Congratulations, you’ve finally decided to reduce your medical expenses! Out-of-pocket costs or gap fees for medical treatment can be devastating, especially when they occur unexpectedly. Did you know? People have 30% more out-of-pocket medical expenses than they were three years ago, according to a survey released earlier this year by Towers Watson/National Business Group on … Read moreHow to Minimize Your Out-of-Pocket Expenses?
It’s obvious that everything has its own pros and cons! And so, is the case with medical billing! When it comes down to efficiently running medical operations, you have got two options under the hood- either outsource to a medical billing company or do it In-House. The right solution varies from practice to practice depending … Read moreIn-house vs Outsourced Medical Billing – What is Better?
It’s 2022 & it’s improbable to move back and work on obsolete technology! Would you? Well, absolutely not! Since technology has taken the healthcare industry by storm, choosing the right Revenue Cycle Management (RCM) is incredibly important! Did you know? According to many accounts, doctors are being pushed to leave millions of dollars undiscovered around … Read more5 Signs that Show You Need to Change Your Revenue Cycle Arrangements
Let’s admit it, after a good month of revenue –account receivables on the balance sheet make us sad. Account receivables or AR appear under current assets in the balance sheet. And their recovery isn’t easy. However, there are ways that you can employ to pursue your customers who have held back their payments. Recovery of … Read moreHow Small Practices Can Make AR Recovery Sharper and More Precise
Starting a medical practice and ensuring that it runs smoothly involves quite some planning, effort, and execution. Among these, investing time, efforts, and resources on account receivable should be the last item on your to-do list. Account receivables involve managing and going through endless reports for insurance claims, reimbursements, bad debts, collections, and write-offs. In … Read moreTop 10 Benefits of Outsourcing Accounts Receivable Services
A report of the U.S. Department of Labour stated a surge in the job of the medical billing and coding specialists is expected. Approximately 22% boost in the employment rate till 2026 is projected in the medical billing and coding service industry. The reason behind the high increase in employment rate is the aging population … Read moreWhat Does a Medical Billing & Coding Specialist Do?
Before the 3rd wave hit the country, Medphine has taken a vital step to reinforce the safety measures by conducting a vaccine drive for its employees. Nothing can be above the wellbeing and safety of the staff for a true organization like us. We give priority to employees’ health over any other thing. Medphine understands … Read moreCOVID-19 Vaccination Drive-by Medphine for Safe & Healthy Staff
As per the American Hospital Association report, US healthcare providers are facing high financial strain. The situation has worsened due to COVID-19, and they have lost around $323.1 billion in 2020 only. Things are becoming more difficult for independent healthcare providers. They are struggling to keep their patient collections in top shape. If you are … Read more6 Tips for independent providers to keep their patient collections in top shape
Complying with HIPAA1 regulations is essential for healthcare practices of all sizes. Even though the regulations change often and compliance isn’t very easy, not staying compliant can be very expensive for the medical facility. Violating HIPAA guidelines may result in fines from $100 to $4 million. Before we look at some of the examples of … Read moreMost Common HIPAA Violations
A hospital or practice depends on good doctors and caregivers but for any practice to run smoothly a free and regular cash flow is equally important. Revenue cycle depends on efficient coding and billing professionals who identify correct codes for every service offered to a patient, process bills and submit claims to insurance providers. Hiring … Read more10 Reasons Outsourcing Your Medical Billing Improves your Practice