MEDICAL BILLING BUSINESS GUIDE
Billing a patient for any medical service can get a little complicated. Plus, not all patients can afford to pay the entire bill in full. And then there’s the paperwork. With laws like the Health Insurance Portability and Accountability Act of 1996 (HIPAA). Knowing which documents need to go where can be confusing and challenging. […]
Medical Billing Terms
Here’s a list of some Medical Billing Terms you can easily learn to get yourself familiar with the industry. A Account – Your charges for a medical visit. Account Number – Number your doctor or hospital gives you for a medical visit. Actual Charge – The amount of money a doctor or supplier charges for a certain medical […]
Understanding your Medical Bill
Medical billing in the United States can seem like a highly convoluted process. According to a 2016 public opinion survey conducted by Copatient, around 72% of American consumers are confused by their medical bills, and 94% of consumers have received a medical bill they considered to be “too expensive.” Even when covered by insurance or Medicare, […]
The Fundamentals of Medical Billing and Coding
Medical billing and coding are the backbones of the healthcare revenue cycle, ensuring payers and patients reimburse providers for services rendered. Medical billing and coding translate a patient encounter into the languages used for claims submission and reimbursement. Billing and coding are separate processes, but both are crucial to receiving payment for healthcare services. Medical […]
Medical Billing Industry Growth
The medical billing industry has been steadily growing over the last five years. According to IBIS World, the industry has seen an average of 3.1% growth to $4.3 billion from 2015-2020. While many sources have said that the industry took a minor hit in 2020 due to the Covid-19 pandemic, the industry is expected to rebound quickly. As […]
Starting Up A Business
Building your own business from the ground up is an exciting opportunity, but it can also be challenging. Starting up a business involves planning, making critical financial decisions, and completing a series of legal activities. Scroll down to learn about the steps that might help guide you. 1. Conduct market research Market research and competitive […]
Finances and Your Medical Billing Practices
The financial success of your practice can’t be evaluated through cash flow alone—it’s just one of several vital factors. Use this article as your guide to easily digest and better understand how to measure your practice’s financial health. You’ll learn in this article more on Finances and Your Medical Billing Practices. Revenue Cycle Management: Key […]
Successful Healthcare Revenue Cycle Management
A successful healthcare revenue cycle management system can help hospitals streamline administrative and clinical tasks. In simple terms, healthcare organizations must stay in the black and maintain profitability to succeed at healthcare revenue cycle management. Let’s show you how to maximize the revenue cycle and ensure paid claims quickly. “If you’re bringing in a certain […]
What is Revenue Cycle Management?
The performance of a medical practice’s billing operations has a significant impact on financial performance. Determine the ultimate gatekeepers of the billing function – whether an in-house team or a third-party company – is one of your most important decisions. This blog discusses the key drivers of your revenue cycle. It provides a tool to […]
Explore the Fundamentals of Medical Billing and Coding
Medical billing and coding are the backbones of the healthcare revenue cycle, ensuring payers and patients reimburse providers for services delivered. Medical billing and coding translate a patient encounter into the languages used for claims submission and reimbursement. Billing and coding are separate processes, but both are crucial to receiving payment for healthcare services. Medical […]