In the rapidly evolving healthcare industry, billing processes have become more complex, and the challenge of claims denials has intensified despite technological advancements aimed at improving efficiency. The burden of rising healthcare costs continues to pressure healthcare systems, requiring more sophisticated solutions to manage finances effectively. According to a study by Experian Health, claims denials […]
Category: Claims Management
Strategies for Mastering Medical Billing in 2024: Enhancing Accuracy, Reducing Denials, and Ensuring Compliance
In 2024, the medical billing landscape is fraught with challenges that demand a strategic and technologically savvy approach. Healthcare providers are grappling with an increasingly complex coding system, a rising tide of claim denials, and evolving compliance regulations. This blog explores effective strategies that employ advanced technology to streamline billing processes and enhance revenue integrity. […]
Strategic Billing: Transforming Medical Debt into Recovered Dollars
With medical practices being pressured by escalating costs and complex regulatory requirements, efficiency in medical billing is essential for sustainability. According to GITNUX Market Data Report 2024, the US healthcare system loses up to $935 million a week because of medical billing errors. For healthcare providers looking to navigate the intricacies of practice management, the […]
Reducing Claims Denial with PHIMED PhyGeneSys Solution
As a healthcare provider, you know the frustration when medical claims are kicked back. Not only does it cost you time and money to analyze and resubmit the claim, but denials can also lead to lost revenue and decreased patient satisfaction. Minimizing claims denial is arguably the biggest challenge facing medical practice management. It’s no […]
How to Prevent Medical Claims Denial: Follow These Steps and Increase Your Clean Claim Rate
At the risk of stating the obvious, the ever-increasing regulations and shrinking reimbursements have pushed revenue cycle management to the front of the line for medical practices, including billing companies. It’s truly unfortunate; delivering exceptional patient care is challenged by the financial burdens of payroll, overhead, and retained earnings. Fortunately, there is a solution, but […]
You Can’t Manage What You Don’t Measure
Eliminate Coding Errors, Measure Claim Success Rate, Collection Time, and Cash Flow. Evidence-based medicine from clinical research is fairly standard in the quality healthcare. Yet not everyone takes the time of effort to apply the same systemic approach when managing medical revenue cycles. Implementing and tracking Key Performance Indicators (KPIs) will help you understand your […]
Don’t Be Surprised by the No Surprises Act
On August 19, 2022, the U.S. Departments of Health and Human Services, Labor, and Treasury issued final rules for the Title 1 of Division BB of the Consolidated Appropriations Act, 2021, commonly referred to as the “No Surprises Act.” This Act was designed to provide consumer protection by requiring: Following numerous lawsuits and recent court […]
