Net Collection Rate in Medical Billing: Understanding Your Practice’s Most Important Metric
For physician practices and their medical billing firms, net collection rate has always been a metric with huge implications for financial success. But in today’s healthcare environment, it’s more important than ever before.
No More No-Shows! Here's How to Promote Appointment Adherence
It may seem hard to believe, but missed appointments can be the top driver of lost revenue for many medical practices. Hard data on no-shows is hard to come by, but a study by the American Osteopathic Association found that no-show rates in outpatient settings range between 23 and 34 percent, which resulted in a loss of 14 percent in expected revenue.
The Top 3 Medical Billing Issues to Watch in 2020
With the new year underway, there remains a multitude of question marks for medical billers and other members of the U.S. healthcare system. As 2020 marches onward, organizations need to continually pay mind to the trends, issues, and updates that will impact the effectiveness of their revenue cycle management over the course of what is sure to be an eventful year.
Running a Medical Practice: A Guide to Growing Your Patient Base and Hiring the Best Talent
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?
3 High-Cost Healthcare Trends to Watch Out For in 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.
Denying Denials: Best Practices for Avoiding Claim Denials
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.
Best Practices for Boosting Clean Claim Ratios
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.
A Healthcare Practice Guide to Texting Patients
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.
Outsourcing Medical Billing: A Comprehensive Guide for Your Practice
When it comes to thriving practices, in-house employees are very often the top contributors to the organization’s success. But regardless of talent, skill, or capability, these individuals often lack the time and availability to keep up with the ever-changing tides of the healthcare industry, especially when it comes to the particulars of medical billing.
Your Guide to Best Practices in Coding and Billing
One of the most important, if unsung, aspects of the healthcare system, the medical billing and coding process ensures that healthcare providers are paid for the services they deliver.