Medical billers must have a comprehensive knowledge of various aspects of physician practice management. They must know billing and coding as well as explain the costs of medical treatment to a patient in person. They must also know Medicare/Medicaid regulations, HIPAA, and other complex state/federal guidelines, insurance requirements, and more.
Despite what doctors learn in medical school about patient billing practices (i.e., keep it in-house), times are changing. Billing is now as complicated as anything else about the business of running a medical practice.
Are you prepared for the value-based health care model? It’s already here but it’s still 2-3 years away from being fully implemented, so now is the time to get prepared so that your practice and your staff are ahead of the game and ready to maximize profitability and sustain growth.
Simply put, a workflow is the pattern and amount of work that comes in and goes out from your office and staff. The key to a good flow is to eliminate those tiny sources of inefficiency, such as inconsistent medical billing or collections, before they begin to inconvenience patients, disrupt your practice, and hinder profitability.
Medical billing and coding are complicated. For many medical practices, they are often overwhelming when combined with all the other responsibilities your staff has. If this process is plaguing your practice, a structured revenue cycle management (RCM) system may need to be implemented to help your practice operate more smoothly and optimize cash flow.
Obviously, collecting payments is crucial to the profitability and cash flow of your medical practice. However, due to the trend these days toward more high-deductible plans and higher co-pays, many patients are finding it difficult to pay their bills.
One of the biggest challenges in running a thriving medical practice is credentialing. It’s not always an easy, straightforward process, but it’s necessary to keep your practice as smooth and updated as possible so that you not only enjoy a steady revenue stream but also continue growing and providing the gold standard medical care that you’re […]
