Revenue Management: Connect the ‘Hot Spots’ to Increase Your Cash Flow

For any business to thrive, revenue management is a critical element, and running a medical practice is no different. Unfortunately, due to the hectic schedules and stress of running such a personal service company, it can be easy to either miss opportunities to gain new revenue or even put processes in place that can hinder the growth of new revenue. Such “hot spots” need to be identified in order to ensure not only faster growth, but stronger growth. In some...

Practice Management Software: Does Your Revenue Cycle Manangement Measure Up?

Good revenue cycle management allows you to focus on what’s most important in your practice. Are you in control of your revenue cycle? Your practice depends on having a good plan in place for ongoing revenue cycle management. Dropped billing opportunities and billing errors all impact the revenue of your practice. If your revenue cycle management (RCM) could be tightened up, practice management software can help. What Does Quality Revenue Cycle Management Look Like? Everyone makes mistakes, and sometimes items...

Practice Management Hacks – Tip #10: Utilize Text Based Appointment Reminders

PM Hack – #10: Utilize Text Based Appointment Reminders The appointment is the glue that holds the physician-patient relationship together. Unfortunately, conventional appointments don’t work anymore. Patients wait too long, and physicians are so under the gun that they don’t get the time they need to fully examine patients. The end result: unhappy patients and unhappy physicians. Here are some tips to maximize the efficiency and effectiveness of physician-patient appointments. Here are the seven steps to maximize patient appointment scheduling:...

Is the Future of RCM Medical Billing Services – EHR?

Medical Billing & Revenue Cycle Management (RCM) Companies that offer successful EMR implementation at the practice level are transforming the outsourced, third-party Medical Billing Service industry. Powerful trends within the RCM Services Industry are fueling both its growth and at the same time driving the consolidation of a highly unstable and fragmented market, but the focus is centered upon a small handful of Revenue Cycle Management Services that offer EHR software such as AthenaHealth who now reports serving over 50,000...

Six Effective Ways to Solve Your Patient Payment Woes

Patient payments, long a sore spot for providers, are becoming increasingly important as more patients move to high-deductible plans. Here are six ways to ease the pain. Make it easy for patients to provide information. For collections and medical billing, the more information you have on a patient, the better. So think carefully about how you collect it. For example, patients are more likely to provide detailed information sitting at home with access to their documents than in your office....

9 Sure Signs It’s Time to Change Your Medical Billing Software

It may be long overdue when the time comes to change your medical billing software. A practice or billing service company that wants to change its medical billing software certainly faces some serious barriers; from retraining staff on the new system, retiring open accounts on the old, and doing it all while trying to maintain a daily workload; it can mean disruption to an entire office, to billing activities, and possibly to cash flow. In short, risks to time, productivity,...

10 Handcuffs Keeping Your Medical Billing Business Small And Poor

What is it that makes a Revenue Cycle Management Company different from its less sophisticated sister, the Medical Billing Service? The point of locus can be typified in the analogy between a bookkeeper vs. a CFO. As a bookkeeper my focus is on receipts, the accurate posting of expenditures and income as debits or credits, and in properly documenting a paper trail. A comparison can be made here to a medical coder or biller who’s preoccupied with coding accuracy, insurance...

Want to Grow? – 5 Simple Steps to Adding Billing Service Clients

Are you looking to grow your medical billing business? We’ve got a surefire plan we’ve seen work time and again. Here’s how it goes: Don’t fumble the basics. You’ve got only a few minutes to convince a physician or practice manager that you’re extremely knowledgeable about billing and that you’re offering something of value. It starts with being able to answer all of their basic questions with ease. They’ll want to know if you have experience with their medical specialty,...

4 Ways to Improve Revenue Cycle Management with Better Documentation

Better management of clinical documentation processes increases a practice’s bottom line by decreasing the time it takes to get claims paid and reducing claims denials. Strong documentation management makes it easier to create financial stability in a private medical practice and helps streamline revenue cycle management. The best clinical documentation is an integrated approach to patient care that encompasses all office components. Remember that Everything is Related to Patient Care According to clinical documentation improvement expert Paul Weygandt, improving documentation...

Practice Management Weekly Digest: Telemedicine, Healthcare.gov, and Consumer Medicine

Welcome to PracticeSuite’s weekly Practice Management digest – a round up of the most useful industry news we’ve run across in the past week. Momentum for telemedicine continues to build – Fierce Health IT As part of the 2014 National Defense Authorization Act, signed into law last week by President Obama, service members transitioning into civilian life are eligible to receive 180 days of health insurance coverage for services provided through telehealth. Rep. Glenn Thompson (R-Pa.) pushed for the bill,...

Practice Management Weekly Digest: EHR Readiness and Medical Scribes

Welcome to PracticeSuite’s weekly Practice Management digest – a round up of the most useful industry news we’ve run across in the past week. AMA questions vendor readiness for ICD-10 – Government Health IT Prominent among impending questions surrounding ICD-10 is whether or not technology makers will be ready, and the American Medical Association (AMA) is among the groups to most recently express this concern. “While physicians will need upgrades to their software systems to accommodate the new code set,...

The New Age of Revenue Cycle Management

Professionals expect the market for healthcare revenue cycle management products to boom, driven in part by changes associated with measures such as the Affordable Care Act. Before things can take off, providers and vendors must work together to address the entanglement of problems that exists in the current RCM structure. Legacy Revenue Cycle Issues Healthcare accounting is a bed of complex issues, compliance requirements, and seeping collection troughs. Large organizations struggle to reign in unwieldy accounts receivables; small offices often...