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Reimbursement and Practice Management

Financial Management Archive

  • Workers’ Compensation Provider Payments

    Ask a medical practice biller which insurance payer is the most frustrating to handle and the answer is almost always workers’ compensation. Yet, for many practices, this particular payer may comprise a significant segment of the bottom line – perhaps even a lucrative one despite all the paperwork and other hassles. Read full article
  • Making the EHR Switch - Again

    When your current EHR system negatively impact cash flow and patient service – a change might be worth it. Here are things to keep in mind.

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  • Workers Comp Case Managers in a Specialty Clinic
    Workers Comp Case Managers in a Specialty Clinic

    If your specialty clinic serves patients who have been injured on the job, the workers compensation case manager plays a critical role, coordinating services and navigating through myriad forms. Practice Advantage advisor Dale Moss offers tips for optimizing your partnership with the case manager.

  • The Value-Based Payment Modifier

    Learn what the newest government-led quality incentive program means for you.

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  • Accountabilities

    Your accountant can be one of your most critical business consultants and partners —saving you money or, if you make a bad choice, costing you plenty. Here are keys steps to take as you narrow down your choices.

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  • How to Choose Accounting Services for Your Practice
    How to Choose Accounting Services for Your Practice

    Practice Advantage advisor Dale Moss describes what to look for when choosing an accounting firm for your medical practice.

  • Billing: Outsourced or In-house?
    Billing: Outsourced or In-house?

    Practice Advantage advisor Dale Moss offers tips for taking the next step if you are thinking about outsourcing your billing.

  • The Patient as Payer

    Position your practice’s efforts to meet today’s demands for time-of-service patient collections. Read full article
  • Emerging Payment Models

    Although outside experts can be called in to assist with annual contract negotiations, physicians are the ones who will have live with the agreements that are reached. Here’s a quick primer on the reimbursement methodologies emerging in markets across the U.S.

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  • Value of Third Party Billing Audits
    Value of Third Party Billing Audits

    Are third party billing audits a worthwhile investment for your medical practice? Practice Advantage advisor Dale Moss describes the potential benefits of third party audits, with the growing complexity of compliance for healthcare entities.

  • Patient Payment Plans

    Today, as patients owe more — both in terms of individual amounts and the percentage of your practice’s total accounts receivable — collecting from patients has become a high stakes game. Read full article
  • ICD-10 Changes Everything

    With the October 1, 2014, go-live date for ICD-10 approaching, focus on key areas to get prepared. Read full article
  • Stop Revenue Leaks

    Take control of what you can – following are some time-tested strategies to implement for improved revenue performance and, just as importantly, actions to stop revenue from leaking due to errors, inefficiencies – or both.

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  • 2 Cents on 2 Percent Sequestration
    2 Cents on 2 Percent Sequestration

    In this Pearl, Practice Advantage advisor Dale Moss gives his 2 cents on how sequestration and future penalties for not participating in meaningful use, eRx, and other government programs might impact expenses in a medical group.

  • Heavy Lifting for Fiscal Fitness
    Heavy Lifting for Fiscal Fitness

    With healthcare costs continually rising yet reimbursement remaining almost flat, what can medical practices do for fiscal fitness? Practice Advantage advisor Dale Moss shares examples of better performing specialty practices that tend to invest more in their operational costs than in their people.

  • Credit Abilities

    We typically like to receive refunds, not give refunds. It is inevitable that your medical practice will collect too much money for some of its services. Managing these overpayments effectively is good for business. Read full article
  • Bottoms Up! Cut Costs to Improve the Bottom Line

    With reimbursement cuts, physicians are continuing to put a priority on evaluating practice costs to ensure a more stable bottom line.

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  • Fraud Proof Your Practice

    The risk of employee theft and embezzlement is an unfortunate fact of life for every business. While experts estimate losses from fraud at approximately 5% of revenues for a typical company, small businesses including medical practices – which usually cannot afford elaborate systems to prevent and detect internal theft and embezzlement – are likely taking an even greater revenue hit.

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  • Do the Math
    Do the Math

    Practice Advantage advisor Dale Moss demonstrates a simple exercise that practices can use to estimate how many patient encounters are needed each day, week, and month to meet annual financial projections.

  • Time-of-Service Collections

    One-third of patients who walk out of your practice's door, walk out without paying a dime.1 This trend is on the rise because nearly one out of every five patients is uninsured and employers are increasingly transferring financial responsibility to patients through high-deductible health plans, and higher copayments and coinsurance.2 With projections that one-third of your revenue will soon be coming from patients, not insurers, it's an opportune time to focus on optimizing your collections at the time of service.1

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  • Revenue Cycle Management Best Practices

    The 2011 National Health Insurer Report Card revealed that 19.3 percent of claims paid by commercial insurance companies are incorrect. This alarmingly high rate of "mistakes" is coupled with the fact that patients – also pinched in this turbulent economy – owe larger portions of their medical bills these days. Add to these challenges the cost increases and revenue squeezes facing medical providers and there's little doubt that prioritizing the revenue cycle has never been more important.

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  • Technology in the Business Office

    With the intense focus on the government's incentive program for electronic health records (EHR), it's no surprise that the business office gets the short end of the stick when practice leaders set priorities these days. While there are leaps and bounds to be made in patient flow using an EHR system, don't overlook the opportunities to enhance the revenue cycle through automation. Those options have expanded significantly in recent years, offering productivity and performance enhancements every bit as remarkable as an EHR provides for clinical operations.

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