Category: Private Practice

What Physicians should know about Value-Based Payment Models

Payment models have undergone numerous and frustrating changes over the past few years, and the implementation of the value-based reimbursement model is no exception. Physicians submitting claims to Medicare have likely experienced the changes relating to this payment model. Value-based reimbursements are/were intended to compensate providers based on performance and guidelines focused on improving patient

Billing Process Tips that Increase Revenue

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

Value of Outsourcing Your Billing Services

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.

Identify your Practice’s Billing Challenges to Reduce Delays and Increase Revenue

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

Manual Claim Checks – What’s at Stake for your Organization?

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

Medical Billing Challenges for Private Physician Practices

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

Study: Patients Prefer Electronic Billing for Healthcare Services

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

Study: 30% of Patients Leave Doctor’s Office After Long Waits

Waiting Room

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

How to Prepare Your Practice for the New Medicare Card

medicare card

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

6 Ways to Optimize Your Practice’s Revenue Cycle

practice revenue cycle

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