Treating patients is your job. So too is getting paid. Unless you belong to a large medical group, chances are that your staff is taking care of billing for you. Small practices are especially at risk of delayed payments for a variety of reasons. Approximately 83% of physician practices with fewer than five practitioner states
Category: Private Practice
You have a busy medical practice with a steady flow of patients. You should be making a profit, but for some reason you’re not. Instead of waiting weeks for payments, you wait for months. Why? In many physicians’ offices, billing tasks are relegated to a staff member not trained or certified to provide such services.
Physicians have enough on their plate without having to micromanage back-end office staff. That often happens when billing challenges start digging into your bottom line. If your office staff doesn’t keep up with coding changes, timely submission and requests for additional information with claims, or uses the wrong billing codes for reimbursement, your revenue cycle
Does your practice manually contact payers to check your claim status? Are you aware that doing so costs roughly $7 per attempt? Your revenue cycle management processes are vital to the financial health and wellness of your practice. Poorly managed handling of claim status inquires costs you not only money, but precious time. A few
A private medical practice’s success is reliant on revenue cycle management, accurate and timely claims submissions, and prompt reimbursement from insurance carriers. That said, it’s not unusual for a private practice physician to have to wait weeks or longer to receive payments. Even when reimbursement is received, it’s often much less than they charge for
According to a recent survey by Waystar and HIMSS Analytics, the majority of hospitals, health systems, and outpatient facilities continue to bill patients with paper statements. Although paper billing is a standard practice, more than half of the 1,000 patients surveyed said that they prefer electronic billing and payment. Electronic billing aligns with how patients
A recent study by Vitals showed that up to 30% of people end up leaving without seeing their physician because the wait is too long. Each patient who leaves due to frustration could be a missed opportunity for revenue for the doctor’s office. In fact, 1 in 5 patients reported changing their doctor because of
As you have most likely heard, as of April of 2018, the Center for Medicare and Medicaid Services began mailing new Medicare cards to all active beneficiaries. These cards no longer have the Social Security number included on the cards in an attempt to minimize the threats of identity theft. Instead, the card will identify
For medical practices such as yours, revenue cycles have been majorly impacted by changes in the healthcare industry in the last 10 years. Not only have Medicare and Medicaid reduced physician’s reimbursement, but the submission requirements on claims have become a lot more strict. If you are not on top of your game, it is
Even though 15% of the population in the U.S. are enrolled in Medicare, many medical billers are still having a hard time figuring out how to successfully file a Medicare claim. There are a lot of details to keep track of, and if you don’t, it is very easy for your claim to be rejected.