Revenue cycle management (RCM) is a critical component of running a successful and financially stable medical practice. However, with the complexity of medical billing and constantly changing payer rules, many healthcare providers struggle to manage their revenue cycle effectively. This results in lost revenue due to suboptimal reimbursement rates, denial rates, collection rates, and other […]
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Posts tagged "Revenue Cycle"
Medical Billing versus the Sports World: An Unlikely Comparison
At first glance, medical billing and professional sports seem to occupy opposite ends of the career spectrum. However, there are interesting parallels in how these two worlds operate when it comes to finances, data, and competition. Drawing comparisons between the healthcare administration and athletics provides unique insights that billing professionals can apply to enhance their […]
AI, artificial intelligence, Claim Data, Data, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, outsourced billing, outsourced medical billing, rcm, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, sports, sports vs billingStaffing Shortages Force New Medical Billing Strategies
The healthcare industry is facing a critical staffing shortage that is impacting medical billing operations and revenue cycle management. With an aging population and expanded access to healthcare, the demand for healthcare services is rising. However, there is a shortage of healthcare workers, including medical billers and coders, to meet this growing demand. This is […]
billing, Billing Staff, COVID billing, COVID-19, healthcare, Healthcare Billing, Medical Billing Staff, medical coding, Outsource Billing, Outsource Medical billing, outsourced billing, outsourced medical billing, rcm, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Robotic Process AutomationJN.1 Variant: Navigating COVID-19 Testing Billing Requirements and Optimization
Cases of a new COVID-19 variant, temporarily designated JN.1, are rising rapidly nationwide. According to data from the U.S. Centers for Disease Control and Prevention, JN.1 now accounts for 44% of all COVID-19 infections in the country. That represents more than double its share compared to just a week prior, highlighting the dramatic growth rate […]
COVID billing, COVID Testing, COVID testing billing, COVID-19, COVID-19 testing, healthcare, Healthcare Billing, JN.1, Medical, Medical Billing, outsourced billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimizationRelieving Medical Billing Frustrations: The Benefits of Outsourcing to Qualified Professionals
Medical billing plays a pivotal yet oft-overlooked role in provider financial stability and continuity of care operations. However, limited resources and inadequate solutions burden in-house teams trying to navigate outdated systems. The resulting claim delays, reimbursement leakage, and patient dissatisfaction has brought many practices to a breaking point. While outsourcing presents risks if not properly […]
billing, healthcare, Healthcare Billing, Medical, Medical Billing, outsourced billing, outsourced medical billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation, RPAThe Secret Sauce: Essential Ingredients for Optimized Medical Billing Outcomes
Medical billing sits at the heart of provider revenue cycles, yet few fully appreciate the complexities billing teams navigate to keep financial flows stable. Between interpreting endless payer policies, wrestling with outdated technology, and managing behind-the-scenes patient communications, it takes specialized skills to turn charges into reimbursements. It serves as the financial backbone of the […]
Healthcare Billing, Healthcare Outcomes, Medical, Medical Billing, Medical Billing Ingredients, Medical Billing Service, Outcomes, outsourced billing, outsourced medical billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation, RPA, Secret SauceDecoding Medical Billing in Texas (The Lone Star State)
With nearly 30 million residents, Texas maintains the second largest state population in the country. This burgeoning community includes diverse urban metropolises like Dallas, Houston, San Antonio and Austin as well as remote rural towns and border communities. The variability in patient demographics and healthcare access models across Texas locations generates pronounced impacts on medical […]
Austin Medical Billing, Dallas Medical Billing, healthcare, Healthcare Billing, Houston Medical Billing, Medical, Medical Billing, Medical Billing Service, outsourced billing, outsourced medical billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, San Antonio Medical Billing, Texas Care Delivery, Texas Medical BillingEvolving Medical Billing Talent Strategies: The Rise of Offshoring and Outsourced Models
Medical billing involves the complex processes of coding services, generating insurance claims, managing rejection disputes, and ultimately securing optimal reimbursement for healthcare providers. With mounting administrative burdens and revenue pressures facing US healthcare systems, demand has accelerated for skilled medical billing talent. However, tight labor markets have spurred shortages. This article explores spreading adoption of […]
healthcare, Healthcare Billing, HIPAA, HIPAA Compliant, HL7, Medical, Medical Billing, Offshore Billing, Outsource Medical billing, outsourced billing, outsourced medical billing, rcm, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Robotic Process Automation, RPANavigating the Rise in Denials: Strategies for Successful Denial Management in Medical Billing
As healthcare payers implement more rigorous utilization management programs, denial rates on medical claims have been steadily climbing – up to nearly 10-15% on average for practices based on reports. Denials directly impact revenues and practice bottom lines due to the costs of reworking and appealing claims. This article will provide a comprehensive overview of […]
Claim Denials, Denial Codes, denial management, Denial Prevention Strategy, Denial Trends, denied medical claims, healthcare, Healthcare Billing, Medical Billing, Medical Billing Service, Revenue Cycle, Revenue Cycle Management, revenue cycle optimizationTelehealth Billing Gets More Complex as Virtual Care Services Expand
The COVID-19 pandemic triggered an explosion in telehealth utilization across healthcare. While telehealth billing processes matured during the public health emergency, new complexities are emerging as virtual care delivery models expand. Practices must stay updated on billing and coding guidelines for telemedicine services spanning video visits, remote patient monitoring, mental health apps, and more. This […]
(POS) Codes, Chronic care management, Digital Therapeutics, healthcare, Healthcare Billing, Medical, Medical Billing, Medical Billing Service, rcm, Remote Patient Monitoring, Remote Patient Monitoring (RPM), Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, RPM for Clinical Trials, telehealth, Telehealth Billing, telehealth delivery, telehealth experience, Telemedicine, Wearable IntegrationGetting Paid Faster: Strategies to Improve Cash Flow Cycles
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. This article explores 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 optimizationMust-have Metrics for Measuring Medical Billing Success
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 AutomationThe Latest Changes to ICD-10 Codes and How They Affect Billing
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 optimizationWhy Medwave is the Best Medical Billing Company for Your Practice
Selecting 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. In this article, we’ll explore why Medwave rises above the rest as the top medical billing service for providers. […]
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, RPAWhy Outsource Your Medical Billing?
