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GroupOne Health Source Practice Management Blog

      

The GroupOne Health Source Blog

 Answers and Insights Every Healthcare Professional Needs.

 

Ricki Ransom

Ricki Ransom is a Billing Resource Manager for GroupOne Health Source. Her 30 years of healthcare reimbursement experience has led her to the Billing Resource Manager position where she consults on internal and client Accounts Receivables operations and makes suggestions to increase efficiency.

Email: rransom@g1hs.com

Author's Posts

4 Common Mistakes that Lead to High Accounts Receivables

by Ricki Ransom on February 7, 2017

Now more than ever, physicians need to closely monitor the impact health insurance plans have on their revenue cycle management.  The hard truth is, high AR is an indicator that RCM performance improvements should be made in your practice immediately. So what are the red flags you should look out for to lower your practice's AR? 

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Topics: Revenue Cycle Management

How Physicians Can Successfully Negotiate Insurance Contracts

by Ricki Ransom on January 10, 2017

Payer contracts represent a significant amount of physician revenue and should be evaluated with careful scrutiny. Physicians who fail to negotiate with payers or gain a clear understanding of insurance contracts risk presenting a financial blow to their medical practice.

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Topics: Credentialing

4 Steps to Preventing Medical Claim Denials

by Ricki Ransom on November 21, 2016

It's no secret that the relationship between health care providers and insurance companies is complicated. Healthcare providers are spending a significant amount of time and energy with patients just to find out that an insurance company will fight them on paying for the services provided. Preventing claim denials helps ease the complications but denial management doesn't come so easy to every medical practice.

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Topics: Revenue Cycle Management, Denial Management

What Top Performing Practices Know About Analytics That You Don’t

by Ricki Ransom on November 17, 2016

Wondering what it takes for your medical practice to reach true financial success? Two words: data collection. A top performing medical practice can be defined as one that achieves profitability, month after month. Not only to pay the bills but to invest in the right people, proper clinical tools and business assets to maintain their financial success. Here's what these practices know about analytics that you possibly do not.

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Topics: Revenue Cycle Management

5 Ways to Improve Your Practice's Front Desk Collections

by Ricki Ransom on September 27, 2016

Although it's considered best practice to collect co-payments at the time of service, things don't always happen that way. Sometimes your office is understaffed, or the patient doesn't have the co-payment required, or another issue may arise that prevents collections from happening on the date of service. If this becomes a habit, however, then you are setting yourself and your practice up for long term collection and medical billing issues.

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Topics: Revenue Cycle Management, Medical Business, Self-Pay

Patients Won't Pay? How to Select a Medical Collection Agency

by Ricki Ransom on September 16, 2016

Unfortunately, there are going to be situations where you may need to send your patients to collections, and it's important to understand when it is time to utilize a third party to collect past due payments. Although it's not something you want to have to worry about as a healthcare practice, it is sometimes necessary to send patients to a collection agency.

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Topics: Revenue Cycle Management

The Good, The Bad, The Ugly: Tracking and Measuring Revenue Cycle Management Metrics

by Ricki Ransom on August 27, 2016

When it comes to revenue cycle management, there is a significant amount of data that you could track, but what are some of the most important metrics to measure and monitor regularly? There are 6 RCM metrics you should be tracking and measuring consistently to determine how your revenue cycle is performing. Here we will cover all 6 and give you some benchmarks to help you compare your practice's performance.

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Topics: Revenue Cycle Management

Medicare Policy Changes in 2016: What You Need to Know

by Ricki Ransom on July 19, 2016

Recent changes to medicare policy will impact your practice and your patients. Here's what you need to know and how you can adjust to the new payment policies.

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Topics: Revenue Cycle Management, CMS

Why Healthcare Organizations Can't Afford to Ignore Data Management

by Ricki Ransom on July 7, 2016

The data-driven healthcare organization is the one most likely to thrive today. Data analytics is now a top driver for IT spending, with more than one-third of hospitals overall saying analytics drives their IT spending. For medium sized hospitals, that figure is closer to 45%. Treating data as a strategic asset, and analyzing it appropriately can make decision-making more productive. This can lead to reduced costs and improved healthcare delivery. 

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Topics: Revenue Cycle Management

Conducting a Mid-Year Checkup of Your Revenue Cycle Management

by Ricki Ransom on July 1, 2016

A healthy medical practice centers around patient care and healthy revenue cycle management. You cannot have one without the other. In this day and age, no matter how good your practice is at keeping your patients healthy, if you don’t also have a healthy revenue cycle, you’re not going to be around long enough to help many patients heal.

