Building a strong financial future for your medical practice involves being familiar with your financial numbers, utilizing the data you collect to improve practice revenue. Two of the common terms you’ll hear are ‘gross collections rate’ and ‘net collections rate.’ Unfortunately, there’s a lot of confusion surrounding these terms, how they’re defined, and how useful they are for determining practice performance.
Medical practices, like all businesses, continue to face uncertainty as the COVID-19 pandemic continues to affect nearly every aspect of our lives within the U.S. How can companies adapt and keep their patients while ensuring they boost practice revenue in these difficult times?
Recently, a McKinsey & Company report that dug deeper into what the next normal will look like in this country talked about how the “online world of contactless commercial” will likely be bolstered in many ways that will reshape consumer’s behavior in the future. As the country deals with yet another wave of the virus, patient anxiety remains high, which means that medical practices must take measures to offer reassurance.
Before the emergence of practice management technologies, medical billing software, and electronic health records (EHRs), medical practice management, billing, and coding have all been time-consuming and frustrating realities for medical practices. Luckily, mountains of paperwork can be reduced and there are new options that help reduce the number of administrative tasks that cost practices millions of dollars each year.
If you’ve been paying attention to any sort of medical billing and coding news lately, you already know that a few large changes are coming in the new year. And they are big ones that will make a difference on how your practice gets paid.
On September 1, the American Medical Association (AMA) released a total of 329 new changes that all providers should expect for 2021. But what are these changes and why do they matter? Here’s what you need to know before they go into effect on January 1, 2021.
Navigating a global pandemic led to many changes in healthcare, both on the practice side and when it comes to behind-the-scenes operations. As we move forward into 2021, practices and healthcare systems are considering how to adapt and recover in the coming months, making the topic of artificial intelligence (AI) in healthcare and revenue cycle management a hot topic.
