Healthcare practice owners and managers are reviewing their budgets and projections amid signs of emerging financial challenges they expect to endure during a slumping economy. Medical organizations that have been taking their billing software and services for granted will be paying closer attention to changes they can make to maintain their bottom line.
While medical professionals such as nurses and doctors are typically focused on the physical health of their patients, they also need to take into account people’s mental state as part of their overall well-being.
Learn why patient engagement is a necessity and how you can master it within your practice.
When your medical office was just starting up, it made sense to handle all billing internally. But as your enterprise grows in size and perhaps in scope, too, you might find that inefficiencies are creeping into the workflow. Or, perhaps your staff is finding it difficult to stay on top of code changes and updates to billing protocols.
The Feel Good Nostalgia: MIPS is the Merit-based Incentive Payment System, a CMS initiative that determines Medicare payment adjustments to eligible providers based on the provider’s overall MIPS performance score. The provider’s MIPS score determines the provider’s reimbursement bonus, reimbursement penalty, or if the provider remains neutral (no bonus or penalty).
Healthcare professionals need to remain aware of any changes that may affect the industry and their responsibilities to respond to requests for information from the government. Specifically, it’s crucial to stay on top of updates from the Centers for Medicare & Medicaid Services, such as CMS quality measures.
As we enter the new year, you and your staff must be feeling some excitement (and maybe a bit of trepidation) as you anticipate the achievements to come. Perhaps you have new goals to reach in terms of improving your bottom line, or adding additional services to attract more patients (and retain your current loyal patients).
As managers, owners and principals at cardiology practices plan for the coming quarters this year, the flow of revenue will be a major consideration. Accordingly, they will be looking at revenue cycle management or RCM trends to help prepare for 2023. With that in mind, here are cardiology RCM trends that appear to be emerging this year.
How to Ease Staffing Burdens for Healthcare Professionals It’s no secret that many talented individuals are leaving or have already quit their jobs during the “Great Resignation” in the aftermath of the global coronavirus pandemic. According to a report from Forbes, the healthcare industry has lost approximately 20% of its workers. Yet, the demand for healthcare services with an emphasis on patient safety, disease control, and public health has never been greater.
2022 is not quite finished yet, but you’ll want to spend some time considering what’s ahead in the coming year for your medical organization. After all, it’s best to be as prepared as possible for upcoming requirements that will have a big effect on your practice and the way you do business during the next two years of the Biden administration.