Medical Billing News

Running a Medical Practice: A Guide to Growing Your Patient Base and Hiring the Best Talent

03/12/2020

Thanks to the passage of the Affordable Care Act, there are nearly 20 million more insured individuals in America’s health insurance system than there were in September 2013. There’s arguably never been a better time in history for medical practices to boost their revenue by bringing in new patients. How is your practice capitalizing on the opportunity?

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3 High-Cost Healthcare Trends to Watch Out For in 2020

03/09/2020

According to the latest projections from the Centers for Medicare & Medicaid Services (CMS), U.S. health spending will grow by 5.5 percent for 2018-2027. That’s not necessarily directly due to healthcare-industry developments – in fact, a significant portion of the uptick will stem from economic growth and population aging – but with health spending poised to increase at a pace 0.8 percent greater than the gross domestic product, external forces will certainly play a role in rising costs. With the total health share of the economy expected to reach 19.4 percent by 2027 (up from 17.9 percent in 2017), these costs will be felt across a wide range of industries and consumers.

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Denying Denials: Best Practices for Avoiding Claim Denials

03/06/2020

The start of a new year is a wise time to revisit some of your practice’s most important metrics around financial health. Denial rate is one of the most significant indicators of your medical billing success – but unfortunately, it’s also one of the most difficult elements of your billing operation to improve. The only way to keep your practice afloat is to make sure your revenue stream stays steady. If you’re not paying close attention to your denial rate – and making headway toward improving it – you’re putting your practice at risk.

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Best Practices for Boosting Clean Claim Ratios

03/05/2020

Your practice’s clean claim ratio is the average number of claims paid upon the first submission. Every provider would love to reach a percentage above 95, but it’s not really the number that matters. 

Practice budgets are tight and your staff’s time is the most precious resource you have. So if your clean claims rate is less than 85 percent, it means your staff is likely spending lots of time on identifying denial reasons, coordinating with payers, and re-submitting claims.

That’s far from ideal. To make smarter use of resources around your practice, embrace a few best practices that can help you get paid on first-submit more frequently.

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A Healthcare Practice Guide to Texting Patients

02/28/2020

From employees texting bosses to business owners texting customers, many of the unwritten rules and tentative boundaries that once defined who should be texting whom and what accounted for “appropriate” texting behavior have largely fallen away. Overall, that’s a welcome development for most folks who find the convenience, clarity, and quickness of texting preferable to traditional voice-to-voice conversation.

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