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Thomson Reuters found that the medical industry wastes $700 billion annually on avoidable, identifiable issues. How much of that comes from your practice every year? The only way to pinpoint wasted spending, or any other area of weakness, is to
The uncertainties surrounding the future of Medicare physician reimbursements have doctors across the U.S. concerned for their practices and patients. If the planned 27.4% Medicare payment cut is not further postponed or resolved before the coming two-month reprieve is up,
The entire physician revenue cycle, from scheduling patients to collecting final reimbursement, involves many steps, several of them requiring tedious paperwork. This convoluted workflow can allow underpayments, denials and ignored claims to fall through the cracks. With the MGMA estimating
As a healthcare provider, you’ve heard the term ‘electronic health record’ so much it’s likely to pop up in dreams. Whether or not this is pleasant is a matter of personality, but the truth is transitioning to EHRs is stressful,
Previously, I discussed using quality tools to improve the outcomes at a healthcare site. I chose to focus on the Plan-Do-Check-Act (PDCA) cycle and laid out the details of the Plan stage. Today, I will complete the PDCA tool, focusing
Traditionally, receivables are tracked based on 30-day increments – different actions are scheduled depending on whether a receivable is 30 days old, 60 days old, 90 days old, etc. But each payer a medical practice deals with operates on its
Many of us recently updated our billing software to meet the requirements of the HIPAA 5010 standards that took effect this year. If you don’t update your software every year, you may be in for a big surprise. It’s not
If you’re consistently getting remittance on your submitted claims, you may think your billing system is working just fine. But how accurate are your reimbursements? The Medical Group Management Association (MGMA) estimates that payers underpay practices in the U.S. by
According the Medical Group Management Association, on average, U.S. medical practices are failing to collect 25% of the money they’re owed for treating patients. That means $125 billion is left on the table every year. The convoluted processes of revenue
As of January 1, all electronic administrative transactions in the U.S. healthcare system should comply with the updated standards of HIPAA Version 5010. Hopefully you upgraded your software, revised your templates and educated yourself on the 5010 changes in time