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Topics: Revenue Cycle Management

How Can You Reduce Your Accounts Receivables? Try a CCOF Policy

by Ricki Ransom on June 29, 2016

Today, high-deductible insurance plans are more and more standard for patients. According to a recent report from InstaMed, 74 percent of healthcare providers reported an increase in patient financial responsibility in 2015, which has prompted healthcare revenue cycle management strategies to focus more on consumers. This reality makes collections that much more difficult, and practices often encounter patients “forgetting” their checkbooks or credit cards at the time of service. 

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Topics: Revenue Cycle Management, Practice Management, Self-Pay

9 Medical Practice Performance Metrics to Report on During Your Next Meeting

by Ricki Ransom on June 23, 2016

Tracking metrics in your medical practice can result in improved efficiency, profitability, and yield better results across your entire practice and revenue cycle management operations. Choosing what to measure and what to report is as important as deciding to start tracking measurements in the first place. In this post we will cover the 9 metrics that not only measure your RCM performance but the entire pulse of your medical practice.

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Topics: Revenue Cycle Management

Managing the Revenue Cycle: 7 Areas for Improvement

by Ricki Ransom on May 12, 2016

Did you know that an underperforming revenue cycle causes US doctors to leave around $125 billion per year on the table? Being successful in the healthcare industry requires not only outstanding patient care but also an efficient revenue cycle management process. While some practices excel at both, others are struggling to develop an RCM process that is efficient and profitable.

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Topics: Revenue Cycle Management

5 Ways to Increase Physician Referrals to Your Practice

by Ricki Ransom on April 28, 2016

Independently owned clinics - particularly specialty clinics - may find the process of getting physician referrals to be daunting. There are multiple reasons for this. For one thing, the number of specialist categories has grown in the past decade, so there are more types of specialists for patients to be sent to. At the same time, there are more multispecialty groups that refer to specialists within the group, while many smaller clinics are being purchased by hospitals where internal referrals dominate.

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Topics: Revenue Cycle Management, Medical Business, Practice Management

Communicating About Co-Pays to Patients

by Ricki Ransom on April 11, 2016

Increasing plan deductibles might be a sound solution to slowing health care cost growth, but these high deductible health plans pose a new array of challenges to healthcare revenue cycle management. The number of people covered by an employer-sponsored high-deductible health plan (HDHP) is growing while almost 90% of enrollees in Affordable Care Act (ACA) in Affordable Care Act (ACA) Marketplaces have a HDHP. Communicating financial responsibilities to your patients is no longer optional, it's essential.

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Topics: Revenue Cycle Management, Practice Management

Healthcare Metrics You Need to Track in an Age of Value-Based Payment

by Ricki Ransom on April 5, 2016

The incorporation of value-based payment into healthcare revenue cycle management is one of the defining narratives of this era of healthcare in the United States. The Department of Health and Human Services hopes to shift its payment system to nearly one-third value-based this year, with 50% of its payments to be value-based by the year 2018. Furthermore, it expects nearly all fee-for-service health plans to include some degree of value-based components by then.

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Topics: Revenue Cycle Management, Value-Based Reimbursement

Strategies to Turn Patients Into Bill-Paying Customers

by Ricki Ransom on March 22, 2016

Revenue cycle management is a complex interaction of services, billing codes, benefit analysis, and successful invoicing. Historically, hospitals and most other providers received 90% of their reimbursement from insurance plans, with the patient portion receiving significantly less concern, since it was traditionally such a small part of overall revenues.
  
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Topics: Revenue Cycle Management, Self-Pay

5 Common Reasons for Claim Denials

by Ricki Ransom on March 21, 2016

When a patient's insurance claim is denied, not only can your cash flow be affected, the relationship with your patient can be damaged as well. Some claim denials can be successfully appealed, but even when appeals succeed, they can temporarily leave claim status up in the air - something both your practice and your patient would like to avoid.

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Topics: Revenue Cycle Management, Denial Management

What You Need to Know About the Medicare Overpayment Rule

by Ricki Ransom on March 9, 2016

Remember in 2012 when CMS issued a rule requiring healthcare providers who discover past overpayments by Medicare or Medicaid to refund it within 60 days or risk the overpayment being labeled as a false claim? Well the final rule was published by CMS just last month (February). Here's what you need to know about the Medicare Overpayment Final Rule.

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Topics: Medical Business, Practice Management, CMS

4 Core Benefits of Effectively Managing Your AR

by Ricki Ransom on February 11, 2016

Developing a clear strategy for managing accounts receivable (A/R) is a step that isn't easy, but that has significant, noticeable payoff. When a medical practice doesn't track A/R consistently, the average number of days accounts spend in A/R increases, which means the practice is not collecting what it is owed as efficiently as it could be.

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Topics: Revenue Cycle Management