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Home » topics » Increasing profits
PURCHASING

9 things to know about billing software

March 21, 2023 by

The large majority of medical offices use billing software. If you haven’t made the leap to billing software yet, or if you are shopping for a new software vendor, here are things to know. With billing software, you can automate the entire billing process, from sending out invoices to processing payments. This can save you a lot of time and reduce the risk of errors. This starts with shopping for medical billing software. s a medical office manager, there are important factors to consider before purchasing medical billing software. To choose the best software for your small practice, consider the following factors: Budget: Determine your monthly and annual budget for the software and whether you prefer a monthly or annual payment structure. Practice Management Software: Decide if a comprehensive practice… . . . read more.

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CMS

Reminder: 2022 MIPS data submission period ends March 31

March 8, 2023 by

MIPS Eligible clinicians can submit their 2022 data through March 31. The Centers for Medicare & Medicaid Services (CMS) has opened the data submission period for Merit-based Incentive Payment System (MIPS) eligible clinicians who participated in the 2022 performance year of the Quality Payment Program (QPP). Data can be submitted and updated until 8 p.m. ET March 31. How to submit your 2022 MIPS data Clinicians will follow the steps outlined below to submit their data: Go to the Quality Payment Program sign in page. Sign in using your QPP access credentials (see below for directions). Submit your MIPS data for the 2022 performance year or review the data reported on your behalf by a third party. (You can’t correct errors with your data after the submission period, so it’s important to make sure the data submitted on… . . . read more.

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INCREASING PROFITS

Track these 5 metrics for practice profitability

January 6, 2023 by

By Mike Rigert “It was the best of times, it was the worst of times … , ” wrote author Charles Dickens in his classic novel, “A Tale of Two Cities.” While it’s certainly not the worst of times for most healthcare practices (that honor likely went to 2020-2021), things could always be better, right? You’re likely still dealing with the impacts of rampant inflation and ongoing short staffing, among other things. Despite these setbacks, there’s clear opportunities to move your practice forward to improve both production and productivity to help you reach your financial goals. It all goes back to numbers—the key performance indicators (KPIs) that determine whether your practice sinks or swims. Some metrics are more important and vital to the success of your practice than others. We’ve outlined five… . . . read more.

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COMPLIANCE

4-step plan to return overpayments

October 12, 2022 by

Do you have to return plan overpayments? The short answer is, yes. Of course, you must return money that isn’t yours. In fact, to be compliant with Medicare and most commercial payers, once you discover an overpayment, you’ve got to refund it within 60 days. That’s the word from Michael J. Sacopulos, JD, founder and CEO of the Medical Risk Institute. “Sadly, I still speak with physicians who believe it’s okay to keep the money in the bank until the payer requests a refund. One large practice I work with told me they hadn’t run the credit balance report in nearly a year. When I suggested they do so, the Medicare credit balances alone totaled more than $300,000.” This is not the time to invoke “finders keepers, losers weepers,” he… . . . read more.

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STAFFING

Is it a recession or not? The answer may surprise you

August 11, 2022 by

By Lynne Curry My in-box filled with questions after I posted a Recession Fears Loom blog. Readers asked how I made sense of the different views voiced by economists and politicians. As a medical office manager with responsibilities around staffing and profitability, you are probably watching to see which way the economy goes. Here’s the background, and my answer to “are we headed into a recession?”: Some say “yes.” Over 60 percent of the 750 CEOs surveyed by the business research firm Conference Board expect a recession in the next 12 to 18 months1. Another 15 percent of surveyed CEOs report their region is already in recession.1 The most recent gross domestic product report that tracks our overall economic health showed a second consecutive quarter of negative growth, the textbook… . . . read more.

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MIPS

Submit your Promoting Interoperability measures and improvement activities

April 4, 2022 by

The Centers for Medicare & Medicaid Services (CMS) reminds you to submit Promoting Interoperability measures and improvement activities for consideration for future years of the Merit-based Incentive Payment System (MIPS). The MIPS Annual Call for Measures and Activities process allows clinicians, professional associations and medical societies that represent clinicians, researchers, consumer groups, and others to identify and submit measures and activities. Currently, CMS is accepting submissions for: Measures for the Promoting Interoperability performance category Activities for the improvement activities performance category What CMS is looking for For Promoting Interoperability: CMS is looking for specific measures that build on the advanced use of certified EHR technology (CEHRT) using 2015 Edition Certification Standards and Criteria; promote interoperability and health information exchange; improve program efficiency, effectiveness, and flexibility; provide patients access to their health information; reduce clinician… . . . read more.

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HEALTHCARE DATA

Not ready for clinical analytics? Try operational analytics

February 13, 2022 by

By Aaron Brandwein Up until this point, our discussion about analytics in healthcare has revolved heavily around clinical analytics—and understandably so. The potential promises it brings to the table are huge, especially when you look at things like predicting clinical outcomes, identifying the risks for diseases and ailments, and helping practitioners choose better treatment plans. However, clinical analytics solutions can be challenging to get across the finish line and, in some cases, harder to even get to the starting line. Generally, they come with a higher price tag, more complicated integrations, and a much steeper challenge to secure the necessary buy-in to take the first step. So, what do you do as a healthcare provider who is interested in harnessing the power of analytics but is looking for a way… . . . read more.

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PURCHASING

How to choose a healthcare analytics provider: A checklist

February 3, 2022 by

By Kevin Keenahan An effective analytics provider promises to bring novel data sets and insights to the table, optimize workflows, build efficient processes, and deliver superior financial returns in evolving value-based payment models. The challenge for buyers The “analytics” is a complex, nebulous family of functionality and the marketing noise surrounding many applications these days can be extremely misleading. Predicting what the product even looks like post go-live and how clinicians will end up adopting the application is often hard to nail down. Analytics itself covers several applications that all hold immense promise for healthcare applications. For instance: Computer vision solutions can automate diagnoses, Natural language processing can transcribe documentation and obviate simple and non-value-added tasks, and Big data analytics can parse through an ever-growing wealth of data to provide… . . . read more.

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PRODUCTIVITY

10 tips for a more efficient medical office

January 28, 2022 by

What healthcare provider doesn’t want to see his or her business run more efficiently? After all, a well-run practice usually means increased revenue and happier, healthier patients. In the past, providers relied on smart hiring and organized employees to ensure their practices operated smoothly. But today, it takes a thoughtful blend of solution-based technology and old-school morale boosters to really make your medical office more productive without sacrificing quality of care and patient experience. From better break rooms to online appointment scheduling, read on to discover 10 proven ways to boost your medical practice’s efficiency. Enable online scheduling There’s perhaps no better way to lessen the workload of your administrative staff than with on-demand, 24/7 online scheduling functionality. Here’s how a simple “Book an Appointment” button can streamline operations for your… . . . read more.

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INCREASING PROFITS

Denial management: the missing ingredient in revenue cycle management

July 1, 2021 by

By John McDaniel The blueprint for effective Revenue Cycle Management (RCM) is complex in today’s healthcare environment. When we map out the RCM process, it includes the following steps: Patient scheduling and registration Insurance eligibility and benefit verification Collection of copayments and deductibles at time of service Claims submission Remittance processing Denial management Back‐end patient collections Denial Management Implementing an effective and efficient process for managing claim denials is likely the single most important action a healthcare organization can make to affect its revenue cycle. Denial management is by no means a simple process; in fact, it is often extremely complex. According to the American Academy of Family Physicians, the average claim denial rate across the healthcare industry is 5 to 10 percent, varying between specialties. With the average cost… . . . read more.

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