All Posts in Category: Revenue Cycle Management

2018 HEALTHCARE REVENUE CYCLE CONFERENCE

2018 Healthcare Revenue Cycle Conference: Sessions We’re Stoked About

The 2018 Healthcare Revenue Cycle Conference held in Charlotte, North Carolina this year will be jam-packed with industry leaders, workshops, and valuable insights into the latest developments regarding the revenue cycle management industry. As medical billing and coding professionals, it is our duty to keep a pulse on the latest hot-button issues, industry trends, and new technology to continue bringing cutting-edge value to our clients.

Revenue Cycle Management is very important to the financial stability of healthcare practices. It bridges the gap between providing valuable healthcare services and handling the business side of providing that service. Revenue Cycle Management utilizes a complex network of Health IT systems, communication with patients and payers, and internet-based billing procedures to manage the cycle of healthcare from the initial patient visit to getting paid. Over the years, there have been many new developments in Revenue Cycle Management such as the way we access information, how data is stored, how bills are paid, communicating with patients, handling insurance claims, and many other facets involved in running a healthcare practice. One of the best ways to keep up with these important trends is to attend conferences such as this year’s Healthcare Revenue Cycle Conference taking place in mid-September. We’re excited to take part in this important event and here are some of the great sessions we’re looking forward to.

Hitting the ground running on the very first day, Dan Mingle, MD, Founder and CEO, Mingle Analytics and Kelly Whittle, Founder and CEO, Whittle Advisors will share the newest trends regarding the MACRA regulation including techniques on how to succeed with MIPS and the Quality Payment Program introduced under MACRA. Mingle’s overview of MIPS will include new 2018 requirements, measure selection, data requirements, and the importance of measure performance monitoring. Additionally, he’ll highlight ways to handle reporting with the MIPS program and how RCM companies like us can help our customers unlock data to analyze practice performance and improve MIPS scores. Ultimately, this session will give us a strong foundation to help our customers transition from claims-based reporting to a more value-based framework and to clearly communicate the new payment reform strategy laid out in the MACRA regulation.

Following up this powerful session, Ted Stack, Managing Director, Falcon Capital Partners LLC, will deliver a helpful lecture on creating value in our RCM service that will transfer on to our clients. In this session Stack will discuss how creating value in our business is critical for our customers given the fact that the healthcare market continues to evolve each year with constantly changing consequences on the billing service providers. As we continue to follow these trends, we will be able to identify areas for improvement and ways we can further maximize the bottom line for our clients.

One of the key developments in the Revenue Cycle Management Industry is Robotic Process Automation (RPA).In recent years, new technology has developed that can further streamline the process of collecting money in less time and at less cost. John Fundingsland, VP and GM Healthcare Operations, Hexaware Healthcare Technologies, and Dan Hillman, VP Revenue Cycle Strategy, Hexaware Healthcare Technologies will discuss in detail how RPA has impacted Revenue Cycle Management processes and how we can incorporate some of these practices into our programs so we can pass along those savings to our clients.

Another session we’re looking forward to is Five Strategies Critical to Achieve Payment Assurance Through Patient Engagement, provided on the Operations Track. This session will help us identify ways we can engage with the patient before, during, and after the visit to assure payments are being made at a fast pace. What’s interesting about this session is that these strategies were put in place to combat the recent explosion of patients visiting doctors’ offices, yet still owing a balance for previous visits long after the service was completed. This can cause significant damage on cash flow and overall daily office management. This session will help uncover opportunities for improvement in billing services while also reducing overhead costs and ensuring providers get paid. This is a big goal we strive to meet for our clients on a daily basis.

These are just a few of the sessions we’re looking forward to attending, but there are many more! Not to mention that this year, the conference is held in Charlotte, North Carolina, home of the Hornets! We’re excited to explore the Queen City as we dive deeper into one of the most important facets of our industry. There are so many new facets and areas to learn about when it comes to Revenue Cycle Management and a great place to dive in head first will be the 2018 Healthcare Revenue Cycle Conference.

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Medical Billing mistakes

The Cost Of Medical Billing Mistakes

The Cost of Medical Billing Mistakes

Medical billing errors are costing you money. Period. As a healthcare provider, you know the high cost of care and the competitive nature of the market. You can’t afford to lose an extra penny — especially due to a billing mistake that could easily be corrected. Sad thing is, you may not even realize how much your current medical billing system could be costing you. Some studies put the error rate for medical bills at a conservative 30 to 40 percent, with others put it closer to 80 or 90 percent, says The Huffington Post. Another study shows that medical billing errors cost about $20 billion, a number that has increased right alongside the increase in U.S. population.

