Thursday, May 2, 2024
How To Make Your Medical Billing Process More Efficient Healthcare costs in the US can be quite hefty, with the average American shelling out around $12,900 a year for medical care. However, from a business perspective, this situation opens up some opportunities, especially for medical practices. Yet, you need an accurate and efficient billing system
[ Read More ]Medical billing is the gift of the digital era, which has transformed the healthcare industry completely. The removal of paper-based bills and mistake-prone clerical work was already a burden for medical care providers. With the introduction of medical billing and coding services, the industry has flourished and continues to grow. If you’re thinking about transitioning
[ Read More ]Car accidents are unexpected and disruptive. The immediate concerns of safety and property damage are stressful and need a person to act wisely. And the financial impact of medical bills can add another layer of stress. Moreover, in cases of major injuries, medical expenses skyrocket quickly, thus, putting a significant burden on individuals and families.
[ Read More ]Accidents can have a lasting impact — not just physically and emotionally but financially too. You may need scans, tests, medication, surgery, hospitalization, rehabilitation, physical therapy, ongoing checkups, and counseling. All that medical treatment certainly doesn’t come cheap, so it’s vital to understand your options for paying your bills while minimizing the financial strain on
[ Read More ]Introduction: Hospital medical claims denial management is preventing, identifying, and appealing denied insurance claims to ensure accurate and timely reimbursement. It is essential for maintaining a healthy revenue stream and avoiding financial losses. This blog post will explore the historical background, current challenges, and practical strategies for successful hospital denial management. The healthcare industry constantly
[ Read More ]There are many reasons a health plan might deny payment for your healthcare service. Such refusal from the insurance company or carrier to honor their request to pay for your health care services is known as the Denial of claim. Denial of claims are one of the most common barriers to effective revenue cycle management
[ Read More ]Similar to many other insurance fields, every New Year brings changes to medical coding services and billing policy trends. However, 2023 has brought some confusion due to changes in drug billing and coding among suppliers and producers. To navigate the updated policies, the article will explain some of the changes. ICD-10 Codes: Understanding Updates Coming
[ Read More ]To improve practice workflow and increase collections, practitioners must have a solid patient payment strategy. Since the pandemic, the amount of unpaid medical debt in the US has increased. With these mounting unpaid bills, many hospitals need help managing their cash flow to pay medical staff, suppliers, rent, and other expenses connected with running a
[ Read More ]One of the constant issues the healthcare industry has to deal with is medical claims processing. Every healthcare service provider grapples with many challenges related to the process, like inaccuracy, delays, denials, and compliance. It acts as an additional stress component on patients, medical staff, and administrators alike and can throw the healthcare facility’s financials
[ Read More ]Health systems of all sizes continue to face expensive claim denial issues, and the rate of claim denials has steadily risen since 2016. The pandemic only worsened the trend; by the third quarter of 2020, the initial claim denial rate had reached 11%. This indicates that more than one in every ten claims is rejected.
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