Patient Collection: Best Practices
As the insurance industry continues the trend toward greater patient financial responsibility--in the form of higher premiums, co-pays and deductibles--self-pay patients are an increasingly important source of revenue for hospitals. Attention to detail and good customer service can go a long way toward plugging self-pay patient revenue leaks. This special report talks about setting the right financial course to take.
12 Questions for Potential Billing Vendors
Choosing the right billing vendor will help ensure a medical practice remains on sound financial footing. Because it is such an important part of the practice's overall operation, the process of selecting a vendor can be stressful. Knowing the right questions to ask can help make the process easier to manage. The following 12 questions will help practices separate the good vendors from the mediocre ones and narrow the field of contenders.
Revenue Cycle in a Post-ACA World
From the potentially large influx of new patients to the
government’s increased attention on fraud and overpayments, to the fundamental shift away from a fee-for-service payment model, everything is changing about the way you will be reimbursed for your services.
What to do? You’ll need to start getting ready for the changes by checking out this whitepaper, a primer on the ACA’s effect on your revenue
Dealing with Denials
Is your practice getting too many denied claims? It's a problem for every medical office, but for small and independent practice in particular, claim denials can mean the difference between a profitability and negative cash flow. Dealing with Denials: Don't let "No" be the Last Word provides guidance on how to work with your revenue cycle management partner to fight back on claim denials--and win.
Should Practices Accept the new ‘Exchange’ Plans?
Practices around the country are faced right now with a choice: Whether to accept the insurance contracts offered to them via the Affordable Care Act’s online exchanges. It’s a difficult decision. These health plans—which are designed for individual-market consumers, many with lower incomes—generally offer lower reimbursement rates for common services. And they come with higher risks than most other insurance contracts (like the risk that you’ll never be paid at all on some patients).
Financial Office Policies in Place to Maximize Your Profits
Declining profitability has led many physicians to conclude that their only solution is to see more patients. But, in many cases, profitability can be increased significantly - without increasing patient load - simply by improving revenue cycle processes.
Financial Office Policies to Maximize Your Profits: Part II
There is a balance of things you should do to keep your practice healthy. Outside pressures and chaotic "normal days" often mean internal problems will go unnoticed and can leave practices feeling financially out-of-sorts without knowing why. The article from The Journal of Medical Practice Management offers tips that will help your practice remain healthy by addressing those issues and eliminating problems that leave cracks through which your revenue can fall.
Charge Capture Using Mobile Devices
Physicians are losing revenue every day by failing to capture the charges for all of the care that is provided whether in the office or hospital setting. Fortunately mobile healthcare technology is rapidly changing and introducing numerous new ways to increase efficiency and produce greater revenue. This new case study from The Journal of Medical Practice Management examines how Dr. John Malonis was able to incorporate a mobile charge capture solution into his practice.
Three Payer Strategies to Increase Revenue
Medical practices continue to struggle to maintain revenues while keeping an eye on healthcare reform, new regulations, and the increasing costs of doing business. Third-party payers are focused on new payment models and incentives, moving from productivity-based to value-based methodologies, and aligning with providers of all types. This article from The Journal of Medical Practice Management explains the three payer strategies medical practices can follow to increase their revenue.
Getting the Most From Your Third-Party Billing Service
With constantly changing coding requirements many practices find it makes more sense to work with an external billing service. This is especially true for smaller practices that might find their volume is insufficient to justify the expenses of staff and technology to handle their billing. Outsourced billing can be an efficient solution to the challenges of keeping up with changes. This article provides tips on what to consider when selecting a third-party billing service.
Outsourcing Billing? Getting More From Third Party Services
With constantly changing coding requirements (including the upcoming change to ICD-10) and an ever-wider variety of payers and plan structures, many practices find it makes more sense to work with an external billing service. This article discussed how to get the most benefit from a billing service.
The Revenue Engine that Could
Many physicians continue to wrestle with an economy-in-recovery and declining reimbursements. Uncovering any and all opportunities to improve the speed and efficiency of getting paid positively contributes to the bottom line. This article presents the best practices for efficient revenue cycle operations.
Patient Collection Strategies in a High-Deductable World
Medical practices are experiencing an increase in the numbers of uninsured and underinsured patients. For many practices, this results in an increase in outstanding accounts receivable (A/R) due from patients. Medical practices must adopt new strategies to respond to their changing patient mix.This article, from The Journal of Medical Practice Management, addresses new strategies for patient collections.
Leverage Technology to Improve Your Revenue Cycle
Adding technology can offer medical practices new ways to run their business--new ways that can increase staff productivity and reduce operating costs. Maximizing the current practice management system (PMS) is essential but there is much more available. This article from The Journal of Medical Practice Management discusses how using technology enablers to enhance the medical practice's workflow can result in improved revenue cycle performance.
Be Your Own Consultant: Measure Your Revenue Cycle
Step outside of your day-to-day responsibilities and imagine for a moment that you are a revenue cycle consultant who is going to evaluate the performance of your medical practice's revenue cycle. As the consultant, you have been asked to evaluate the revenue cycle performance over the last 12 months. This article from The Journal of Medical Practice Management reviews what your next steps as a consultant would include.
Collecting from the Newly Insured
Obamacare is becoming a problem for practices' collections. The Affordable Care Act has enrolled some 9 million new people into insurance plans. Many are getting health coverage for the first time in their lives. As tough as it usually is to collect from patients, expect it to be tougher for those enrolled in ACA exchange plans.
How to Analyze Your Practice's Payer Mix
You're seeing more patients per day, but your practice revenue continues to slide. There's nothing you can do to reverse the trend toward reimbursement cuts, of course, but you may be able to affect profitability by changing your payer mix. This article discusses ways to make improvements to your bottom line.
Boost Your Billings: 7 Ways to Add Revenue Without Adding Patients
What if you could boost your income the old fashioned way: by running a more effective business? This article offers seven ideas that you can get started on today.
If you're thinking of doing something drastic, and you haven't already done all seven items on this list, then you haven't yet done enough.
Improving Charge Capture
Are you getting paid for everything that you do? If you don’t know the answer – and most physicians don’t – then the answer is probably “no.” This short article can help. You’ll learn what the most common mistakes are and get some guidance on how to fix them.