Not all claims are paid in full or some are denied completely, and there could be many reasons for this. Ensure that you understand the reason behind each payment and work to resolve any issues. First, if there is a denial, it will show up on the Explanation of Benefits (EOB). [...]
Set to take effect on January 1, 2022, the No Surprises Act aims to protect patients against surprise medical bills. After years of debate, the Act was passed at the end of 2020. What is this Act and what does it entail? We will provide a brief summary here to help [...]
Patient pre-registration is one of the first crucial step in the revenue management cycle. With new patients or updated information of existing patients, your practice needs to reflect everyone's insurance plans and medical information in your records. Therefore, it is extremely important to keep an up-to-date record in your system. What [...]
What is an EOB? An EOB, or Explanation of Benefits, is a report from the insurance payor with their decision on the insurance claim. It contains important information such as the procedure billed and the amount paid. You will typically receive this 30-45 days after submitting a claim. Different insurance [...]
Previously, we wrote about some common medical billing terms needed for your practice. Next, we have put together a few more medical billing terms that may help you in medical billing. Revenue Cycle Management (RCM) Revenue Cycle Management is the process of regulating your practice’s revenue cycle. From the moment [...]
Working Capital Management Research into hospitals’ finances and performance show that there is indeed a correlation. Finances are an important part of medical practices and working capital just one measure of financial health that is important to focus on. What is Working Capital? In a previous post, we talked about [...]
What is Working Capital? Working capital, or net working capital, is one measure of an organization’s financial health. The following is the net working capital formula: Current Assets – Current Liabilities = Net Working Capital In this definition, current assets include items such as cash, accounts receivables, or inventory [...]
Telehealth & Medical Billing When the COVID-19 pandemic started, social distancing was (and still is) recommended to combat the virus. For healthcare practitioners, this meant some adopted telehealth practices. What Is Telehealth? Telehealth, telemedicine, virtual practice are all terms describing conducting your routine healthcare activities electronically and remotely. From speaking [...]
Should I Outsource? What are some reasons to outsource your medical billing? Is it worth it? What is outsourcing exactly? Outsourcing services, or hiring a third-party to complete services, remains an essential tool for organizations. Services such as accounting, marketing, and even medical billing is oftentimes outsourced to professional [...]
