Should you consider running an out-of-network ambulatory surgery center? While it may not work for everyone, it’s not as crazy as you might think. Plenty of myths have circulated surrounding out-of-network ambulatory surgical centers, yet the truth behind those myths shows that there are some key opportunities available if you do decide to continue with out-of-network offerings.
When it comes to marketing your clinic or other medical practice, you already know you need an active website and social media pages. But how do you keep those pages relevant without running out of content ideas? Here are a few ideas of what medical practices should be blogging about on their websites in 2021.
According to data from 2016, CMS spent around $1.1 trillion on coverage for approximately 145 million people across America, yet $95 billion of that constituted improper payments that were connected to fraud or abuse. Unfortunately, it’s estimated by the FB that fraudulent billing constitutes between 3-10 percent of total health spending, a huge driver of waste and inefficiency.
Unfortunately, mistakes that lead to administrative areas like incorrect billing or even upcoding claims can both lead to charges of Medicare fraud and abuse for your medical practice. This can result in legal consequences like being excluded from federal healthcare programs, and could even lead to the loss of professional license in some cases. Some of the laws governing Medicare fraud and abuse include the Social Security Act, United States Criminal Code, Physician Self-Referral Law, False Claims Act, and the Anti-Kickback Statute.
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.
