Clinics, practices, hospitals, and other medical establishments often need to take second looks at their processes, especially those that involve revenue, workflow, and efficiency. Not surprisingly, exploring the possibility of transitioning to a revenue cycle management (RCM) service company is often a result of those second looks.
Medical Billing / RCM | Telemedicine Software
Once a progressing form of medical care, telemedicine has rapidly developed into a practical option for many healthcare providers today. One recent report by the AMA stated that telehealth adoption is growing at a rate faster than any other type of medical care solution, experiencing an overall growth of 53%.
Learn why patient engagement is a necessity and how you can master it within your practice.
Medical Billing / RCM | Practice Management
The bureaucracy and behind-the-scenes machinations of the medical billing process means the revenue cycle is much more complex than in the days before the industry began adding software automation tools to the mix.
COVID-19 has produced fertile ground for hundreds of labs that are opening, hoping to ride the testing wave. But the fertile soil in and of itself doesn’t necessarily produce a successful crop. It requires thought, attention, and TLC for the planting to be fruitful.
Medical Billing / RCM | Practice Management
In the intricate world of clinical laboratory management, the implementation of effective billing software is a cornerstone for operational success. However, navigating the complexities of common problems in clinical laboratory management often leads to a series of pitfalls that can undermine the efficiency and financial health of these critical healthcare services. This blog post delves into four prevalent mistakes laboratories make during the billing software implementation process. By addressing these issues, labs can enhance their billing for lab services, ensuring a smoother, more efficient billing cycle that benefits both the laboratory and its clients.
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.
Reimbursements and Impatient Receivables 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.
