For any medical practice, timely insurance reimbursement is essential for financial viability and supporting smooth practice operations. However, elongated claim payment cycles strain cash flow and necessitate borrowing to cover costs in the interim. Below, we explore techniques to accelerate payer payments and optimize the speed of the medical revenue cycle. Diagnosing Causes of Lagging […]
Cash Flow Cycles, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, medical billing strategy, rcm, reimbursement, reimbursement rates, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization
Medical billing is a core function that impacts practice revenues, costs, and efficiency. A key decision practices face is whether to handle billing internally or choose an outsourced billing service. What are the relative benefits and drawbacks of each model? We examine the pros and cons of in-house vs outsourced billing to help practices select […]
billing, billing services, Claim Billing, healthcare, Healthcare Billing, In-House Billing, Medical, Medical Billing, Medical Billing Cost, outsourced medical billing
For medical practices, claim denials have always been a fact of life when dealing with health insurers. However, trends show claim denial rates growing year over year, driven by increased utilization management efforts by payers. Denials directly impact practice revenues and the time/costs tied to appealing denials. Below, we take a gander at the factors […]
Claim Denials, Denial Codes, Denial Prevention Strategy, Denial Trends, Denials, denied medical claims, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, Revenue Cycle Management, revenue cycle optimization
For modern healthcare practices, efficient and accurate medical billing operations are essential to financial success. However, manual billing processes can be time-consuming, error-prone, and make it difficult to scale. Automating key steps in the medical billing workflow brings game-changing improvements in productivity, reduction of costly claim errors, accelerated revenue cycles, and optimized billing costs. Benefits […]
AI, healthcare, Healthcare Billing, Intelligent automation, Manual Billing Workflow, Medical, Medical Billing, Medical Billing Automation, Medical Billing Robotic Process Automation, Medical Billing Service, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation, Robotic Process Automation Billing, RPA
Healthcare providers today rely on a diverse set of information systems to manage patient data, including electronic health records (EHRs), laboratory information systems (LIS), billing systems, and imaging systems. A major challenge is exchanging information seamlessly across these disparate systems. HL7 provides a framework to facilitate this interoperability through standardized messaging formats and protocols. We […]
Care Record Summary, CCD, CDA, CDA and CCD, Clinical Document Architecture, EHR, EHR API, EHR Interoperability, EHRs, FHIR, HL7, HL7 FHIR, HL7 Standard, HL7 v2.x, HL7 v3.0, IHE, IHE Framework, Interoperability Standards, LIS, PACS, RESTful APIs, RIS
Selecting the right medical billing software is crucial for modern healthcare practices looking to optimize their revenue cycle. However, with hundreds of solutions on the market, all touting advanced features, it can get overwhelming for practices to figure out the best fit. Must-Have Medical Billing Software Features While each practice has unique requirements, some core […]
Billing Data, Billing Software, Billing Software RPA, healthcare, Healthcare Billing, HL7, HL7 Standards, Medical Billing, Medical Billing Integration, Medical Billing Platform, Medical Billing RPA, medical billing software, Robotic Process Automation, RPA, RPA HL7
Medical billing is a complex, numbers-driven process. To elevate revenues and efficiency, healthcare practices must constantly measure, analyze and optimize their medical billing and revenue cycle performance using key metrics. The Importance of Analytics in Medical Billing In the dynamic healthcare landscape, data is king. Medical practices that succeed at leveraging data make better decisions […]
CPT Code, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Analytics, Medical Billing Service, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation
ICD-10 Codes ICD-10 codes are a set of alphanumeric medical diagnosis and procedure codes used for medical billing and clinical documentation. Maintained by the World Health Organization, ICD-10 contains about 69,000 codes compared to 13,000 in the older ICD-9 version. The codes provide specificity around body location, severity, comorbidities, and episode of care. Implementation of […]
CPT-10, healthcare, Healthcare Billing, ICD-10, ICD-10 Code Changes, ICD-10 coding, ICD-10 Update, Medical, Medical Billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization
Accuracy in both medical coding and billing processes is imperative for maximizing appropriate reimbursement, maintaining regulatory compliance, and optimizing revenue cycle performance. Even minor errors can have major consequences in delayed or reduced payments, denied claims, and compliance risks. We cover the most common coding and billing mistakes along with best practices to identify where […]
