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 [...]
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 [...]
The Revenue Cycle is the collection of processes involved in generating revenue for healthcare services. This cycle can include steps such as checking a patient's insurance eligibility to submitting claims and reporting payments. Each step is crucial. Revenue cycles could look like this: But why is the revenue cycle important? [...]
Before we dive into the world of medical billing, let us discuss what it is exactly and how it differs from medical coding. When a patient visits a healthcare provider, notes are documented with items such as the patient’s conditions, diagnoses, and procedures taken. These procedures all have a unique code [...]
On January 21 2021, President Biden's administration set new measures to help reduce the spread of COVID-19. Part of the new policies include working to expand testing capacities in laboratories and to expand the supply of tests. A new Pandemic Testing Board will support and oversee these policies. You can [...]
