Where is it written that your medical organization has to conduct billing services in-house?
One of the most important systems to develop and set up in your medical laboratory is for billing. Many organizations determine from the outset that they need to work with a trusted third party to handle billing logistics.
There are many aspects of MACRA, and it's important you're familiar with all of them.
Many organizations find it’s best to outsource billing for their laboratories, so they can focus more of their time and brainpower on providing services to patients and clinicians. In fact, you might even consider that all of the bureaucracy and administrative efforts, including tasks leading up to successful payment for bills will take more time and energy than the actual laboratory work itself. Or it at least might feel that way.
With all the disruptions to the nation’s healthcare system and the additional pressures put on all of us to respond to the growing pandemic causing COVID-19 infections, there is certainly more at stake than people’s safety and well being. As the virus spreads, the nation is facing massive unemployment not seen since the Great Depression. Financial uncertainties and issues with the medical supply chain in turn make our efforts even more difficult.
While you are working hard to protect the health and safety of your staff and patients during the battle with the novel coronavirus responsible for COVID-19 infections, you also need to pay attention to your bottom line and the financial health of your organization. Amidst uncertainty about how we will weather the global pandemic from a medical perspective, we have to prepare for the financial impact as well.
It’s essential to pay close attention to the flow of revenue in your healthcare organization. And to that end, prudent managers will make sure that they use the right tools to gain insight into the revenue cycle and to manage the details.
Your healthcare organization needs tighter control over the flow of revenue and you are now preparing to deploy Revenue Cycle Management software in 2020. If you’re new to RCM applications or are curious about how RCM will integrate into your company’s existing computation infrastructure, it pays to become more familiar with the software and how it works. To help guide you in the decision-making process, here are the top features to look for in Revenue Cycle Management software for 2020.
The Electronic Medical Record The electronic medical record (EMR) has been evolving from the early days before the technology revolution took off after the turn of the century. The federal mandate that took effect on January 1, 2014, required the medical world to begin using electronic medical records for "meaningful use" as outlined by the mandate.
Reimbursements and Impatient Receivables Not a typo. With insurance reimbursements decreasing, providers are becoming impatient about ever-increasing patient responsibility amounts after insurance. Two things are needed: a way to ensure maximizing insurance reimbursements without over-coding, and an ability to accurately determine - in advance - what the patient will owe.
Medical Billing: Claim Submission and Follow Up "Medical billing is the process of submitting and following up on claims with health insurance companies in order to receive payment for services rendered," as stated on HBMA. Without submitting clean claims on a timely basis, it doesn't matter how many patients you see or how many services you render.