A Look at the Numbers

Most of the costs associated with such billing errors involve expenses due to unnecessary inpatient and outpatient care, ancillary services and prescription drug services. But a surprisingly large portion of the mistakes is linked to the mortality rate and missed days from work. If you widen the lens and look at the costs as they pertain to quality of life and fatalities due to medical errors, the total costs jump to between $187 billion and $250 billion. Widen that lens even further to account for loss of productivity in patients who have experienced a decrease in quality of life and you’re looking at costs even into the trillions. Human error is one of the most common causes of medical billing mistakes, such as when a wrong billing code is entered.

Bottom line: medical billing errors are expensive. While you may be able to afford malpractice insurance (and let’s face it, this cost alone is probably eating into a lot of your profits), you certainly can’t take the blow to your reputation in event a major medical billing error costs someone their health or their life. So, ask yourself: do you have the in-house manpower necessary to make sure you are responsible for as few billing errors as possible? If the answer is no, you should probably think about outsourcing your medical billing.

Protecting Your Business and Your Patients

To protect your business and bottom line, it’s wise to examine your records for the past couple of years. What’s the total cost of your errors? How could they have been avoided? Remember, you’re in the healthcare business, caring for your patients from the time they step in your door until they walk out. You have a certain duty of care to uphold for them. It’s critical to ensure your patients don’t fall victim to easily-avoided medical billing errors. In the process, you’ll save your business’ budget and reputation.

Contact Medical Healthcare Solutions

If you are ready to improve your office processes, cut administrative overhead and boost patient satisfaction within your practice, rely on the seamless medical billing provided by Medical Healthcare Solutions. We can help you put an end to those costly mistakes that are leeching your profits and taxing your resources. Call us today to learn more at 800-762-9800.

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Clean Up Your Medical Billing Before the End of the Year

Clean Up Your Billing Before The End Of The Year

As the New Year approaches, it’s time to take stock of the previous 12 months and make some adjustments in your billing approach. Take a look at what’s been working and, more importantly, what hasn’t. It goes beyond unpaid bills and into the realm of HOW you handle your accounts payable and receivable and how you can improve. The changes you make now will benefit you throughout 2018, increasing your bottom line, decreasing your stress level and boosting the smooth operation of your billing processes.

Are your administrative costs skyrocketing? Do you have outstanding A/Rs from the beginning of the year and even years past? Are the insurance denials piling up? How do you handle them?

Analyzing your billing process starts with taking a long hard look at performance. Many practices experience surprisingly low rates of reimbursement success, often times because billers focus their time and skills on the “easy” claims, leaving many challenging claims under-reimbursed, points out Healthcare Business Today. Is your current billing software effective? How quickly are you getting reimbursed? Is money being left on the table? It’s time to upgrade or change your billing procedures if you as a healthcare provider are not happy with the ways things have been going. Here are a few tips:

  • Engage in follow-up training if claims are continually being denied.
  • Analyze the reason codes to see why a specific payer constantly denies claims.
  • Analyze how the referral process works and find out what stop-gaps are preventing you from processing claims efficiently.
  • Go over your input processes. Are policy numbers being entered correctly? Is there a lapse in document processing?
  • Talk to your front- and back-office staff to introduce new policies and procedures if you are finding too many controllable errors.

Correcting Problem Areas

Many of these issues result from lack of time and too many other responsibilities taking center stage. Take a look at your staff: are they overworked? Are errors being made simply due to a stressful and chaotic work environment? Is there simply no time during the day for your existing staff to handle all the billing procedures correctly and comprehensively? This is a common challenge facing many hospitals, doctors’ offices and ERs — especially towards the end of the year when things get crazy.

One way to solve that and make a resolution for the new year: partner with an outsourced medical billing company that can handle all your billing needs in one place and on one platform. It’s a win-win for your staff, who can concentrate on the tasks they were actually hired to do, and you get paid more often and more smoothly because of a streamlined approach. An outsourced biller can ensure:

  • Insurance can be verified before visits.
  • Patients are billed on time and consistently.
  • Codes are authorized promptly and properly.
  • Clinical notes are used for negotiating denied claims.

It’s time to start the new year off right — with an improved process that ensures success for the upcoming months. Call Medical Healthcare Solutions in Andover today at 800-762-9800 for help.

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Get Paid For What You Deserve With A Medical Billing Company

Get Paid For What You Deserve With A Medical Billing Company

As a healthcare provider, you know you need solid medical billing practices in order to keep things organized and get paid for the services you render, but have you ever stopped to think why it’s so important to your bottom line and indeed survival in this industry? You know full well most people don’t pay for their services with a wad of cash. That means they need to be billed. Yes, many people are responsible for co-pays but that money is a mere fraction of the full amount owed to your practice. The balance must be billed to the insurance company for reimbursement.

As a healthcare provider, you may depend heavily on revenue cycle management, submission of claims on a timely basis, payment from insurance companies, and balances paid by patients for their portion of the bill. While this is how things work in an ideal world, you’re often left waiting weeks, months and even longer to get what you deserve.

