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revenue cycle management Archives - Office Practicum

revenue cycle management Tag

Very few things about medical billing are straightforward, but it’s especially true in pediatrics. Proper coding, modifiers, and changes in Medicaid rules and payer guidelines can turn a simple office visit into a minefield of dependencies. Add staffing shortages and the challenge of finding qualified medical billers to the mix, and it further exacerbates the stress of billing for pediatric practices. When it comes to running a pediatric practice, the days of “one size fits all” are over. You can no longer thrive and work efficiently using a generic, non-specialty-specific EHR, and the same is true for billing and revenue cycle...

One common thread that comes up often in conversations among pediatric providers and their staff is that the last several years have been exhausting. Pediatricians in cities, suburbs, and rural areas alike are burned out and they’re facing what seems like an insurmountable combination of increased expectations and decreased practice resources....

As a pediatrician, your primary goal is to deliver the best possible healthcare to your patients. Just as it's important for your patients to have regular check-ups as part of their wellness, it's also critical to regularly evaluate your pediatric office's financial health. But how? There are some key analytics that you can consistently examine to stay on top of your practice's financial well-being, while successfully planning for the future.  Whether your billing is done in-house or outsourced, here are 3 data analytics you should always have included in your monthly and yearly billing reports. 1. Number of Days in Accounts Receivable (A/R) You...

You’ve decided you’re ready to spread your entrepreneurial wings. You're going to open your own pediatric practice. While it’s an exciting time, it’s also busy with planning. You’ve got a checklist full of items like credentialing providers with payers, securing financing, choosing a location, purchasing technology, hiring staff, ordering supplies and furniture, and preparing forms and processes. Another important area to tackle before officially launching your new practice? Billing. It's one of the most critical elements of your business. Without a good billing system, you won't get paid appropriately. And a practice that's not profitable will quickly fold in the ever-changing world...

Do you lie awake at night worrying about your pediatric practice’s billing processes? Are you concerned about what will happen when your reliable, long-standing staff biller decides to retire? For example, who’s going to ensure you’re billing for all services you perform such as every strep test has an accompanying visit billed. And who’s going to keep track of the constant, ever-changing payer rules that can result in significant financial hardships, if you’re relying on inadequate, inexperienced or unmotivated billing staff? If these are your thoughts, there are steps you can take to address these problems and achieve better pediatric billing...

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