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.
What if I told you that your practice is missing out on revenue because of an outdated fee schedule? Would you know how to fix it? Unfortunately, many practices are losing revenue because of their fee schedule and they don’t know that updating it would improve their bottom line.
Topics: Revenue Cycle Management
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.
Topics: Revenue Cycle Management
Disruption by technology has affected more industries than it has left alone, and many involve things you do and use every day. For example, Facebook Messenger disrupted SMS messaging, Amazon disrupted eBooks, and Uber disrupted the taxi industry. Healthcare is no exception, experiencing disruption in the form of telemedicine, new devices, and new care delivery paradigms.
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.
Eligible professionals, eligible hospitals, and critical access hospitals (CAHs) participating in the Medicare Electronic Health Record (EHR) Incentive Program must attest using the Medicare & Medicaid EHR Incentive Program Registration and Attestation System no later than Friday, March 11, 2016 at 11:59 p.m. EST.
It's been several months since the ICD-10 transition deadline, but that doesn't mean that every practice and hospital is fluent in ICD-10 just yet. With the number of codes increasing considerably from ICD-9 to ICD-10, and with longer codes that include far more specificity, it will take time for ICD-10 codes to become free-flowing and automatic, even among experienced coders.
Managing accounts receivable (AR) is challenging, and will be even more complicated as more people obtain coverage under high-deductible healthcare plans. Outstanding balances are growing, and collecting these balances is essential when it comes to increasing your practice's cash flow.
The Centers for Medicare & Medicaid (CMS) has extended the deadline to July 1 for eligible professionals (EPs), eligible hospitals (EHs), and critical access hospitals (CAHs) to apply for a Medicare Electronic Health (EHR) Incentive Program Hardship Exemption.
Healthcare is ever-changing. One advancement, telehealth, is one of the hottest trends in healthcare and technology right now. With the shortage of physicians, increase of chronic conditions, and the rising costs of healthcare, telehealth is becoming more necessary and useful than ever.
In our previous blog post, How MIPS Affects Physician Reimbursement, we introduced the topic of how MIPS will highlight a clinician’s brand and could possibly affect the amount of patients a clinician sees. This blog post dives deeper into this concept and explores what you can do to begin attacking MIPS now in order to establish a positive brand and start accepting new patients.
Looking for new ways to grow your practice and increase revenue? It's not just a matter of drawing in more patients who need the medical services you provide. Many physicians have strategically determined ancillary services that can bring in more money from their existing client base in order to fight the neverending battle of declining reimbursement.
The healthcare industry is facing growing pains, especially where technology is concerned. We recently caught up with Lee Farabaugh, Chief Innovation Officer and EVP of Professional Services for PointClear Solutions to get her advice on what providers should be talking to their software vendors about.
Topics: Practice Management