Are you leaving money on the exam table? Many providers are performing additional services at the patient’s request during the preventive examination, and not taking credit for their work. While expenses continue to rise in running a medical practice, the practice manager should ensure the providers...
Does your staff think the Billing Department is the only staff members responsible for the revenue cycle? If they do, you may want to have an impromptu staff meeting to discuss how everyone plays a role in the revenue cycle. The Front Desk (Administrative) staff,...
The Patient Protection and Affordable Care Act, known to most of us in medical practice management as the ACA, or Obamacare, was signed into law by President Obama on March 23, 2010. Nearly six years later, a portion of that law was implemented on March...
The most common statements made by physicians are… my expenses are increasing and my revenue is decreasing. Are these comments made from reviewing hard data, or just a gut feeling? It is difficult to make decisions affecting the medical practice and strategic planning without having...
When reviewing claims in the practice management system, you notice many claims have been paid at 100% of the practice’s fee schedule. Further review shows the practice’s fee schedule has not been updated in the past few years, and the current fee schedule is less...
When you run your December 2015 billing reports, take a close look at your A/R aging report to determine the amount of unpaid money in the 120+ day buckets. How does the percentage of this old A/R compare to the total A/R? In an ideal...
When choosing a new ancillary service to offer, it is crucial to select one that suits your specific practice. New and varied health care services can be a great way to increase gross revenue and nurture business without expanding overhead. It’s simple – invest the...
At its core, a medical practice is much like any other business – it exists to make profit by sustaining viable revenue. However, a medical practice is often faced with unique challenges that aren’t often seen in other businesses. One of these is negotiating medical...
Considering whether or not to outsource your practice’s medical coding or the entire process is a big decision. However, when you learn how it works and the benefits it can have on your bottom line – it’s not a matter if you should transition, but...
We’ve written quite a bit about the new ICD-10 coding system and the implications it has for your medical practice. Time has flown by and the October 1st deadline is here. The new ICD-10 system will have over 68,000 billing codes as opposed to...