Every practice management system can produce reports, but are you utilizing those reports on a monthly basis? They are the key to your practice management numbers, but it’s amazing how many people I work with who do not know how to run reports
Revenue Cycle Management
Independent physician practices can start increasing their cash flow and reducing their bad debt immediately—and they don’t need fancy software or renegotiated reimbursement agreements to do it. All they need is to have some simple systems in place.
What role should physicians play in discussing the financial impact of treatment decisions, and how can they better manage these conversations?
Even the most experienced physicians and practice managers face a daunting dilemma on the financial front: Should they handle billing and collections internally or hand over these tasks to an external vendor? There are strategies that physicians can use to evaluate potential vendors and make the best decision for their practice.
With the addition of EHRs and patient portals, many practices today are better positioned to incorporate modern processes and procedures to manage their accounts receivables more effectively, particularly by improving collections from patients.
Knowing which CPT code to use for an evaluation and management visit can boost your revenue and help avoid audits
A well-structured strategic business planning process can help your practice in both the short and the long term
Outsourcing revenue cycle management can ease strain on practices, but physicians must study the details before signing a contract.
With claim denial rates expected to rise in coming years, here are some of the most common reasons for non-payment and suggestions for ways to capture revenue for your practice.