Tag Archives: Medical Billing in Ohio

Common Dental Billing Errors Are Impacting Timely Payments

There are several areas that need to be streamlined in order to run a dental practice without revenue loss. From patient registration, eligibility verification and follow-ups to timely claim submission, denial management, patient scheduling  and claim analysis, everything should be handled well.

Is your dental practice prepared for the complexities of billing and coding?

It is very important to ensure accuracy in coding and billing practices because errors can lead to costly fines and loss of revenue. Be it claims submission or follow-ups with insurance companies for payment, streamlined dental medical billing is vital if you want to stay in business and ensure timely payments.

What is The Best Solution for Radiology Coding Issues?

Coding precision is vital for radiology practices to get paid for rendered services. Since coding inconsistencies are quite common in radiology environments, it becomes necessary to have expert billers and coders working for the practice.

The main reason behind coding inconsistencies is that the professional and technical billing processes don’t often overlap. There are chances a technologist focused on patient care will miss the charge-capture updates that are required for reflecting a change in patient procedures or supplies being used. Even a busy radiologist may interpret an exam using a different procedure name or may not have the necessary documentation for supporting coding for a certain procedure even though it was completed. Due to this disconnect, a greater risk of compliance issue crops up and it leads to under-coded or lost charges.

Physicians Gearing Up for Challenges in 2018

What is the number one priority for physicians?

The answer is- delivery of quality patient care. But do all physicians get paid for rendered services? Are they equipped to support quality of care with sound financial management? Unfortunately, physicians in all specialties across the US are struggling with some common challenges that are impacting the bottom line of their practice.

From challenges related to regulatory compliance and data analytics to the complexities of value-based care and patient engagement there are various factors that will continue to haunt physicians in 2018.

What Are Strategies to Run Your Practice Successfully In 2018?

2018 has brought a new set of opportunities as well as challenges for healthcare providers. Physicians continue to find themselves on the front lines of changing policies and technology threats. If you are among the practice owners hoping to make 2018 a fruitful year, then here are some of the strategies that might be of some help to you.

Amidst complex reporting requirements and changing patient expectations, don’t forget to set goals and create plans for the growth of your practice. Planning will also help provide motivation to take on the challenges and risks of new reforms and industry changes.

Medicare Reporting Challenges To Affect Independent Practices

Due to complex reporting requirements for the performance-based incentive program, many physicians will not be able to take advantage of MACRA (Medicare Access and CHIP Reauthorisation Act). Also, many physicians practicing in independent practices will get to see their Medicare physician fee payment rates slashed by half this year.

Private practices across the US are bracing for another series of changes from the CMS (Centers for Medicare and Medicaid Services). Changes like new legislation, more inpatient codes, compliance demands, cuts to Medicare physician fee payment rates and performance-based incentives and reporting requirements will be impacting the bottom line of many private practices across the country.

What Are The Common Misconceptions About Medical Billing Outsourcing?

With medical billing changing so fast, it has become difficult for an independent practice or even a single hospital to profitably manage the task in-house. Since there is an overwhelming number of tasks that medical practice managers have to contend with, outsourcing of clinical and administrative functions seems like an attractive option to many.

Farming out functions like medical billing allows practice staff and providers to focus on what they do best while a dedicated team handles their revenue cycle needs. But there are some practitioners who don’t think that outsourcing decisions are a net gain for their practice.

Importance of Running Financial Reports for Your Practice

When was the last time you reviewed financial reports for your practice? If you can’t remember, then now is the right time to start because handling the business end of healthcare is equally important. If you don’t have a good understanding of financial reports, then you will be missing out on key metrics that are required for making good business decisions.

In-depth understanding of reports will help you identify potential financial problems and shed light on areas that need your focus. All this will help you grow your practice.

Here are a few basic financial reports that healthcare providers must review on a regular basis:

3 Areas Practices Need to Focus on in 2018

2018 has come with new opportunities as well as challenges for medical practices. By improving the quality of care and lowering costs to increase patient satisfaction, Medical Billing Services Providers are having a hard time navigating through various requirements. They are finding new ways to thrive in business considering the shift towards value-based care and increased financial responsibility of patients.

In order to address the market pressures and make ends meet, here are three key areas that practices will have to focus on in 2018:

How Can You Practice Revenue Improve By Medical Billing And Coding Services?

First and foremost, effective medical billing and coding services are required for timely and error-free claim submission. If claims have errors and are not being submitted on time, practices will face huge revenue loss.

 

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With the resources, manpower and infrastructure of reliable medical billing companies such as 247MBS, providers can not only boost revenue but also save time and deliver quality patient care.

When a practice outsources medical billing services, it get access to a dedicated team of revenue cycle experts who work 24/7 to get them paid on time for rendered services and also reduce claim denials.

3 Simple Ways for Practices to Boost Collections

Want to run a profitable practice?

Then make sure you are doing something to improve patient collections. According to a survey by the ACA International, approximately 29% of adults have medical debts or difficulty in paying medical bills. It is apparent from this number that timely patient collection is vital if practices don’t want to leave money on the table.

In order to boost collections, there are some physicians out there making drastic changes to non-traditional payment programs.

However, there are several other low-tech ideas that can be implemented for improving billing and collections: