keith Lage on November 6, 2015

Medical providers make most of their revenue by successfully processing claims, and claims mistakes affect the bottom line. Fortunately, many claims are preventable and recoverable. Successfully preventing billing mistakes and appealing a denied or rejected claim often has to do with the quality of the medical billing software a practice uses. 

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Topics: Revenue Cycle Management, Denial Management

Why Your ICD-10 Implementation Failed

by Keith Lage on October 27, 2015

You might be wondering why hundreds of practices experienced a smooth transition to ICD-10 but your practice didn't. Was it really that easy? Did you miss something? The ICD-10 transition was the biggest change to healthcare in decades. Why is my practice the only one struggling? 

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Topics: ICD-10

Payment Disputes: What Are Your Next Steps?

by Keith Lage on October 10, 2015

Payment disputes are a fact of life for most medical practices. With the increasing number of high deductible health plans, Americans are struggling over medical debt and putting more of their take-home pay into medical costs than ever. A survey by NerdWallet found out that Americans pay three times more for third party collection of medical debt than for credit card and bank debt combined. In 2014, around 20% of American adults were contacted by debt collection agencies because of medical bills.

Even when Americans expect sizable medical bills, they're often surprised by just how sizable they are. The NerdWallet survey found that 63% of Americans say they've received medical bills that were higher than they expected. From 2010 to 2013, American median household income fell by $2,300, yet healthcare expenses during that time increased by $1,814, and out-of-pocket healthcare spending is expected to experience annual growth of double the GDP growth for the next several years. It's no wonder billing disputes between medical practices and patients are so common. Here's what you can do to prevent and cope successfully with billing disputes.

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Topics: Revenue Cycle Management

Post ICD-10: What to Expect After October 1st

by Keith Lage on September 30, 2015

Tomorrow ICD-10 will replace the current classification system, ICD-9. Whether you're ready or not, ICD-9 codes will no longer be accepted on claims. Claims with ICD-9 codes after October 1 will be denied without payment. While surveys indicating readiness for the ICD-10 transition vary, one thing is for sure: ICD-10 will dramatically impact medical billing and cash flow. 

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Topics: Revenue Cycle Management, ICD-10, Coding

Why Investing in Revenue Cycle Management Services is On the Rise

by Keith Lage on April 24, 2015

Revenue cycle management is not something that  most medical  professionals understand, but it is a concept that is very near and dear to the bottom line of each medical practice. These days, medical practice management is being split up into two segments: managing the daily operations of the office and managing the way the practice does business. These are two separate functions and they both require full-time attention, which is why RCM outsourcing is on the rise.
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Topics: Revenue Cycle Management