How to prepare and respond to billing error allegations
The medical billing landscape is complex, and requires an incredible degree of precision and expertise, along with a keen eye for detail. In an era where accuracy is not just expected but demanded, even legally required, even the smallest billing error can lead to significant repercussions for healthcare providers. Allegations of billing inaccuracies can tarnish […]
Accounts Receivable (A/R) in Healthcare: Aging explained
There are many elements to your practiceโs revenue cycle management, but one of the central players is the accounts receivable or A/R, as we call it. From the moment a patientโs invoice goes out the door, the clock starts ticking! Understanding how time is a crucial factor in your accounts receivable management can help optimize […]
The importance of proper documentation in preventing medical billing errors
The landscape of the healthcare industry is constantly shifting and changing, and this means the significance of proper documentation cannot be overstated, especially when it comes to medical billing. Accurate and comprehensive documentation forms the backbone of the billing process, ensuring that services rendered are correctly coded and billed, helping to safeguard against potential errors. […]
5 KPIs for an Effective Healthcare Revenue Cycle Management
Key Performance Indicators (KPIs) within the healthcare revenue cycle play a vital role in monitoring financial well-being and optimizing revenue capture for physician practices, clinics, hospitals, integrated health systems and other entities when the goal is to provide financially sustainable, high-quality, cost-effective careโespecially in rural America. The most valuable insight provided when monitoring your revenue […]
Optimizing Revenue During Deductible Season
Weโre in the middle of deductible season: The time of year when most insurance plans reset deductibles back to $0 and in the meantime, patients are responsible for the full contracted rate of their sessions until they have finally met their set amounts.ย So, what exactly does this mean to your practice? Deductible season lasts typically […]
How can you effectively review your revenue cycle process?
An efficient revenue cycle process is the financial lifeline of any healthcare practice. It encompasses everything from patient registration to the final payment of a balance. In today’s rapidly evolving healthcare landscape, itโs crucial for medical practices to periodically review and refine this process. An effective review can identify inefficiencies, streamline operations, and ultimately lead […]
Primary Care billing and coding guidelines
Healthcare is a complex and rapidly evolving field, and one of the most critical elements for any smoothly functioning medical practice is primary care billing and coding. These are the processes vital for making sure that services, treatments, and more are all billed accurately and efficiently, and have a direct impact on both revenue and […]
What are the main reasons for medical billing claims being denied?
Navigating the complexities of medical billing claims is a significant challenge for many small and mid-sized healthcare providers. Among these challenges, claim denials stand out as a particularly frustrating issue, often leading to delays in reimbursement and financial strain. These denials not only affect the financial health of medical practices but also impact patient satisfaction […]
What is the impact of medical coding on the revenue cycle?
The world of healthcare is incomprehensibly complex, and the core need of medical coding is a critical component. Medical coding is often seen as the backbone of revenue cycle management, and this process of translating complex medical procedures, diagnoses, and equipment into universal codes is more than just administrative work, itโs one of the most […]
How do medical billing companies work?
Medical billing is a critical component in the healthcare industry, bridging the gap between healthcare providers and insurance companies. It’s a process that ensures medical professionals are compensated for their services. However, as with any rapid-evolving industry, the various complexities and nuances involved can pose challenges for many medical practices, leading to delayed or denied […]