Don't leave money on the table. This checklist will help you discover areas of opportunity to make the management of your revenue cycle more efficient.
Those in the healthcare industry are certainly no strangers to insurance claim payments being delayed or denied. Practices facing this issue are at a great risk for losing out on revenue throughout each year, because it is estimated that around 25% of denied claims are never paid at all. If your organization’s denial rates are particularly high, this issue is one that will need to be addressed and resolved so your practice can continue to serve patients and bring in revenue. One of the most effective ways to determine how to prevent such denials is to evaluate and assess your practice’s revenue cycle. Keep reading to learn more about how to conduct this type of assessment and how Healthcare Information Services can help optimize your revenue cycle for practice success.
“Out of sight, out of mind” is an adage that should not apply to the upcoming ICD-10 requirements. Physicians who heaved a sigh of relief over the implementation delay should use the time wisely to get ready for the roll-out of the new coding requirements that are due to start October 1st, 2015. The fact is that the ICD-10 mandate has four times more codes than ICD-9 and many of those codes aren’t easily mapped from the old system into the new one. Some of the old codes in ICD-9 may even have multiple possibilities when recoding for ICD-10 standards. Now is the time to get a handle on how to integrate the new system so that your office will be able to breeze through the roll-out with flying colors.