Helping Medical Practices Increase Revenue

Healthcare costs keep climbing, and patients continue to be responsible for more of the cost of care. With patient financial responsibility growing, providers have a great opportunity to boost revenue, but collecting from patients also comes with unique challenges, particularly in the current health crisis.

Over the past several months, the entire fabric of the world and healthcare system has been forced to change due to the global pandemic. Covid-19 impacted every aspect of healthcare, and continues to do so, including the way the revenue cycle works. Many communities and practices dedicated all their resources to fighting the continuing pandemic, and companies across the country had to lay-off or furlough employees to avoid losing their business.

Let’s face it. We’re now in an era where it is safer and more cost-effective to meet with our patients via video conference than it is to be directly in person. While this might make some practitioners feel as though they are losing the personalized attention they’ve given their patients in the past, this new way of practicing medicine is actually a really good thing as it helps everyone maintain social distancing guidelines. Here are a few of our top tips for making telehealth visits more successful for your practice and your patients.

With Covid-19 changing the way healthcare operates, not only in the U.S. but also around the world, there’s a lot more talk about universal healthcare, also known as Medicare for All, but what could it mean for patients and providers? While the debate around Universal healthcare has been front and center for years, the growing healthcare needs of a country affected by a global pandemic has brought the topic to the forefront once again.

What is universal healthcare? How will it work? What would it mean for a medical practice? Here’s a closer look at a few things you may need to know.

Cost-effectiveness is one of the biggest reasons that medical practices outsource to third-party medical billing services. How do you know if your prospective medical billing company is telling you the truth about their offerings? Will it be too late for you to find out about their performance? How much will it cost you afterward when it's too late?

Medical billing involves claim processing with multiple insurance companies, locations, services, and vendors. Outsourcing benefits include improving efficiency and boosting revenue, but it's critical to make sure you outsource to the right company.

Every medical practice deal with claims denials, which is a notice that the claim has not been paid for specific reason. While there are many different denial codes you may see from time to time, one of the most common denial codes is the denial for a duplicate claim or service. Unfortunately, duplicate claims are both counter-productive and costly for your practice, not to mention, they can end up getting you into trouble. Too many errors can result in the imposition of program integrity actions by the Medicare administrative contractor against your practice. This means it’s essential to learn more about this common denial code, how to avoid it, and what you can do when it does happen.