Businesses need a solid accounting system and cash controls to succeed. While medical practices differ from traditional businesses in many ways, a practice with unbalanced books or without an eye on its books at all, will fail.
For many practice owners, accounting can be an enormous hassle. Generating financial reports and balancing books detracts time and money from medical services. Why should aging receivables and late payments prevent you from providing quality patient care?
A medical practice needs more than just doctors to function at a high level — it’s more than just a patient treatment facility…it’s a small business and a community, with all the associated complexities. It needs strategic vision, a business plan, a guiding hand, a day to day leader and a right hand to the physican. Without a good practice manager, a medical office risks reduced patient care quality, reduced revenue, reduced office culture, or even practice closure.
Far from just a routine coding update, the switch from ICD-9 to ICD-10 altered the very structure of coding procedure. While such a huge change may seem like a hassle, your practice can code more precisely and get paid easier with ICD-10. Here are the biggest differences between ICD-9 and ICD-10.
Does your practice’s cash flow suffer because of high accounts receivable? If so, you are not alone - many practices experience revenue delay for the same reason. Below, we explore some of the most common problems - and solutions - in managing accounts receivable.
Improving medical office efficiency improves patient satisfaction and increases your practice’s bottom line. This list includes the top five ways to reform patient flow and boost revenue.
We are so pleased to share a look into our first ever all company outing!
Not only is our group full of incredible and unique people; but seeing us all together in one place was one of the more proud moments of the company thus far.
So, let’s begin!
With many medical billing softwares on the market, it is difficult to select the right one. There are numerous options to consider. Do you want a comprehensive package? Or just revenue management? Do you need iPad compatible software? Or just desktop? Lastly, do you want general software or one for your medical specialty?
Medical billing is a complicated affair. Claims must be filled out completely, correctly, and on-time. There are thousands of different claim codes for each medical sub-section, and hundreds of reasons for claim denial.
The process is time-consuming. With the burdens of running your own practice, billing can become overwhelming.
When it comes to getting help, you’ve got 3 options: hire an in-house biller, assign billing to your front office, or outsource your billing.
How do I know if I am in network with my patient’s insurance plan? Simple question with a not so simple answer…
Picking a billing service can be difficult. There are many options...some of which are less than great. Choosing the wrong team can unfortunately have costly consequences as well...literally.
Worried you might have a problem with your coding or your coding staff? Curious about how you can improve? We have four simple steps so you can feel more confident that you are staying on top of your coding accuracy.