Importance of Revenue Cycle Management

Importance of Revenue Cycle Management

All Medical Practices and independent practitioners are seeking the same end result: increased revenue and decreased costs. What’s the best way to reach that end result effectively? Revenue cycle management. While each practice has its own unique billing needs, consistency is required to significantly boost revenue while reducing the rate of claim rejection. Let’s examine each area of your practice. Front Office What matters most to your practice’s front office? insurance verification co-pay collection balance reviews. The great thing is that e-verification, or real-time eligibility, has vastly improved the process of checking patient insurance policies and should be done...

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How to lower your claim denial rate!

How to lower your claim denial rate!

In 2017, very few things are more frustrating to an independent Medical Practice than having a claim denied by a payer. Denied claims result in delayed payments when you least expect it, or worst-case scenario, absolutely no payment at all. Most practices don’t even know why claims are getting denied, nor do they understand what their claim denial rate actually is, let alone why it is as high as it is. One thing we know at Medical Revenue Solutions, is that practitioners have tools to make a positive impact on that rate in which their claims are denied. While...

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Medical Revenue Solutions will handle your outsourced medical billing

Why should you outsource your Medical Billing?

Objections with Medical Billing In 2017, small and medium independent Medical Practices all over the nation claim that payment collection for services rendered is one of the most complicated issues they face moving forward. The healthcare industry and it’s incredibly complex set of rules and regulations, has pushed medical practitioners to invest a considerable amount of time and resources into billing and payment collection. Taking on the challenge of balancing a large amount of paperwork while trying to keep ahead of the complicated and quickly changing protocols related to medical billing, as well as following up on unpaid claims...

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What is MACRA?

What is MACRA?

Are you ready for MACRA? Every couple of years, seemingly out of nowhere, a trending topic pops up in the healthcare industry that shakes everyone’s roots. In 2015, it was the Affordable Care Act – in 2005, RAC Audits, SGR in 1997 and HIPPA Compliance in 1996.  With each push for something new, comes a new wave of fear in the medical community.  The latest in the healthcare industry seems to be MACRA, MIPS, and APMs, and everyone is scrambling to understand how it works and how it affects them most. According to the Centers for Medicare and Medicaid...

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What is Practice Management Software?

What is Practice Management Software?

Practice Management Software Definition Practice Management Software is a healthcare software solution that efficiently handles the day to day operation of a medical practice. The software itself allows users to seamlessly integrate billing, scheduling, reporting and insurance eligibility into one system! Typically, most practice management software systems are designed for small to medium sized medical practices and are intended for multiple users to share the data and the workload! Best of all, practice management software is often connected to electronic medical records systems, though some features may overlap a bit, the electronic medical records system is used for assisting...

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8 Benefits of Electronic Health Records

8 Benefits of Electronic Health Records

In 2017, it’s not uncommon for patients to see their health care providers taking notes during their office visits on laptops, tablets or other mobile computer devices. Generally speaking, the shift from paper to web-based (digital) records has taken longer in the healthcare industry than most expected. Today, it should be the goal of every independent medical practice to adopt electronic health records to improve overall patient care through timely access to all of their patient information, with an emphasis on better patient diagnoses and patient outcomes. While most U.S. hospitals have already adopted a basic EHR system, a...

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Blog about how to grow your medical practice in 2017

How to grow your Medical Practice in 2017!

One thing we discussed recently, was how to optimize your Medical Practice. While these two topics may sound familiar, it’s important to note we focused on helping you gain control of delinquent patient balances by capturing the low hanging fruit, introducing better services to manage patient balances in your Medical Practice and better situate yourself to handle patient balances going forward. Why was that important? A paid patient balance is incoming revenue. Incoming revenue is cash you’re going to use to correctly set yourself up for growth. Growth equates to more patients, more paid patient balances and more revenue....

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Surviving as an Independent Medical Practice

Surviving as an Independent Medical Practice

Let’s face it, the hard reality is that it is harder than ever these days to run a successful independent medical practice. As insurance payers change to value-based vs. fee-for-service reimbursements, solo and/or small practices will be on the hook to struggle through the changes in clinical care and administrative coordination to receive payment. Staying independent can happen and thrive in the current abyss of changes. How? A national healthcare advocate advised on the following capabilities to stay independent: Strong Financial Performance Connectivity and Clinical Integration Ability to thrive in a risk-based environment Competitive Edge Adaptability to change Essentials...

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Which EHR is the best?

Which EHR is the best?

Well, let’s start by discussing what our team at Medical Revenue Solutions uses, and that’s MediTouch by HealthFusion. While it’s an easy question to ask, “What EHR is the best?” the real question is “What EHR is best for your Medical Practice?”. We’re going to discuss why we think MediTouch is the best EHR (Electronic Health Records) and why we use it exclusively. Who is HealthFusion? HealthFusion was founded in 1998 in San Diego by two primary care physicians and their EHR solution, MediTouch, which is now in use in thousands of practices, both large and small, across the...

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Small Business Commitments for 2017

Small Business Commitments for 2017

So, as I’ve mentioned in previous blogs, blogging does not come natural to me.   In fact, it ranks right up there with eating green vegetables and running a marathon, neither of which is on this girls’ bucket list! However, I’m up for a challenge in 2017. Keep reading, this isn’t your typical “New Year’s Resolution” blog. This blog is about tackling those challenges that you really do not want to do. Overcome challenges in 2017. My first challenge is to accept the fact that even though blogging is not my forte, it’s good for me to do. It’s good...

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