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. […]
Tagged in: Medical Billing and Coding
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 […]
Beyond Software: Training, Compliance, and Security – The PHIMED Value Difference
Medical care must adhere to a plethora of criterium before it is deemed ‘excellent’. Revenue cycle management (RCM), regulatory compliance, and data security significantly impact the efficiency and success of healthcare services. At PHIMED, we know these challenges and offer a unique blend of software solutions, training, and expertise that extends far beyond conventional software […]
Enhancing the Patient Journey: An Overlooked Merit of Medical Practice Management and Billing Software
The prevailing discourse in healthcare technology focuses primarily on clinical efficacy, cost-efficiency, and evidence-based treatment plans. Within practice management, the emphasis largely falls on revenue cycle management and system interoperability. Despite healthcare being one of the largest sectors in society, the importance of leveraging technology to enhance the patient experience has only recently come to […]
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 […]
Enhancing Reputation Management for Healthcare Practices
Achieving unparalleled excellence in medical practice reputation is no small feat; it demands more than clinical proficiency and cultivating exceptional patient interactions. Reputation management requires a practice-wide focus on seemingly minute details such as accurate service charges, precise coding, and comprehensive charge information. These factors wield a substantial influence on a healthcare practice’s reputation. Yes, […]
A Path to Financial Excellence: Maximizing Profits Through Optimized Revenue Cycle Management
Addressing issues in your revenue cycle might initially seem overwhelming, something like a complex medical treatment plan, but rest assured, the journey to fiscal excellence follows a well-defined strategy proven to yield exceptional outcomes. The percentage of revenue and efficiency gained varies, depending on existing conditions (just how sick is the patient?) but the objective […]
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 […]
A New Best Practice: How RPA Will Revolutionize Your Revenue Cycle Management
If you follow technology advances in healthcare administration, you’ve probably read about Robotic Process Automation, or RPA, and how it’s revolutionizing revenue cycle management. Because RPA is viewed as ‘new,’ it’s often marketed as a separate technology, an add-on so to speak. However, a few billing and management solutions, such as PhyGeneSys, have always offered […]
More Than Software: How Medical Revenue Cycle Management Systems Enhance Organizational Knowledge
Organizational knowledge refers to the collective knowledge and expertise that is possessed by an organization. It includes explicit knowledge that is documented and codified, as well as tacit knowledge that is held by employees and is difficult to articulate or transfer. Organizational knowledge is a valuable resource that can contribute to an organization’s success by […]
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 […]
Overcoming the Challenge of Patient Boarding in Emergency Departments
The term is patient boarding and the problem is significant. Patient boarding refers to the practice of keeping patients in the Emergency Department after they have been admitted as an inpatient due to staffing and/or bed shortages. In an attempt to raise awareness of this growing problem among policymakers, the challenges facing Emergency Departments from […]
Update: The No Surprises Act Is Harming Anesthesiologists
The No Surprises Act was designed to: In August 2022, the No Surprises Act’s final rules entitled “Requirements Related to Surprise Billing: Final Rules” were issued. The initial Act’s provisions and those addressed in the Final Rules have created significant burden to an already strained health care delivery system. Provider reimbursement is being delayed by processes in the […]
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 […]
