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Providers of all shapes and sizes are struggling to adjust their revenue cycle to accommodate changes in the billing world. For small practices, especially, having to rely less and less on large-sum payments and more on patient payments.
Now more than ever, providers need to make sure they are improving the way they send patient statements in order to maximize payments received. With the rise in high deductible insurance plans, patients have been even more hesitant to pay their portion of their medical bill.
As a healthcare provider, you are most likely familiar with revenue cycle management. Guaranteeing that your practice receives payment in a timely manner from both private and government insurance payers is crucial for your operating margins.
The revenue cycle for a common medical practice is complicated but relatively straightforward in terms of what to do in order to get your claim approved and receive timely payment.
Whether you are a specialty provider or a Primary Care Physician, chances are, you have diagnosed and treated a patient who is battling multiple chronic conditions.
We’ve achieved an important milestone at CollaborateMD (CMD), releasing our first web-based application, version 10 (v10).
CollaborateMD has over 125+ standard reports to choose from, or you can use our powerful report builder to create a customized report. You can run reports in real-time, and filter your reports to locate the data you want to track.
Mental health providers, more than any other, have to pay special attention to the way they bill their services. As time progresses, insurance providers are becoming increasingly particular with the claims they approve and deny.
Understanding, developing, and protecting your revenue cycle is a critical component to running a successful practice.
Regardless of your specialty, well thought out and executed billing practices are necessary to the overall success of your practice.
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