When profits at your practice take a hit, the instinct is to take immediate action.
If you’re still printing and mailing paper statements, you’ll want to read more.
When was the last time you examined the difficult questions surrounding the financial performance of your practice?
Many physicians don’t see wait times as a major problem. But practices that fail to address frustrations from long waits could lose their patient base very quickly.
You can’t manage what you do not measure. KPIs provide a way to measure performance and evaluate success.
The success of your business begins and ends with you, the practicing physician. And if an office isn’t running efficiently, you ultimately feel the repercussions. Here are five ways to take control of your practice.
Passed in 2017, the Tax Cut and Jobs Act includes a new qualified business income (QBI) deduction that could have an effect on what you pay. There are several variables that may mean a big write-off, a modest one or perhaps none at all.
Addressing the trouble spots in the claim process early, can quickly improve your bottom line.
Six ways to start developing a system that promotes more consistent payments.
Efficient patient billing & collection process is so critical to profitability.
While any practice’s primary responsibility is to its patients, the health of the practice should never be taken lightly.
A dedicated patient billing service is a proven strategy that boosts cash flow, improves profitability and frees up your staff to better serve patients.
You can’t manage what you don’t measure. This is so true with many things in everyday life. It’s also true if you’re managing a modern medical practice. Yet too many physicians are unaware of how better reporting can drive higher performance.
Kick off 2019 on a positive note by recognizing the things that contribute to your success—financial strengths, the patient experience, clinical outcomes, etc.
Make the effort today to plug your practice’s financial leaks and consider a preventive approach to offset declining revenue.
Today’s medical practices need proven solutions and tools to increase productivity, improve patient engagement and positively impact the bottom line.
Test your billing knowledge about the BLUES – 3 quick questions.
If your practice does not have a network security policy, the following 8 key components are a good starting point.
Great mentors don’t tell you WHAT to do, they show you HOW it’s done.
Six common trouble spots in many medical practices.
Forecasting is a planning tool that helps you understand where you’re headed financially with informed predictions based on analysis of trends and past data.
Budgeting is essential to any practice.
One of the best reasons for outsourcing medical billing may be the most obvious: You’ll have more time to focus on your patients.
Even in our tech-savvy world, many patients aren’t interested in going online when it comes to managing their own healthcare.
Excessive wait times are a top complaint for many patients – and one they are most vocal about.
Speech recognition software increases quality face-to face time with patients, saves administrative time, and helps produce more comprehensive notes in less time.
Hiring the right front-office staff person will help your practice keep accounts receivable down and increase cash flow.
Our rapidly changing healthcare environment has, among other things, prompted a seismic shift in how providers care for their patients, precipitating the move to a new value-based reimbursement model.
The combination of electronic insurance eligibility, patient cost estimator and pay the bill now make collecting patient payments convenient and fast – both for your patients and your staff.
Congratulations to Maurice Levy, DPM and his team for earning a top performance score in Medicare’s new quality program.
“You can’t manage what you don’t measure.”
Collecting payments should be simple. A service is rendered and then paid for. We know that is not the reality.
The biggest problem facing most practices is poor follow-up on unpaid claims resulting in lost revenue. An RCM company conducts follow-up on a regularly scheduled basis so revenue is not lost due to lack of follow-up or “timely filing” requirements.
Our Practice Profitability Profile creates an important roadmap so your practice can develop measurable financial goals resulting in increased financial performance.
What motivates physicians to become active participants in improving their financial health?
By far, one of the best reasons for partnering with a Revenue Cycle Management company for medical billing and collection services is that you will have more time to focus on your patients, not paperwork or chasing payments.
The front desk person in any medical office has a very important role in the organization. Hiring the right person for this role is extremely important.
Denials management requires a substantial amount of resources. When managed professionally, practices will experience an improvement in revenue collection as a result of cleaner claims submission that results in fewer denials.
The paradigm on collecting patient payments is changing at a rapid rate, and for good reason.
Financial benchmarking is a proven solution used to target financial waste and drive performance by identifying lost revenue gaps and opportunities to improve.
How prepared are you to collect what your patients owe?
Telehealth is becoming the first line of defense, all from the convenience of home.
AssuranceMD professional services will pay for itself. Learn more about improving your financial performance and our money back guarantee.
It is no secret that on average, doctors collect 30 cents on every dollar they are entitled due to inadequate collections processes and inaccurate billing procedures. When managed professionally, improvements in these two categories can contribute to a 25% revenue increase.
It is never too late to begin the practice of budgeting, so don’t feel like you have to wait for the beginning of a calendar year.
The practice of forecasting by analyzing historical data and trying to predict future performance will help you manage negative external factors that threaten your business. Forecasting will also allow you to make better business decisions, after careful deliberation instead of reacting poorly to negative factors or crises that arise, resulting in a more successful business.
The easier you make it for your patients to pay, the more likely you will receive what you are owed. Payment options that are flexible, easy to use and comprehensive will dramatically improve your payment performance.
AssuranceMD is your trusted partner for end-to-end revenue process support to protect the financial health of your practice. With the advent of the CMS Quality Payment Program, the MIPS performance categories – quality, cost, advancing care information (ACI), and improvement activities (IA) – will impact your practice’s financial health.
Although CMS released the MIPS structure almost three years ago, the quality payment program continues to evolve.
