Tag Archives: Medical Billing

Is Outsourcing Medical Billing And Coding Benificial?

A good Medical Billing Company will help practices stay in complete control over their cash flow. From improving revenue and offering tangible results to identifying issues and working on them, there are several different ways in which medical billing outsourcing can benefit a medical practice.

Many practices are skeptical of Outsourcing Medical Billing and coding services because they feel they won’t be in control of their revenue cycle.

 

What they fail to realize is that if they have partnered with a reputed company such as 247MBS, they cannot only get paid faster and boost revenue but also reduce overhead costs and get more time to focus on delivering quality care.

The Leading Providers Of Outsourced Medical Billing- 247 MBS

This is quite a tough question to answer because there are several billing companies doing credible and good quality work across the US. To a great extent, choice of a Medical Billing partner can depend on the requirements of the practice.

However, irrespective of what the practice needs are, it is recommended to hire a billing company that offers customized solutions.

For instance, billing companies like 247MBS offer top-notch, customized solutions to practices of all sizes.

They have a team of experienced billers and coders who are well-trained and certified. It is very important to hire a billing company that has experienced billers who can deliver results.

Chiropractic Billing Tips To Boost Revenue

With the ever-changing requirements and regulations of health insurance and government programs, it can be a difficult task to manage a chiropractic office. Providers are always in need of an efficient and streamlined financial process so that the revenue cycle remains healthy and they get sufficient time to focus on patient care.

If you are also running a chiropractic office, then you will need a team of experienced billers and coders to sail through reimbursement challenges. The team needs to understand the nuances of chiropractic billing because it is quite different from that of other specialties. They will have to offer timely revenue cycle management support to help your practice to survive in business and make profit.

Outsourcing Radiology Billing Deal With Your Practice Prepared

Radiology practices are constantly under pressure to prove their value and stay ahead of the curve. Considering the changes in payment models and introduction of quality measures, they have to make more efforts in order to thrive and survive in the changing landscape. If claim denials and delayed payments have been an issue for your radiology practice as well, then you need to take necessary measures in order to get your practice back on track.

Billing Issues That Affect A Practice’s Revenue Cycle

Do you want to set your practice up for success in 2018?

If the answer is yes, then you need to stay abreast with the trends, issues and updates that might affect your revenue cycle over the course of this year.

Since medical billing is one of the most tedious yet important procedures for any medical practice, you will have to make sure that it is streamlined and is bringing in money for all rendered services. You will also have to be aware of medical billing issues that might affect your practice’s financial health in 2018.

 

Are You Avoiding These Patient Collection Mistakes?

Is A/R soaring and becoming unmanageable for your practice?

If the answer is yes, then you need to stop making accounts receivable mistakes and start managing practice collections in a smart manner. According to a survey conducted by the MGMA (Medical Group Management Association), practices generate approximately 25% of their revenue from patient payments. So if your practice is failing to collect these payments on time, you might end up experiencing a significant loss of revenue.

When it comes to the collection of patient co pays and deductibles, medical practices are always caught in the crosshairs. Therefore, it becomes necessary to have an effective patient payment strategy in place so that the workflow of the practice is streamlined.

How can DME Providers Survive in 2018 with Accurate Medical Billing Services?

DME billing is complex in nature- this is something that almost all practices dealing with durable medical equipment will agree with. Quite often, providers get substantial orders for supplies but they fail to recover the expected revenue due to inexperienced billing staff and their inability to work around an effective DME revenue process.

Error-free billing for durable medical equipment is critical because even if one medical device is billed incorrectly, it will result in a loss of thousands of dollars. Also, unlike most clinical procedures, DME billing suffers from various challenges. For instance, DMEs are mostly ancillary services and are often deemed as medically unnecessary. Also, at times, prescribed DME doesn’t meet the permitted reimbursement level and if there is a lack of HCPCS (Healthcare Common Procedure Coding System), then also timely payments become a challenge.

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.