Monthly Archives: March 2013

//March

Potential to Generate New Revenue through Revenue Cycle Management helps Medical Practices Counter Financial Hardships

2013-03-29T04:16:49+00:00

The clock is ticking, and with each passing minute is a lost opportunity to capture revenue. Challenges are increasing for medical practices to capture reimbursement from their healthcare revenue cycle management. But do they fully realize just how much better the reimbursement opportunities can be? At a time when more doctors are feeling more financial pressures and trying to optimize their medical coding, billing and collections, knowing what their opportunities are to build revenue is more critical than ever. According to a June 2012 online article from CNN Money, “Doctors, especially those operating private practices, said their financial hardship is increasing, [...]

Potential to Generate New Revenue through Revenue Cycle Management helps Medical Practices Counter Financial Hardships2013-03-29T04:16:49+00:00

“Big Data” and RCM Console Harness the Power of Information in Revenue Cycle Management

2013-03-27T03:27:12+00:00

“Every century, a new technology – steam power, electricity, atomic energy, or microprocessors – has swept away the old world with the vision for a new one. Today, we seem to be entering the era of Big Data.” -- Michael Coren It’s 2013, and the phrase “Big Data” has officially entered our vernacular in a big way. In the book The Human Face of Big Data, it is defined as “…an extraordinary knowledge revolution that’s sweeping, almost invisibly, through business, academia, government, health care and everyday life.” It’s a collection of data sets so large and complex that it becomes difficult [...]

“Big Data” and RCM Console Harness the Power of Information in Revenue Cycle Management2013-03-27T03:27:12+00:00

Asking the Right Questions will Create a Bridge to Better Revenue Cycle Management

2013-03-26T09:19:30+00:00

When searching for a new medical billing company, what questions do you need to ask? There is a sea full of companies out there, and a boatload of risk unless you have the right healthcare revenue cycle management company uniquely qualified to work with you. For starters, narrow your search down by looking for one with niche specialization in medical coding, billing and collections that’s been around for many years and also offers services tailored to your needs including a no-risk transition of your A/R to avoid any possibility of revenue falling through the cracks. The following questions are recommended as [...]

Asking the Right Questions will Create a Bridge to Better Revenue Cycle Management2013-03-26T09:19:30+00:00

Asking the Right Questions Assures your Return and Optimizes Revenue Cycle Management

2013-03-21T14:30:17+00:00

What questions do you ask when searching for a healthcare revenue cycle management company uniquely qualified to work with you and your practice? For starters, narrow your search down by looking for one with niche specialization in medical coding, billing and collections that’s been around for many years, offers services tailored to your needs and removes the risk of outsourcing by assuring your return on investment. The following questions are recommended as a guide to help you begin the process of making that all important healthcare revenue cycle management decision – a decision that can literally make or break your practice: [...]

Asking the Right Questions Assures your Return and Optimizes Revenue Cycle Management2013-03-21T14:30:17+00:00

Keys to Successful Revenue Cycle Management: Revenue Performance and Revenue Potential

2013-03-18T12:10:30+00:00

It goes without saying that measuring a medical practice’s revenue cycle management is essential to the ongoing success of a practice. But it takes more than measuring revenue performance to ensure the success of your medical coding, billing and collections. Measuring revenue potential also is a critical component that many practices can miss in the overall equation. Let’s begin with revenue performance. HFMA recently updated the MAP Keys for Physician Practice Management, utilized by physician practices, hospitals and health systems to measure performance, apply evidence-based strategies for improvement and perform to the highest standards. These keys were created by healthcare leaders [...]

Keys to Successful Revenue Cycle Management: Revenue Performance and Revenue Potential2013-03-18T12:10:30+00:00

Top 5 Issues Affecting Cardiology Practices and Revenue Cycle Management in 2013

2013-03-15T09:00:37+00:00

For many years cardiologists received generous reimbursement for their office based testing services. Nowadays, reimbursements have decreased, not only for tests but also other areas of cardiac medicine, creating new challenges and issues for cardiology medical coding, billing and collections. Truth be told, they may not be fully prepared to manage their practice and revenue cycle management in this new era of lower reimbursement. Add to that the uncertain world of healthcare reform, ICD-10 and HIPAA, and cardiologists are faced with an increasing number of challenges that threaten financial success. While these issues may be familiar to you, it may be [...]

Top 5 Issues Affecting Cardiology Practices and Revenue Cycle Management in 20132013-03-15T09:00:37+00:00

10 Steps to Success in Plastic and Reconstructive Surgery Revenue Cycle Management

2013-03-13T02:16:16+00:00

Because plastic and reconstructive surgery is among the most complicated medical specialties when it comes to your patients' personalized billing and authorization needs, it’s also one of the most challenging to obtain maximum coverage and reimbursement from insurance companies. Like your specialization, your plastic and reconstructive surgery medical coding, billing and collections needs to be both art and science to be successful. The AAPC provides six steps that revenue cycle management processes should include to ensure financial success: 1. Maintain productivity 2. Capture all charges 3. Verify clean information is being sent the first time (demographics, ins, coding, etc.) 4. Effective [...]

10 Steps to Success in Plastic and Reconstructive Surgery Revenue Cycle Management2013-03-13T02:16:16+00:00

CMS Changes Impact Diagnostic Radiology Revenue Cycle Management

2013-03-12T11:18:37+00:00

Few challenges are as great as balancing the delivery of medicine with the business of healthcare and staying abreast of all the changes in diagnostic radiology revenue cycle management. It takes a uniquely qualified diagnostic radiology medical coding, billing and collections expert to keep physicians continually updated and their revenue streaming in these choppy, uncertain reimbursement waters, especially when they pertain to Medicare. This just in…the final CMS rules are out. The Centers for Medicare & Medicaid Services (CMS) has revised the payment system for Medicare services, which coincides with the implementation of new CPT codes. According to a January 2013 [...]

CMS Changes Impact Diagnostic Radiology Revenue Cycle Management2013-03-12T11:18:37+00:00

Staying Abreast of Compliance Updates Integral to Orthopedic Surgery Revenue Cycle Management

2013-03-11T15:32:52+00:00

Practice compliance requires vigilance and oversight, which can be a challenge for orthopedic surgery practices today and their corresponding medical coding, billing and collections process. Merging the practice of medicine with the business of healthcare can result in a high wire balancing act that can result in updates slipping through the cracks, especially when there’s a continuous stream of changes. The right orthopedic surgery revenue cycle management process has got you covered. This just in. According to a January 16, 2013 edition of Industry News, “Your practice can no longer brush off breaches of electronic patient health information (ePHI) files if [...]

Staying Abreast of Compliance Updates Integral to Orthopedic Surgery Revenue Cycle Management2013-03-11T15:32:52+00:00

One Less Risk for Medical Practices: Transitioning Revenue Cycle Management with Revenue Bridge

2013-03-07T11:25:44+00:00

Do you know what the biggest risks to your practices are? According to Matthew Smith from Health Directions in a September 2012 online article, they include: 1. Preparing for reimbursement models that place a greater share of financial risk on the practice 2. Participating in the CMS EHR meaningful use incentive program 3. Dealing with rising overhead costs 4. Selecting and implementing a new EHR system 5. Implementing and/or optimizing an accountable care organization 6. Managing finances with the uncertainty of Medicare reimbursement rates 7. Modifying the physician compensation formula to more heavily emphasize quality measures 8. Recruiting physicians 9. Negotiating [...]

One Less Risk for Medical Practices: Transitioning Revenue Cycle Management with Revenue Bridge2013-03-07T11:25:44+00:00