Authorization Failures, Bad Sequencing, Benefits Errors, billing, Billing Duplicates, Duplicate Coding, Duplication, EOB Errors, Expired Policy Numbers, Grouping Errors, Inaccurate Patient Info, Inaccurate Patient Information, Inadequate Specificity, Incorrect Code Assignments, Incorrect Units, Insufficient Modifiers, Invalid Linkages, Invalid Place of Service, Medical Billing, Missing Codes, Missing Modifiers, Poor Handwriting, Timed Coding Errors, Timeliness Issues, Unbundling, Upcoding
For any medical practice, keeping accounts receivable cycles short and patient collections high is critical for unlocking the path to financial health. When reimbursement lags become excessive or collection rates decline, financial pressures mount quickly. Covering key strategies and best practices to shorten accounts receivable days, boost patient payments, and strengthen the financial fitness of […]
A/R, A/R Process, A/R Recovery, Accounts Receivable, Accounts Receivable Recovery, AR, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, medical billing strategy, Revenue Cycle Management, revenue cycle optimization
Medical billers and coders play a critical role in the healthcare revenue cycle. Their work processing medical claims ensures providers receive accurate reimbursement for services rendered. But what can these professionals expect to earn as their billing and coding career progresses? We explore key factors influencing medical billing and coding salaries, average pay ranges, top […]
billing, healthcare, Healthcare Billing, Medical, Medical Biller, Medical Billing, Medical Billing and Coding Salaries, Medical Billing Salary, Medical Coder, Medical Coding Salary
Verifying a patient’s insurance eligibility and benefits is a critical first step in the medical billing process. Doing it thoroughly and accurately helps prevent claim denials and delays in payment down the road. We reveal proven techniques to verify eligibility and benefits like a seasoned medical billing pro. Insurance Eligibility Verifying insurance eligibility is crucial in […]
Benefits Verification, Eligibility, healthcare, Healthcare Billing, Insurance Eligibility, Medical Billing, Medical Billing Service, medical billing strategy, Outsource Billing, Outsource Medical billing, outsourced billing, outsourced medical billing, Outsourced Verification, Revenue Cycle Management, revenue cycle optimization, Smarter Verification, Verify Eligibility, Verify Insurance Eligibility
The COVID-19 pandemic has persisted due to the continued emergence of new SARS-CoV-2 variants. As the novel coronavirus has spread globally, mutations in the viral genome have given rise to distinct new strains that present evolving challenges. Variants like Omicron and its sublineages have demonstrated a higher transmissibility and ability to evade immunity compared to […]
BA.2.86, BAC886, Corona billing, Corona variants, Corona Virus, Corona virus billing, Coronavirus, Covid, COVID billing, COVID-19, COVID-19 variants, EG.5, FL.1.5.1, GXX11, GXX12, Quevir ZD584, SARS-CoV-2, U18.3, U18.4, U18.5
Adding new providers to your practice brings growth opportunities, but also important billing considerations. Navigating payor credentialing, enrollment paperwork, and proper system setup keeps revenue flowing smoothly for new clinicians. We expose the key steps medical billers / credentialers should take when onboarding new providers to ensure claims pay as expected. Why Provider Credentialing Matters […]
Credentialing, Credentialing AI, Credentialing New Providers, credentialing on-boarding, EHR, FTP, healthcare, Medical, medical credentialing, Payer enrollment, Pre-screening, Revenue Cycle Management, revenue cycle optimization
How do you know your medical billing operation is performing optimally? Key performance indicators (KPIs) and metrics provide the critical insights. By regularly tracking the right quantitative measures, you gain visibility into what’s working, uncover issues early, and identify areas for improvement. We reveal essential medical billing KPIs and metrics every practice should monitor. Why […]
healthcare, Healthcare Billing, Healthcare KPIs, KPI, KPIs, Medical, Medical Billing, Medical Billing KPIs, Medical Billing Service, Medical KPIs, Revenue Cycle ManagementSelecting the right medical billing company is key to ensuring smooth claim processing, optimal reimbursement, and an improved bottom line. As the healthcare revenue cycle becomes more complex, outsourcing to specialists is an increasingly attractive option. Below, we’ll explore why Medwave rises above the rest as the top medical billing service for providers. Deep Medical […]
healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, medical billing strategy, medical credentialing, Outsource Medical billing, outsourced billing, outsourced medical billing, rcm, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation, RPA
In the complex landscape of medical billing, the term “AR Recovery” holds significant importance. This article will delve into the depths of AR Recovery, shedding light on its significance, process, and benefits. Whether you’re a healthcare provider, a patient, or simply curious about medical billing intricacies, this guide will provide you with valuable insights. AR […]
