Your ‘Loyal’ Medical Biller is Costing You $45K Monthly_Here’s the Proof
Last Tuesday, I received a frustrated call from Dr. Martinez. “I’ve had my medical biller for eight years. She understands my practice, is familiar with my patients, and consistently shows up. Why would I ever take her place? I asked “Have you calculated what she actually costs you?” Quiet. “No, just salary,” I went on. […]
ICD-11 is Coming: What Medical Billers Should Know Before It’s Too Late
The adoption of ICD-11 (International Classification of Diseases, 11th Revision) is one of the biggest changes in medical billing and coding in decades, though the healthcare sector is no stranger to revolutionary coding system updates. Medical billing professionals should begin preparing now to avoid the chaos that accompanied the ICD-10 transition, even though the United […]
“How to Reduce Patient Payment Collection Time from 60 to 30 Days” Actionable strategies
Let’s begin with a distant image of patient payment collection so you can understand what is happening behind the scenes. So, your practice financially sounds good on paper. You are seeing patients, giving them excellent care, and filing flawless claims. Your bank account, however, presents a different picture. The issue? Your cash flow is hampered […]
Why Medical Claim Get Rejected: Top 15 Errors and How to Fix Them
The denial letter arrived again. More revenue is delayed, another medical claim is denied, and your employees must put in hours of rework to fix errors that should never have occurred. The figures reveal a sobering tale. According to 41% of healthcare providers, at least 10% of claims are rejected, resulting in billions of dollars […]
From Rejection to Reimbursements: The 72 Hours Rule That’s Transforming Collections
(The most effective revenue cycle strategy you’ve never heard of is the 72 Hours Rule.) A medical practice that was drowning in denials came to us last month. Their time spent in A/R had increased to 67 days. They had a clean claim rate of less than 80%. Operations were being choked by cash flow.“How […]
How to Choose the Right Credentialing Service for Your Practice
By assisting with verification and compliance, credentialing services facilitate mental health (and other) providers’ access to insurance networks and the provision of care. Insurance claim denials, legal trouble, and risky patient treatment are all results of inadequate credentialing. So, it is critical to choose a credentialing service that has experience and knowledge in the field […]
Burnout in Medical Billing: Why It Happens and How to Prevent It.
Healthcare organizations across the country are facing a striking crisis of “burnout n medical billing.” The billers should be dealing with this crisis at utmost priority, however it is still mostly ignored in industry conversations. Just imagine a medical billing specialist calls the insurance company several times. He spends more than an hour on a […]
Your A/R is Aging: The Best 30-day turn around plan
You have just completed your aging report and your stomach is about to fell. That bucket of more than 90 days, which should be less than 15% of total A/R? It is currently at 35%. Aging accounts receivable totaling $280,000 are becoming more difficult to collect every day. Moreover, you are experiencing problems with payroll, […]
The Hidden Cost Trap: Why In-House Billing Isn’t Really Cheaper
“We keep billing in-house because it’s cheaper than outsourcing,” I heard this phrase twice last week. A practice owner told me last Tuesday, “Have you actually calculated what in-house really costs you?” I posed to him.He stopped. “Well, we give Sarah $45,000 annually in addition to benefits. Compared to paying a percentage of collections, that […]
How to Choose a Medical Billing Company; A Complete Guide for Healthcare Providers
One of the most important choices you will make for the financial stability of your medical practice is choosing the appropriate medical billing provider. Over 70% of healthcare providers are currently outsourcing billing services. Also, medical billing market is expected to grow from $17.76 billion in 2024 to $32.79 billion by 2032. However, the question […]