Why Are You Struggling With Billing?

You may ask yourself this question every once in awhile. Why can’t you just get paid for the services you have rendered? The main reason why so many practices, especially small ones, struggle with this task is because they are trying to save money by handling it in-house. You may have a receptionist who handles medical billing in her spare time, in between checking in patients, taking down contact and insurance information, and handling any number of administrative tasks.

So what ends up happening? Billing mistakes happen. Oversights are made. Timely follow-up on critical issues falls by the wayside. As a result, you don’t get paid — or at least you don’t get paid when you should.

Why Efficient Medical Billing is Essential

Bottom line is, you need to bill out as quickly and efficiently as you possibly can. In order to stay in practice, you need constant streams of revenue coming in to meet payroll and other expenses. Just like a lawyer, contractor or consultant, you depend on timely payment in order to make a living. You’re not being greedy or unreasonable. You provided the service; you earned the money. But too many physicians are waiting far too long to receive payment.

An efficient, outsourced medical billing service is imperative if you’re going to get claims submitted in a timely manner and make sure that the billing contains all the information needed for processing, such as correct codes for services, treatment, procedures, and surgeries.

Enjoying a healthy revenue cycle management process means you need to hire the right people with the right skills. Often times, that means hiring an outsourced medical biller who has the experience, qualifications, and skills to tackle coding and billing head on, every single day — not just on a lunch break, after-hours or in between checking patients in.

Streamlining your medical billing starts with an efficient billing service. Everything will fall into place from there. It’s time you got your house in order. Call Medical Healthcare Solutions today!

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What is Physician Burnout

What is Physician Burnout?

“Physician Burnout syndrome” is a real condition in which fatigue, cynicism, and professional inefficacy associated with work-related stress becomes overwhelming and debilitating, according to the Association for Psychological Science. While some level of stress is expected, particularly in the medical field, at some point these stressors can become overbearing, leading some physicians to contemplate leaving the profession or worse.

Manifestations

Physicians are the ones on the front lines of patient care. While other types of professional burnout can be devastating, this is particularly true of doctors because they tend to suffer it more severely. According to Definitive Healthcare, physician burnout manifests itself in many ways, such as:

  • Lack of enthusiasm for work
  • Growing cynicism about patients or career
  • Low sense of self-worth

As a result, these feelings can lead to poor job performance, abandonment of the profession, and in rare cases even suicide. Healthcare researchers are trying to pinpoint the root causes and manage this physician burnout at the organizational level. Some types of physicians experience more burnout than others. Those in critical care experience the highest, followed by emergency medicine, family medicine, internal medicine and general surgery.

The Patient Side

Burnout doesn’t just affect the doctor, but the patient as well. That’s because this condition can negatively impact a doctor’s mental state and career, leading to a decrease in patient care quality. Not only are higher rates of medical errors reported in those with burnout, patient access, and overall experience are negatively impacted. Physicians suffering from burnout say that they are quick to cut down on office hours and even respond in a negative or clipped manner when interacting with patients.

Causes of Physician Burnout

The causes of physician burnout are highly individualized, and many doctors feel multiple sources of burnout. Medscape says the following are the top causes for physician burnout, in order of importance:

  • Too many bureaucratic tasks
  • Too many hours at work
  • Not enough income
  • Increasing computerization of practice
  • Impact of Affordable Care Act
  • Difficult patients
  • Too many appointments daily
  • Lack of professional fulfillment
  • Difficult colleagues or staff
  • Inability to keep up with current research

Also included in the Medscape report is that women (51%) experience burnout more often than men (43%) and those between age 46 and 55 are most likely to experience burnout. Physicians that are burned out report not exercising as much as they should, with low motivational levels. Sometimes, volunteering, doing mission work, or working with church groups adds to the stress of their lives rather than relieves it. A third of burned out physicians say they have minimal savings compounded by unmanageable debt.

In many cases, physicians reported feeling overwhelmed with administrative tasks that detract from their ability to spend time with their patients. Research shows the average physician spends two hours on administrative tasks for every hour that they interact with patients.

One way to mitigate this is to make office tasks more streamlined. Instead of handling billing issues, which can suck up a large portion of a doctor’s day, outsourcing this to a medical billing provider would be a better use of time. By decreasing time spent on mundane tasks, the physician is freed up to spend more quality time with each patient. This can take away a bit of the stress that so often overwhelms physicians on a daily basis.

Contact Medical Healthcare Solutions

We can help. From mobile medical billing solutions to revenue cycle management, Medical Healthcare Solutions can help physicians reduce their chances of burnout by handling the time-consuming tasks of running a practice. Contact us at 800-762-9800 or fill out our convenient online form.

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