A/R Recovery, Accounts Receivable, Accounts Receivable Recovery, AR Medical Billing, AR Recovery, healthcare, Healthcare Billing, Medical Billing, Medical Billing Service, Revenue Cycle Management, revenue cycle optimizationNavigating the complex world of medical billing requires a deep understanding of Current Procedural Terminology (CPT) codes. For intensivists, accurate coding is crucial to ensure proper reimbursement for the critical care services they provide. We’ll jump into the realm of intensivist billing and explore the key CPT codes that play a pivotal role. Whether you’re […]
99291, 99292, Arterial Line Insertion, Central Venous Catheterization, Chest X-rays, Complex Chronic Care Coordination, Critical Care Services, Electrocardiogram, End-of-Life Care, Extensive Care Plan Oversight, healthcare, Healthcare Billing, Hemodynamic Monitoring, Informed Consent, Intensivist, Intensivist Billing, Mechanical Ventilation Management, Medical, Medical Billing, Medical Billing Service, Medical Team Conferences, Revenue Cycle Management, Telemedicine Services, Ultrasound Guidance, Wound CareIn the realm of medical billing and coding, precision and accuracy are paramount. Hospitalist billing, a specialized area, relies on specific CPT (Current Procedural Terminology) codes to ensure proper reimbursement for services rendered. These codes serve as a universal language that communicates medical procedures and services to insurance companies. In this comprehensive guide, we’ll delve […]
99221, 99231, 99233, 99238, CPT codes, CPT Codes in Hospitalist Billing, healthcare, Healthcare Billing, Hospitalist, Hospitalist Billing, Hospitalist Medical Billing, ICD-10, Medical, Medical Billing, Medical Billing Service
At Medwave, we are dedicated to providing valuable insights and guidance on detecting and preventing healthcare fraud and abuse. We will equip you with the knowledge and tools necessary to safeguard your organization and patients from these malicious activities. By implementing the strategies outlined below, you can enhance the integrity of your healthcare services and […]
fraud, healthcare, Healthcare Abuse, Healthcare Fraud, medicaid, medicaid fraud, Medical, Medical Fraud, medicare, medicare fraud, Phantom billing
Understanding Payer Enrollment What is Payer Enrollment? Payer enrollment refers to the process through which healthcare providers, such as hospitals, clinics, and individual practitioners, become registered with insurance payers or healthcare plans. It involves submitting the necessary documentation and information to establish a contractual relationship with these payers. By enrolling with payers, providers gain the […]
Credentialing, healthcare, Healthcare Billing, healthcare credentialing, Medical, Medical Billing, Medical Billing Service, medical credentialing, payor enrollment, Revenue Cycle Management, revenue cycle optimization
In today’s fast-paced world, the healthcare industry faces numerous challenges when it comes to managing medical billing processes efficiently. With the increasing complexity of healthcare systems and the constant changes in regulations, there is a growing need for automation to streamline and optimize medical billing operations. Robotic Process Automation (RPA) has emerged as a game-changing […]
healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Robotic Process Automation, Medical Billing Service, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation, Robotic Process Automation Billing, Robotic Process Automation Medical Billing, RPAIn today’s fast-paced healthcare industry, medical billing plays a crucial role in the financial stability and success of medical practices. However, managing the complexities of medical billing can be overwhelming for healthcare providers. This is where outsourcing your medical billing can be a game-changer. In this article, we will explore the reasons why outsourcing your […]
healthcare, Healthcare Billing, Medical Billing, Medical Billing Service, medical billing strategy, medical claims, Outsource Medical billing, outsourced billing, outsourced medical billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization
Substance abuse treatment plays a crucial role in addressing addiction and supporting individuals on their path to recovery. Alongside the provision of quality care, it is essential to have a streamlined billing process to ensure efficient reimbursement for the services rendered. This article aims to explore the common Current Procedural Terminology (CPT) codes used in […]
Behavioral health assessment, Case management, CPT, CPT-10, Detoxification and withdrawal management, Evaluation and Management, Family therapy, Group therapy, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, Medication management, Psychotherapy, substance abuse, Substance Abuse and Mental Health Services Administration, Substance Abuse BillingMedical billing plays a critical role in the healthcare industry, ensuring accurate reimbursement for services provided by healthcare providers. However, the traditional processes of medical billing have long been plagued by challenges such as complex coding systems, frequent changes in regulations, and increasing administrative burden. As technology continues to advance, the future of medical billing […]
Automation, Blockchain Technology, EHR, HIPAA, HIPAA and Data Protection, Machine Learning, Medical Billing, Patient-Centric Billing Systems, Predictive Analytics, Real-Time Claims Processing, Reducing Rejected Claims, Remote Billing, Telemedicine