Find yourself making excuses for not having a strategy to collect from patients? Patient balances are only going to get higher due to the increase in high deductible plans offerred. You might even see a growing number of patients that are first time insurance policy holders due to the Affordable Care Act and the Patient's Bill of Rights. Here are 10 signs you should invest in a self-pay strategy at your medical practice as soon as possible.
Medicare accountable care organizations (ACOs) have improved patient care and produced $372 million in savings for the program, according to performance results released by the Centers for Medicare & Medicaid Services (CMS).
When it comes to self-pay patients there are two kinds. There are patients that have healthcare plans with high deductibles and copays and then there are patients with no health insurance whatsoever. The latter will become less common due to the recent changes under the health reform law. The health reform law includes an individual mandate, requiring every American to have health coverage, with just a few exceptions. With this mandate comes a number of health plans with high deductibles and patients with health insurance that are not familiar with how health plans work. High deductible plus patients that don't understand payment obligations equals an increase in bad debt for your practice.
CMS offers exclusions and hardship exceptions for eligible professionals who face challenges in meeting meaningful use objectives that require that they and their patients have broadband access and Internet connectivity.
Topics: Revenue Cycle Management
Have you been wanting to pull the plug on your EHR software? You're not along. According to a new KLAS report, Ambulatory EMR Perception 2014: New Leaders Emerging as Market Shifts, more than 25% of large and small physician practices are considering replacing their electronic health record systems. KLAS interviewed more than 400 small and large physician practices about their EMR software solutions. Researchers found that many physician practices are considering replacing their electronic health records software. In fact 27% were considering replacing their EHR system while 12% wanted to replace their EHR but face financial or organizational barriers.
The Department of Health and Human Services (HHS) published a final rule on August 29, 2014, that allows health care providers more flexibility in how they use certified electronic health record (EHR) technology (CEHRT) to meet meaningful use for an EHR Incentive Program reporting period for 2014. By providing this flexibility, more providers will be able to participate and meet important meaningful use objectives like drug interaction and drug allergy checks, providing clinical summaries to patients, electronic prescribing, reporting on key public health data and reporting on quality measures.
It's not hard to recognize the popularity of Accountable Care Organizations (ACOs) considering the number of ACOs has risen from 32 in 2011 to over 600 today. The ACO health care model is part of the 2009 Patient Protection and Affordable Care Act (PPACA), and payers hope that ACOs will save money while improving quality.
Are you an eligible professional or eligible hospital participating in the Medicare EHR Incentive Program? If so, CMS has posted two new materials to help you report clinical quality measures (CQMs) in 2014, including: