What is Clean Claim Submission & 10 Reasons Why It Is Important for Your Practice?
In the U.S., the medical insurance claim process is notoriously complex and prone to errors that cost healthcare providers billions each year. Consider that nearly 15% of all claims submitted to private payers are initially denied. Hospitals spent roughly $19.7 billion in 2022 just to appeal and correct denied claims, which is an immense financial […]
Top 12 KPIs in Revenue Cycle Management and How to Track Them
How well is your healthcare practice’s revenue cycle doing? No matter where you stand now, there’s always room to improve and iron out inefficiencies. To get a complete view of your facility’s cash flow, you need to keep track of a revenue cycle KPI dashboard and its metrics. But which KPIs should you pay attention […]
How Robotic Process Automation Improves Efficiency and Reduces Costs in Healthcare
Picture your healthcare facility buried under paperwork, dealing with constant errors and inefficiencies. This not only disrupts your patient care journey but also leads to delayed payments. So, what’s the best possible solution for this? Let’s discuss this in the following article. RPA is an emerging technology in healthcare. It uses software to automate repetitive […]
Is Physician Billing Different Than Hospital Billing? Here’s the Answer
Physician and hospital billing are often confused as the same thing, but there are a few significant differences. Both have their own sets of challenges and require special expertise to handle their complexities. A clear understanding of these billing processes is important for financial management, enhanced patient care delivery, and streamlined revenue cycle operations. Physician […]
In-House vs. Outsourced Revenue Cycle Management
As your medical practice grows, you may find yourself at a crossroads—continuing with in-house medical billing or outsourcing it to professionals. Revenue cycle management plays a vital role in maintaining cash flow, making it crucial to weigh your options carefully. There isn’t a universal solution, as both approaches have worked for different healthcare providers. The […]
Top 7 Reasons for Delayed Payments in Revenue Cycle Management and How to Fix Them
Your medical practice is dedicated to patient care, but maintaining a steady revenue cycle and cash flow is just as important in today’s healthcare reimbursement landscape. Long accounts receivable cycles and claim denials can be frustrating, directly affecting your financial health. However, slow revenue cycles follow recognizable patterns. Identifying these patterns allows you to address […]
How to Reduce Claim Denials and Automate Revenue Cycle Management: A Step-by-Step Guide
Balancing patient care with cost control is always challenging. This guide will help you understand denial management, reduce denial rates, and automate your revenue cycle management. Plus, discover expert tips for boosting revenue and streamlining operations. In this article, you will find: Understanding Denials in Revenue Cycle Management Denials in revenue cycle management happen when […]
Top 5 RCM Challenges in Healthcare and How to Overcome Them
In today’s fast-paced healthcare environment, running a medical practice is a big responsibility that involves multiple steps, from patient registration to final reimbursement clearance. However, financial systems like Revenue Cycle Management (RCM) can help providers streamline the whole process from appointments, insurance checkups, billing and claims. Therefore this implies a well and sound RCM system; […]
Optimizing Revenue Cycle Management: Essential Stages, Challenges, and Best Practices
In healthcare, the financial stability of an organization largely depends on how well revenue cycle management (RCM) is handled. As the industry continues to evolve, it’s essential for organizations to grasp the complexities of RCM. With the growing complexity of healthcare delivery, optimizing RCM is key to ensuring timely reimbursement and plays a crucial role […]
How to Know If Your Claims Are Being Underpaid
Medical billing is a vital part of healthcare administration and can be especially challenging for smaller medical businesses such as independent labs and specialist practices. Accurate and timely billing is crucial for practitioners to receive payment for their services, keep their offices running smoothly, and provide high-quality care to patients. Insurance companies and government payers […]