Now is the time to develop your MIPS reporting strategy for 2018 to achieve bonus payments in 2020 and beyond. We can help.
Every organization wants to maximize revenue and deliver the best possible healthcare service. The problem is many healthcare organizations fail to realize these two goals are connected. If improving your patient payment collections isn’t a top priority in your financial plan, you might want to rethink your strategy.
How do you protect your practice and your staff?
Your contracted rate fee schedule is what you are supposed to be paid based upon your specific contract with your payers. What you may be paid could be very different from your colleagues, so be sure you know your numbers.
Physicians should be able to care for patients without the fear that they are losing money.
While there are lots of reasons why physicians aren’t pursuing independent practice nowadays, doing so still has some advantages and new practice models exist. Consider the options as you make your next career move.
According to a recent survey by Physicians Practice.com that looked at differences in compensation between physician practice owners, employed physicians at a hospital or health system and employed Physicians at in independent practice it was concluded that not a big disparity exists between them.
The program, enacted under the Medicare Access and CHIP Reauthorization Act of 2015 (MACRA), will affect participating physicians’ payment in 2020. This means physicians have about two months to prepare for what they need to report when the calendar turns to 2018, especially in performance categories that require full calendar year data reporting.
When you budget your money wisely, you will gain better control your financial health.
Two-factor authentication (2FA), also called multiple-factor or multiple-step verification, is an authentication mechanism to double check that your identity is legitimate.
A well-structured strategic business planning process can help your practice in both the short and the long term. Whether you operate a small practice or are exploring ways to expand an existing one, planning is an important tool to help guide your decisions and ultimately, your success.
2FA protects against phishing, social engineering and password brute-force attacks and secures your logins from attackers exploiting weak or stolen credentials.
How much time and effort do you spend working claims denials? With the growing demands and challenges facing every medical practice, dealing with denied or rejected claims may be the most costly and, fortunately, the most preventable.
Have you ever stopped and counted how many opportunities for improvement your practice has when looking at the lifecycle of a single claim?
July 24, 2017 | Source: Medical Economics
An outsourcing company can be more efficient in completing jobs while freeing up other employees to shine in the assignments they were hired to complete. It’s a win-win.
When it comes to billing, most if not all practices are now submitting their claims electronically. There are powerful time-saving tools available that can improve this process and help minimize errors. Below are some of the daily functions that I use for this purpose. These functions can ultimately expedite submission[…..]
This shift toward value-based reimbursement is built around the goals of developing coordinated care, becoming more patient centered and achieving positive health outcomes.
Over the past several years, a trend has emerged of physician practice acquisitions and subsequent employment of the physicians by health systems. As these transactions continue in the marketplace today along with changes in the healthcare industry and the reimbursement models, small independent physicians find running a practice ever more daunting.
A little effort expended today to fix a problem will prevent it from becoming a larger issue tomorrow. Procrastination will require more time and effort to fix later. Stop the financial leaks and consider a preventive approach to offset declining revenue.
Outsourcing patient billing is a proven strategy to improve your cash flow, free up your staff and better serve your patients. Don’t let money walk out the door. Explore the positive impact a billing program can have on your financial performance, your reputation and your staff.
Row, row, row…. Life is about taking action, moving forward. Keep going even when things are rough.
It’s not just a cup of soup! It’s a healthy serving of goodness prepared with love for people in tremendous need. It’s a meal we so often take for granted and yet for others, it might be the heartiest meal they’ve experienced in days or months.
“Crystal has been a significant contributor from the very beginning. Together, we have grown our small software support company into a leading revenue cycle management company servicing medical practices across the US. We could never have accomplished so much without Crystal’s dedication and experience.”
The goals of a medical practice and a RCM provider are remarkably similar. Both businesses are focused on maximizing practice revenues, working efficiently and delivering the best service possible.
In the story of David and Goliath, David actually had to fight four other giants before he got to Goliath. They weren’t physical giants, but they were giants in his mind.
Fully understanding the benefits of RCM services, anticipating staff concerns and fears, and sharing common practice goals are instrumental aspects of maintaining a happy and productive team. It is the first step towards improving financial performance and maintaining a productive and efficient billing and collections team.
A benchmarking analysis is an important step to protecting and securing a practice’s overall performance.
A benchmarking analysis is an essential step to review your medical practice performance, promote good financial health and aid in the early detection of reimbursement problems.
”As healthcare changes, the way practices and health systems think about revenue cycle solutions will begin changing as well,” shares Aubrey Westgate.
Are you one of the many physicians who still have not entered the world of electronic medical records?
January is the perfect time to identify new opportunities and goals for the upcoming year. That is especially true in 2014 as the many changes, mandates and deadlines rolling out.
Giving back to others and supporting our local community is an important part of who we are at AssuranceMD. This holiday season, our company teamed up with a local outreach program to provide Christmas trees and gift cards to some very deserving families.
Should we or shouldn’t we, that is the question we often hear when talking with physicians about the move to EHR. Just like any big decisions, there is an internal tug-of-war about the expense, the integration and a resistance to change the current process.
Recently I attended a seminar where the keynote speaker started his presentation with “Fee for Service is dead” I was captivated by the realization that the reimbursement model that so many of my clients and our business relied on is dead. As I began to reflect ….