CareCloud Blog

RCM resource

If you’re like most providers and practice managers, you’re already busy enough keeping up with the day-to-day operations. But monitoring your practice’s financial performance remains vital to your medical group’s success as a business. It’s not only worth investing your time, it’s critical that you do it.

One of the top reasons practices lose money is failing to track key performance indicators (KPIs) consistently.

Reasons can include:

* Staff members don’t know how or which financial metrics to track.
* Your practice management software doesn’t provide a reporting capability that makes this easy.
* Even if you can look at KPIs, some practices don’t really know what those KPIs need to be, or what it means to their bottom line if they are not in line with benchmarks.
* If you outsource your medical billing, not every company provides these essential metrics so that you truly know how well your practice is performing.

So where should you start?

Begin by focusing on the most important KPIs:

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Cloud software questions

What happens when an Implementation Project Manager from a young growth medical tech company visits local college students in IT and office administrative roles?

They ask questions. Good ones.

First I explained how to integrate cloud technology into medical practices. Then I showed the Florida Atlantic University School of Business undergraduates a demo of how cloud software works.

Following the demonstration, they weren’t shy about wanting to know more. Their 3 main questions about cloud-based software were:

#1. Does it really check insurance eligibility automatically?

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Improving Revenue Cycle Performance image

During the first run of the Improving Revenue Cycle Performance: Expert Insights webinar, Gene Boerger, VP of Product Innovation at Emdeon, and Patti Peets, Director of Revenue Cycle Management at CareCloud, shared a lot of expertise on improving medical group finances.

Register now for the ‘summer rerun’ of our popular RCM webinar and learn more.

For example, they explain how to keep more of your revenue given these industry challenges:

* ICD-10 billing and collections
* More high-deductible health plans on the market
* Patients becoming primary payers for their own healthcare

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Increase Billing image

With the increasingly complex world of medical insurance claims, Medicare/Medicaid reimbursements, and other financial concerns, managing the billing process is a challenge for many practices.

Time is Money

According to a Health Affairs study, physicians use nearly 12 percent of their net patient service revenue to cover the costs of “excessive administrative complexity.”

Seventy-four percent of those costs can be attributed to inefficiencies in billing. This is mainly caused by time lost from physicians or staff preparing paperwork or contacting payers directly with questions about prescriptions, diagnoses, treatment plans, and/or referrals.

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Today, we’re proud to announce an exciting new partnership with CODeLLA, a tech entrepreneurship and coding immersion program for underprivileged Latina girls.

Lack of diversity in the startup and technology sector is a real issue. Biases against women and minorities hinder the potential we can achieve as innovators, builders, and market disrupters. At CareCloud, we are proud of the fact that we employ a diverse workforce, and we feel it’s our duty to make an impact in this area. Ultimately, our goal is to help spark a larger conversation around this topic.

CODEeLLA is an remarkable organization that hits at the intersection of these key issues. It provides a transformational opportunity for young girls by exposing them to real-world startups, female leaders, and a technology-oriented curriculum at a critical age in their development (8-12). By sparking early interest, they are laying a foundation for these young girls to succeed as software engineers and entrepreneurs.

CareCloud and CODEeLLA are creating a long-term relationship that will include mentorship programs with our female engineers and designers, not only through the summer camp, but throughout the entire school year. In addition, we are donating whiteboards and laptops to the organization to ensure that these girls are given the proper resources to be fully immersed in the software development process.

Software has impacted almost every facet of modern life while becoming one of, if not the most, powerful mediums to ever emerge. The technology industry is one of the fastest growing sectors of our economy, with very few signs of slowing down. Thanks to organizations like CODEeLLA, girls are given the equal chance to succeed and thrive in the realities of this new, rapidly-changing world.

Death of the paper superbill image

If your medical group still relies on paper superbills, like 54% of physician practices recently reported, what does that mean come October 1, 2015? Will the transition to the more complex and greater number of ICD-10 codes make all paper superbills a thing of the past?

Some predict yes. The simplicity of the traditional superbill — which allows providers to check off the most common ICD-9 codes quickly on one sheet of paper — gets more complicated quickly with ICD-10 codes. One estimate reported by Government Health IT is ICD-10 code specificity could take almost 5 times more space on a page – meaning the front and back of a paper superbill becomes 9 – 10 pages after October 1st. This complexity alone might prompt many practices to drop their paper superbills.

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Cloud security blog post image

Recent cybersecurity events triggered the loss of patient, financial or organizational data for about 1 in 5 healthcare organizations, a new survey reveals.

Also, many healthcare leaders and information officers feel overwhelmed by the threats to their data. The 2015 HIMSS Cybersecurity Survey shows 42% of 297 respondents believe there are too many emerging and new threats to track.

“The recent breaches in the healthcare industry have been a wake-up call that patient and other data are valuable targets and healthcare organizations need a laser focus on cybersecurity threats,” says Lisa Gallagher, HIMSS Vice President of Technology Solutions.

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Training New Employee on Technology

Bringing a new member to your team who can help provide better service and care for your patients is awesome. But training and onboarding that new team member can sometimes be a difficult process.

Even in the best-case scenario — when your new hire brings tons of healthcare experience — they may not be familiar with the medical software and systems your practice uses.

These points should help make the learning process easier for you and your new team member:

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The digital revolution will save healthcare money

‘The Internet of Things,’ digital wearables, telehealth and the cloud will continue to revolutionize healthcare as we know it, Goldman Sachs predicts in a new report. And it all could save a lot of money.

In this first installment of our Summer Digital Disruption series, we look at the big picture of how technology and incentives are now lining up to change the status quo in healthcare.
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Bridging the gap to ICD-10 image

With less than 3 months until the October 1, 2015 deadline for switching to ICD-10 codes, the Centers for Medicare & Medicaid Services just granted providers some unexpected leniency. But what do the changes mean to your medical group?

First of all, what’s not changing: the October 1, 2015 deadline for ICD-10 implementation remains. And no, CMS will not accept ICD-9 or dual coding after the switch. So you still have to start using the more specific ICD-10 codes come October.

The American Medical Association— more than 225,000 physician members strong — is credited with influencing CMS to implement these changes:

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