Blog on Medical Billing, Billing Outsourcing and Healthcare Billing
Revenue Cycle Management
Revenue Cycle Management is one of the major processes in medical billing. RCM process is the primed for revenue improvement. RCM is the process of collecting and managing the business revenue from payers based on the services rendered. Successful revenue cycle management is required to keep up the financial viability. Let’s discuss the revenue cycle management optimization.
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Insurance Eligibility Verification is the process of verifying the patient’s insurance coverage details and its authenticity with the Insurance Company. Insurance Eligibility Verification should be done prior to the patient’s appointment with the physician to ensure the service provided will be reimbursed. This process is crucial to avoid claims rejections and must be done as the first step to determine the service charges and patient’s responsibility also referred to as the patient’s share, and get any prior authorization if required.
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Medical billing is one of the major factors to decide the financial success rate of the practice, and claim denials affect the cash flow of the practice. Every new claim denials lead to revenue leaks. That’s why denials look like a painful financial drain on practices. For better claims denial management, you have to identify the denials and reasons of the denials. Avoiding and reducing the claims denials will improve the cash flow. Let’s discuss the claims denial management and strategies to avoid and manage the claim denials.
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Effective account receivable management strategies are a crucial part of running an effective healthcare practice. An improving and streamlined account receivable process carries many advantages to the table. It also impacts the overall medical billing operations. By adopting an efficient strategy, dramatic improvements result in the account receivable process and provide exciting benefits for the business. Let us discuss some of the strategies to improve account receivable management.
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Healthcare revenue cycles are continually searching for revenue integrity solutions. Healthcare pricing transparencies, the rapid development of artificial intelligence, automation process, electronic claims processing, revenue cycle outsourcing, expanding consistently in the flow of data among Payers and Providers are few of the trends which are shaping up the healthcare industry. Let’s us discuss those trends in concise
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With the outbreak and increased positive cases of the novel coronavirus across the nation, healthcare providers are working continuously servicing the patients. At this critical time of increased demand for their services, it is possible for the billing process to take a back seat which may, in turn, affect the revenue flow affecting the business. Healthcare providers are already struggling in the frontline treating patients. And the other area of concern aroused during this pandemic attack is running the medical billing process smoothly and keeping the healthcare revenue cycle flow intact.
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Digital health is a trending topic in the healthcare industry because of how it is gradually reshaping developed health systems all over the world. Digital health has become an impacting factor in healthcare. Nowadays, to communicate with doctors, patients use digital networks that help them to enjoy the healthcare experience benefits. Digital health provides access to manage health data. With the help of digital health, old medical records can be tracked well. Digital health solutions improve practice efficiency and reduce costs. Let us discuss briefly how digital health is revolutionizing healthcare.
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For many, imagining the future of the healthcare field is a difficult thing in the age of artificial intelligence (AI). There’s a lot of thought about artificial intelligence (AI) impact on the healthcare industry. Generally, AI helps healthcare providers to streamline their medical practice. AI tools powered by machine learning help in managing and analyzing the patient data, improve healthcare across the board. Let’s discuss how this can technology help you to improve the revenue cycle and impact on medical billing and coding.
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Accounts receivable management is one of the biggest challenges in the healthcare industry. Improving and optimizing accounts receivable processes provides many benefits to every practice. Streamlined accounts receivable processes make a positive impact on revenue cycle operations. Here we discuss how Account receivable management helps you to get paid.
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Many Providers and healthcare organizations partner with experienced medical billing companies in the hopes that they would be offered ASC billing services as well. However, most US medical billing companies lack the skill to process ambulatory surgical center billing. ASC medical billing and coding are not like processing normal physician billing claims. It has so many differences and is quite complicated in terms of billing and coding. As there is room for huge claim denials, the in-house medical billing team cannot tackle both normal and ASC billing independently. Therefore, partnering with an offshore vendor that is skilled in Ambulatory surgical center billing would be the best solution. In this article, let’s learn about the 6 critical things about ASC billing and coding services and how offshore vendors help in tacking them:
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