In the contemporary digital age, the healthcare sector has initiated the employment of robotic process automation and artificial intelligence to administer its revenue cycle. The adoption of automated workflows is inducing fewer inaccuracies, amplified collections, and overall profitability. Nevertheless, despite these advancements, certain revenue cycle management (RCM) procedures, particularly in specialty healthcare, still encounter a gap. For healthcare providers, efficient and sustainable RCM is of […]
Ambulatory Surgery Centers (ASCs) provide patients with same-day surgical procedures, offering convenience and cost savings. However, ASCs face unique billing challenges that can impact their revenue growth. Inadequate billing procedures, along with insufficient transparency and prolonged delays in claims processing, can lead to both revenue losses and elevated costs. To maximize revenue growth, ASCs need to streamline their billing operations and ensure timely and accurate […]
Most gastroenterologists find it hard to answer the question, “Is my practice financially healthy?”. With declining reimbursements, complicated regulations, and growing patient responsibility, maintaining the business side of the healthcare practice can be difficult. However, the good news is that the right combination of technology and services can help. As a result of an intense advocacy effort led by the American Gastroenterological Association, CMS has […]
Many medical professionals and facilities experience claim denials, but in reality, the process is often misunderstood. In most cases, claim denials result from failing to verify benefits properly before providing services. Verifying insurance eligibility and obtaining prior authorization is an essential step in the medical billing process. Any practitioner or medical professional providing a service or medication must be willing to follow this process to […]
Medical Billing and Revenue Cycle Management are integral parts of the healthcare industry and are one of the professional technological solutions that healthcare workers rely on frequently. If, for instance, the billing fails in a reputed clinic, then every operation that happens on a day-to-day basis fails. Often, many billing services companies fail to provide or delay the expected outcomes owing to not having a […]
A primary question faced by almost all practices is should they outsource their medical billing or keep it in-house. The right answer to this predicament will differ from practice to practice, and it will be established on several factors, including finance, size of the workplace, knowledge and age of the business. Therefore, to come to the right decision it is required to assess your practice’s finance, volume metrics and staffing.
Health care reform, bad debt, and regulatory changes are all having an impact on the revenue cycle, as the health care industry is evolving at a breakneck speed. To overcome these challenges, we have to adapt strategies for a revenue optimization program that can offer a confirmed method to maximize revenue and implement practices that boost profits.