Expert Medical Billing & Revenue Cycle Management Tips
Stay informed with the latest insights in medical billing, revenue cycle management, and healthcare financial strategies. Our expert-driven blog covers industry updates, best practices, and practical solutions to help your practice optimize billing, reduce denials, and maximize revenue. Explore our articles and take control of your financial success today!
Paid Medical Debt Will Be Removed from Credit Reports
Effective July 1, 2022, a reported 70% of medical debt tradelines will begin to be removed from credit reports. Three of the largest credit reporting agencies sited their commitment to driving “far and affordable access to credit for all consumers.”
Why Clinics Should Transition from a Legacy System
In the modern healthcare industry, specialized digital tools are becoming the norm, which means an outdated legacy system could be holding your clinic back. When shopping for a new system, focus on these key features.
Tips for Managing Clinic Workflow When Staff Take Summer Vacations
The summers are often a slower period for specialty clinics, which means there’s a higher percentage of staff requesting time off. It’s essential to have staff submit their requests in advance to avoid too many employees being gone at once, but there are other procedures you should have in place.
The Importance of Offering Personalized Patient Experience and Payment Options
According to a study done by the Kaiser Family Foundation in 2019, the premium for family coverage insurance plans rose 22% over the last five years and 54% over the last ten years, but wages have not increased that quickly. This essentially means healthcare is getting more expensive while patients have less money to budget for those services.
Overview of the Biden Admin’s Plans for Alleviating Medical Debt
The Biden Administration has released their plan of action to help lessen the medical debt burden on Americans. In the agenda released on April 11, 2022, they cite four areas the reforms will be focusing on.
Modernizing the Payment Process and Mobile Wallets
The healthcare industry continues to adapt and change to the times, and your medical clinic should not be left behind. Even without the COVID-19 pandemic speeding up the process of contactless services, the medical world was already moving toward a digital environment. Along with the rise in virtual care, there has been a need for digital payment options, or at least more variety.
When to Consider Outsourcing Your Medical Billing
When it comes to running a successful medical clinic, efficient billing procedures are a high priority. If systems start to fail, it may be time to reevaluate whether in-house billing is the best for your office.
Common Issues Medical Billers Face
As healthcare specialists know, medical billing can be a complicated process, and the fast-paced demands can leave claims open to mistakes. However, having well-trained billers on your side helps reduce the chances of those mistakes costing you the full reimbursement.
The Denial and Appeals Process in Medical Billing
A successful medical billing team requires the capacity and process for following up on claims. According to the Center for Medicare and Medicaid Services, around 30% of claims are denied, never received, or ignored. Failing to follow up on denied claims results in lost revenue for a clinic, and preventative steps are only a part of the solution.
Why You Should Consider Cloud-Based Medical Software
Investing in the right software can do wonders for your administrative and financial systems. When looking at an EMR or EHR system, a cloud-based one has many advantages for a medical office. One of the biggest: the practice’s data is stored on external servers and can be accessed via the web. Typically, this type of software also supports a local back-up option in case the practice wants that too.
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