Revenue Cycle Management
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 […]
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 […]
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 […]
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 It will also, therefore, render all medical practices that have not adopted and implemented the ICD-10 code sets outdated.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 […]
Medical practice costs have risen over 50% in the last decade, far outstripping the Consumer Price Index and Medicare payment rates (ama-assn.org.) More specifically, orthopedic practices are facing declines in patient numbers, reimbursements, and elective surgeries (according to beckersorthopedicandspine.com). Physicians are looking for ways to avoid making the difficult choice between reducing their practice costs and […]
EHR implementation is less a choice of “if” than of “when” and “how.” With patient records steadily moving online, it is imperative that medical service providers stay ahead of the curve and implement electronic health records on their own terms. While EHR implementation will usually help your bottom line, the transition can be time-consuming if […]
Revenue cycle management is critical for any orthopedic practice. It is how cash flow is generated, which it is the lifeblood of your practice.