Revenue Cycle Management
Eliminating claim denials is a crucial aspect to revenue cycle management. Successful healthcare providers have streamlined operations and made the revenue cycle more efficient. They understand that every step counts when it comes to securing reimbursements and obtaining revenues for their services. An operation that lacks efficiency, the necessary staff skill set or effective processes […]
The shift from a volume based reimbursement format to value based one is taking shape across the country. Healthcare providers are being urged to move from payments based on quantity of services provided to payments based on the values of these services.
Market forces and the implementation of the Patient Protection and Affordable Care Act have combined to transition radiologists and other healthcare service providers from a traditional fee-for-service payment model to other types of payment agreements, including medical shared risk reimbursement. Radiologists and other stakeholders must put into practice strategies that will enable them to balance […]
With the increasing adoption and implementation of the Patient Protection and Affordable Care Act and its various components, the financial reimbursement picture is drastically changing. We now have an increased emphasis on value-based reimbursement, risk sharing and bundled payments instead of just volume-based reimbursement. In addition, there is now an increase in the patient portion […]
Consider contracting the healthcare revenue cycle management functions to a third party such as Healthcare Information Services. This will allow you and your staff to focus your efforts on other core areas, such as recruiting, providing new services, and improving other areas of you practice. For physicians and other healthcare providers, the healthcare revenue cycle […]
As a healthcare professional, your focus and strength should be on your patients and their treatment plans rather than on managing your office financials. In looking at how you handle medical billing, you may be tempted to stay with what you have in place rather than spend the time to make a change. But in […]
In the business of healthcare, revenue cycle management covers all of the processes that encompass with collection and measurement of revenue to you and your practice. This should include registration, eligibility verification, coding and claim preparation, claims submission and processing, insurance collections, rejections, denailas, appeals, patient responibility collections,payments posting, financial analysis and reporting, financial projections, and […]
It seems no sooner have you finished preparing and implementing the ICD coding changes, than a new set is knocking on your door. If those being implemented in 2015 have you wondering how to prepare for ICD-10, you are not alone.
Here at Healthcare Information Services, we know how important successful management of your revenue cycle is for medical practices. While every practice's primary focus is on patient care, we recognize the reality of the situation:
The following considerations for revenue cycle management can help ensure the maximum revenue stream for your radiology group.
As owners, managers and administrators in the medical field you have to know your business in-and-out if you want to be successful, and one area of particular importance is communicating with your patients. This is true not only in regard to their medical conditions, but also in explaining and collecting payments on their bills.
In less than two years the WHO’s new International Classification of Diseases (10th edition) will be implemented by the Centers for Medicare and Medicaid Services (CMS), rendering the previous ICD-9 code sets obsolete. It will also, therefore, render all medical practices that have not adopted and implemented the ICD-10 code sets outdated. This will have […]