In 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 optimizationUnderstanding the Difference Between Medical Billing and Revenue Cycle Management
In the complex world of healthcare, managing the business side of things can often be overwhelming, especially for those new to the field. One common question that arises is the distinction between medical billing and revenue cycle management (RCM). Although the term “medical billing” has been around for a long time, RCM encompasses the entire […]
CPT, healthcare, Healthcare Billing, ICD, Medical, Medical Billing, Medical Billing Service, medical billing software, medical credentialing, rcm, Revenue Cycle, Revenue Cycle ManagementEDISS Connect: All You Need to Know
What is EDISS Connect? EDISS Connect is a powerful web-based application that allows healthcare providers to manage their claims data more effectively. With its user-friendly interface and advanced features, the EDISS platform streamlines the claims submission process, tracks payment status, and provides powerful reporting tools to help providers analyze their financial transactions. If you’re a […]
EDI, EDISS, EDISS Connect, Medical Billing, Outsource Billing, Outsource Medical billing, outsourced billing, outsourced medical billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimizationEmerging Trends in Revenue Cycle Management
In the wake of months of social distancing and virtual visits during the COVID-19 pandemic, patients are once again veering towards a need to see their physicians in person. As patient volume recovers, it’s a great time to take a look at a healthcare practice’s Revenue Cycle Management (RCM) program and make sure it’s still […]
AI, artificial intelligence, artificial intelligence healthcare, Covid, COVID-19, Data Security, Machine Learning, Medical Billing, rcm, Revenue Cycle, Revenue Cycle Management, revenue cycle optimizationHow Critical is Revenue Integrity in Healthcare?
Is Revenue Integrity Critical in Healthcare? What is Revenue and Why is it Important? The exact wording may vary, but you can look for terms such as “gross revenue,” “gross sales,” or “total sales.” This figure is the amount of money a business brought in during the time period covered by the income statement. The […]
healthcare, Healthcare Revenue, Healthcare Revenue Integrity, Medical Revenue Integrity, Revenue, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, Revenue IntegrityHealthcare Revenue Cycle Management Challenges
Healthcare Practices Face RCM Challenges Healthcare providers of all shapes and sizes are struggling to fine-tune their revenue cycle to adapt to changes in the billing world. Constant changes to the healthcare system have brought about a variety of new challenges for providers and patients alike. This is particularly true for smaller practices who must […]
healthcare rcm, Medical Billing, medical billing software, rcm, rcm practices, rcm support, Revenue Cycle, revenue cycle challenges, Revenue Cycle Management, revenue cycle optimization10 Ways to Best Achieve Revenue Cycle Optimization
The healthcare industry is changing rapidly, creating a host of challenges for healthcare providers. Cutbacks in reimbursements, bad debt and regulatory reforms all affect a provider’s revenue. Moreover, the failure to recognize claim submission mistakes heightens the risk of inadequate reimbursement and even nonpayment. While concentrating on ever-pressing needs, it’s difficult for providers to spot […]
healthcare revenue cycle, Medical Billing, Outsource Billing, Outsource Medical billing, outsourced billing, Revenue Cycle, Revenue Cycle Management, revenue cycle optimization, revenue loss, revenue optimizationHow Does Outsourcing Toxicology Billing Maximize Revenue Collection?
Outsourcing Toxicology Billing Maximizes Profit As a supplier of toxicology testing, you’re well aware that medical billing for toxicology laboratory work is highly complex and undergoes frequent and often unpredictable changes. Further muddying the waters, lab testing work is an area of attention and scrutiny by agents for the Office of Inspector General and the […]
billing revenue, Medical Billing, Revenue Cycle, toxicology billing, toxicology lab billing, toxicology laboratory billing, toxicology labsHow Much Does a Medical Billing Service Cost?
Medical Billing Service Costs How Does Pricing Work in Medical Billing? The most familiar question medical billing companies hear, “What are your prices?” It’s an entirely reasonable question. After all, price is a sizable component in any business decision. In this article, we’ll try to clarify some of the misunderstandings surrounding medical billing service rates. […]
Basics of Medical Billing, billing, Healthcare Billing, Medical Billing, Medical Billing Service, medical provider billing, Outsource Medical billing, Pittsburgh Medical Billing, rcm, Revenue Cycle, Revenue Cycle Management, revenue cycle optimizationHospital Revenue Cycle Challenges
Revenue Cycle Challenges Frequently Experienced by Hospitals Data suggests that many hospitals find it increasingly difficult to scale and guarantee high revenue cycle performance. As we all know, hospitals have a large number of expenses. It’s crucial that they receive prompt patient payments from insurance companies, etc. It’s vital for all hospital departments to work […]
Hospital Billing, Hospital Medical Billing, Hospital Revenue Cycle, Medical Revenue Cycle, Revenue Cycle, Revenue Cycle Management