While the demand for healthcare services continues to rise with the aging of the Baby Boomer generation, the increased demand also comes with greater complexity. There are many challenges and obstacles preventing modern medical practices from maximizing their revenue potential.Read More
Despite some uncertainty in the last few years, it’s still a great time to be in the healthcare business. Between 2016 and 2025, CMS projects over 5% growth in health spending; by 2025, this will represent nearly 1/5th of the U.S. GDP. Though changes to healthcare laws in the last few years have made things difficult for some, many hospitals and practices are still seeing good revenue.Read More
It’s wise for any business to focus on the core tasks they do well and outsource everything else. This is especially true in an industry like healthcare, where a practice’s primary function – improving patients’ lives with diagnoses and treatment – is extremely important.Read More
Ever since medical billing and coding went digital, many practitioners assume that the chances of mistakes have been more or less eliminated. Those who run small medical practices know that is not the case. Since the arrival of the Affordable Care Act, your revenues have probably been going downhill, and your billing and record keeping has probably grown far more complex.Read More
The financial health of a medical practice is every bit as important as the health of its patients. The financial managers of large practices, charged with ensuring profitability, have their work cut out for them. Between third-party payers, patient co-pays, deductibles and self-pay, conquering the revenue cycle requires focus and dedication if a practice is going to thrive. To ensure the business maintains the highest cash flow possible, periodic evaluations of patient collections will help uncover any disorganization infecting the process that results in more work for less return.Read More
Revenue cycle management is dynamic, with best practices on collecting patient payments shaped by new information that helps inform healthcare practices on how to operate effectively.Read More
This week, healthcare debt made the news in a big way.
John Oliver, host of the HBO show “Last Week Tonight,” out-Oprahed Oprah with a giveaway worth nearly $15 million dollars, by far the largest in television history.Read More
Claim denials hit medical practices where it hurts. Several studies estimate the claim failure rate to be near 20 percent. With about one in five healthcare claims failing to go through, providers are forced to slog through the denial management process to ensure they’re getting paid for their services rendered.Read More
According to a 2015 Availity study, 91% of providers agree that balances that are not collected upfront become increasingly harder to collect. If that's true, why are so many providers still missing out on point of service patient payments?Read More
Topics: Revenue Cycle Management
The patient billing cycle is broken. What used to take maybe just 30 days to collect can now take up to 100+ days or more, if you’re able to collect at all.