The management of your practice’s revenue cycle is the foundation of your financial viability, yet physicians often don’t fully understand the very process that determines the financial health of their practice. Physicians are trained to treat patients and rarely have the financial background required for the most efficient and profitable revenue cycle management. Yet the rising cost of healthcare requires even the busiest physician and their practice to place an increased emphasis on productivity, waste reduction, and how those components of the business are impacting their operating margin or bottom line.
The evolution of the healthcare industry and adaption to ICD-10 is making for many changes, stresses, and distractions for healthcare professionals. In addition to this and daily care for patients, some medical workers are also lending a hand with administrative tasks like helping with bills, paperwork, and claims. It may seem like a good system, but utilizing workers who are not specialized specifically in healthcare billing and administration can actually cause an organization time and money.Read More
In the business of healthcare, revenue cycle management covers all of the processes that encompass with collection and measurement of revenue to you and your practice. This should include registration, eligibility verification, coding and claim preparation, claims submission and processing, insurance collections, rejections, denailas, appeals, patient responibility collections,payments posting, financial analysis and reporting, financial projections, and all other relevant tasks for revenue generation and colleciton. In other words, it should help you monitor your claims and payments throughout the life cycle of your practice. The revenue cycle begins when a patient first schedules an appointment and ends well beyond the collection and posting for all payments for that encounter.
There are many orthopedic coding that will come with the switch from ICD-9 to ICD-10.This free guide will help you understand ICD-10, prepare for it, and give you the resources to guide your transition.
Payment variances may have many causes, but they typically land in two major categories. The first category is when a payer has updated their payment system to account for issues like a new contract fee schedule. The second major category of occurrence that can cause payment variances is when a payer has made changes to their payment system, but the configuration wasn’t successfully applied. Since both of these situations tend to happen at the start of a new contract year, that’s the time to pay attention to issues that crop up by analyzing your payment variances before they get out-of-hand.Read More
Released in September of 2013, Epocrates' 8th Annual Future Physicians of America Survey asked more than 1,000 U.S. medical students to share their opinions about healthcare reform, their career goals, evolving technology and other hot button topics. The survey found that today's medical students are overwhelmingly planning to join group practices or hospitals instead of starting solo or partnership practices.Read More