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!
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.
Evaluating Your Revenue Cycle: The Typical Billing Process for Medical Clinics
The complexity of the medical billing process can be a detriment to a clinic with an unorganized system. Even one incorrect note or out-of-date record can cause a claim to be denied, which requires more time from the billers to correct and risks the full reimbursement.
Changes to Place of Service Codes for Telehealth in 2022
Since the start of the new year, there have been updates in telehealth billing requirements. The providers affected are those who provide telehealth services to patients. This change will impact most insurances and you should contact your provider line to confirm. The revisions affect existing POS code 02 and new POS code 10.
Why You Should Offer a Variety of Patient Payment Options
When it comes to receiving payments, it’s essential for clinics to offer different payment options to ensure you get reimbursed for your services. There are many factors that go into how patients pay. For example, younger patients are much more likely to pay online, while older patients may prefer paying by phone or check. Being flexible helps your clinic avoid unpaid or late claims.
Tips on Collecting Co-pays and Deductibles Upfront
As we reach the tail end of the first quarter, clinics should be especially focused on collecting co-pays. Most patients have not met their deductibles for the year, which means that the chance of having copayments or even an outstanding balance is higher. To help avoid a loss of revenue and be transparent with your patients, here are some tips to better collections.
How to Choose a Medical Billing Company
Once you’ve decided it’s time to explore outsourced medical billing, how do you find the right company? Handing over your medical billing can be a stressful step, but it’s often the right one thanks to how an experienced billing company can save you money. As you begin the search, here are some important questions to consider.
Transitioning from In-House to Outsourced Medical Billing: How ORI Does It
Switching or updating systems always presents a challenge no matter the industry. When it comes to medical billing, it’s especially important to keep the transition as smooth as possible to avoid a lull in the revenue cycle. Outsource Receivables Inc. makes it easy with our experience partnering with specialty clinics across the nation.
How Offering Virtual Care Benefits Your Patients and Clinic
With COVID cases continuing to fluctuate and regions following different mandates, it’s important that healthcare continues to evolve to the times. One of the best ways to do this: maintain virtual appointments and services.
Cybersecurity and Healthcare
With the rise of digital systems in healthcare comes the risk of them being accessible to hackers. Healthcare can be especially susceptible because of the amount of data they require, which includes sensitive patient information, medical history, and payment methods. Medical clinics should be prepared to protect their patient’s records by investing in software and training for the reasons stated.
Start Optimizing Your Revenue Cycle Today
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