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What is the Average Benchmark for Rejected Claims?
By Michael Carroll
on June 6, 2018
What is a normal rejection rate for medical practice claims? Simply put, a 5-10% rejection rate is considered average. However, rejection rate is sort of like the first layer of an onion. It needs to be peeled back and evaluated to determine the full effect of rejected claims on your practice. The more aging payments, […]
Keep Reading >>>Primary Modifiers That Your Ophthalmology Billers Must Know
By Michael Carroll
on May 30, 2018
Managing the claim denial process is not only a headache for practices, it will affect your revenue stream. A report from the American Academy of Family Physicians found the average denial rate in the US to be between 5-10% . That means if your practice averages $500,000 per year, you are at risk of losing between $25,000 […]
Keep Reading >>>Questions Your Billers Should Ask When Verifying Insurance
By Michael Carroll
on May 23, 2018
According to Healthcare Finance, “eligibility expired” is one of the top five reasons medical claims are denied. Hospitals lose $262 billion per year on denied claims. Now, think about how much it costs for an employee to spend 10 minutes of their time verifying insurance. For front desk staff making $15 an hour, the practice will spend $2.50 […]
Keep Reading >>>Do You Have an Effective Deductible and Coinsurance Payment Strategy?
By Byrd Evans
on May 16, 2018
“Cash flow has never been more important than it is now,” noted Medical Economics. The increase in high deductible and coinsurance health plans has placed a much greater financial burden on patients. As a result, medical practices are feeling the cash flow pinch. As of June 2017, 40% of adults in America were on high deductible plans and […]
Keep Reading >>>Are You Properly Documenting Surgical Service Claims?
By Michael Carroll
on May 9, 2018
Americans spent $3.2 trillion on their healthcare in 2015, an increase of 5.8% from 2014. That’s 17.8% of gross domestic product (GDP). Compare that with $27.2 billion in 1960 and just 5% of GDP. Costs are rising exponentially. Combine that with legislation change and uncertainty, stringent new quality measures required by Medicare and Medicaid as well as […]
Keep Reading >>>Five Ways to Optimize Your Charge Entry Process
By Baldwin, CPC, CPMA
on May 2, 2018
The charge entry process is the most important step in the medical billing process. Incorrect or missing data can result in denied or delayed claims. Administrative costs go up when mistakes are made in this data entry step. Staff are stretched thin and managers are stressed about revenue and these levels go up when the […]
Keep Reading >>>What Emotional Intelligence Means to Eye Health Practice Managers
By Byrd Evans
on April 25, 2018
Running a busy eye health practice (whether the doctors are optometrists, ophthalmologists or both) is a challenge. This kind of physician’s office is generally open most weekdays throughout the year, except for a few holidays. The volume of patients to be seen each day goes up and down and employee turnover will affect the level […]
Keep Reading >>>Does Your Practice Have More Debt Than You Think?
By Michael Carroll
on March 29, 2018
It’s a familiar scenario. You sit down to review financials for your practice, but there’s always a caveat. Your billing staff explains the revenue and debt shown is not completely accurate because of unapplied credits. Whether we’re talking about a small medical practice or large corporation, it’s impossible to gauge financial health without accurate reporting, […]
Keep Reading >>>Patient Payment Optimization in Your Ophthalmology Practice
By Michael Carroll
on March 22, 2018
“Revenue cycle, patient accounting and collections make up the financial engine of a healthcare provider organization—and payment processing is the fuel,” stated Patient Payment Optimization, a recent whitepaper from JP Morgan Chase. It’s true. Payment processing is at the core of every practice’s accounting workflow. Recent healthcare reform has placed more of the financial burden […]
Keep Reading >>>Maintaining Financial and Legal Control in Your Billing Practice: Start by Working Unapplied Credit Balances Immediately
By Michael Carroll
on March 15, 2018
If your staff aren’t working assigned unapplied credit balance reports weekly, you might run afoul of the law. In the current healthcare field, replete with stringent financial restraints and finite resources, credit balances and unclaimed property balances may be draining the lifeblood out of your solvency. Failure of billing staff to work these elements on a […]
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