CareCloud Blog

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Today, CareCloud proudly announced an oversubscribed Series C funding round of $31.5 million. This striking show of support came from new investors PNC, First Data, and Blue Cloud Ventures as well as our prior investors, including Norwest Venture Partners, Intel Capital, Tenaya Capital and Adams Street Partners and a debt financing agreement with Wellington Financial.

Seven years ago, we started CareCloud with a vision to modernize health technology for physicians and patients. Today, our health technology platform is delivering on the promise of cloud technology — connecting fragmented clinical and financial data and making that information actionable through beautifully designed tools for both physicians and patients.
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denny-squaredBy Denny Flint, Director of Operations, Peak MSO

Denny is an award-winning, nationally known speaker, consultant and educator bringing his expertise “to make the complex, simple,” with over 20 years of experience leading physician practices, management service organizations, and healthcare consulting groups. He is also the author/co-author of numerous practice management books and a certified professional coder. Recently Denny released a webinar ‘Holy MACRA-Now What?’ to prepare medical groups for the new value-based world – where success hinges on the ability to collect and measure data.

 

In the introduction to this blog series, we talked about the sacking of traditional fee-for-service payments and the rapid push to value-based models that reward quality and cost-effectiveness over the quantity of services provided. For this article, imagine you are staring down at a foreboding uncharted road that is your only possible path. So what do you do? Let data guide the way and make sure you can read the map.  
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Patients are affected by EHRs – but generally in a positive way.

Submitted by CareCloud Contributor

For many physicians, synergizing patient encounters and EHR systems has been akin to mastering the trick of rubbing your belly while patting your head. On one hand is the patient’s need for a strong connection with their doctor, while on the other is the mandate to spend encounter time on EHR documenting, diagnosing, and ordering. It’s no surprise that physicians have expressed concern that computer time during visits is eclipsing face-time with patients.


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denny-squaredBy Denny Flint, Director of Operations, Peak MSO

Denny is an award-winning, nationally known speaker, consultant and educator bringing his expertise “to make the complex, simple,” with over 20 years of experience leading physician practices, management service organizations, and healthcare consulting groups. He is also the author/co-author of numerous practice management books and a certified professional coder. Recently Denny released a webinar ‘Holy MACRA-Now What?’ to prepare medical groups for the new value-based world – where success hinges on the ability to collect and measure data.

The transition to ICD-10 has felt like watching a movie in slo-mo. Although it’s been more than a quarter of a century (1990 to be exact) since the World Health Organization endorsed the revised classification system, the U.S. moved at a glacial pace in adopting it. After an initial implementation date of October 1, 2011, the Centers for Medicare and Medicaid Services and Congress (CMS) took turns temporizing, pushing the final effective date to October 1, 2015. Even then, CMS squeezed out another one-year “grace period,” enabling billing under the Medicare Fee-for-Service Part B physician fee schedule to slip through using only the ICD-10 category code.
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denny-squared

By Denny Flint, Director of Operations, Peak MSO

Denny is an award-winning, nationally known speaker, consultant and educator bringing his expertise “to make the complex, simple,” with over 20 years of experience leading physician practices, management service organizations, and healthcare consulting groups. He is also the author/co-author of numerous practice management books and a certified professional coder. Recently Denny released a webinar ‘Holy MACRA-Now What?’ to prepare medical groups for the new value-based world – where success hinges on the ability to collect and measure data.

History will doubtless record the collapse of healthcare’s traditional fee-for-service model. While the ransacking of fee-for-service has taken longer than Visigoth King Alaric’s three-day siege and sack of Rome in 410 AD, both the medical community and the Romans should have seen it coming. After all, when Alaric breached the city gate it was his third siege in as many years. As for the healthcare industry, it began marching inexorably toward value-based reimbursement (VBR) with the advent of Medicare’s Professional Standards Review Organizations in 1972.
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Group of young doctors discuss work

The denial of an insurance claim can be a major headache for your practice, having a negative impact on cash flow and practice efficiency. According to the Medical Billing Advocates of America, across the healthcare industry 1 in 7 claims is denied, often for a variety of reasons ranging from technical errors to simple administrative mistakes.

Preventing denials before they leave your practice accelerates your revenue cycle and improves practice profitability. Dealing with an appeal process or denied claims increases administrative costs and decreases cash flow, while finding solutions to minimize denial rates can have a positive effect on a provider’s bottom line.


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The Centers for Medicare and Medicaid Services has unveiled a new set of rules for the Medicare Access and CHIP Reauthorization Act, including a new program focused on EHR standards. According to a government website, this new initiative – known as Advancing Care Information – will include provisions for quality reporting and interoperability.

This new system aims to reduce administrative burdens for reporting physicians and promote efficiency and flexibility. Andy Slavitt, the Acting Administrator of CMS told Fierce EMR that these new rules are, “patient centered, practice driven and enhances connectivity.”


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Doctor working with laptop computer in medical workspace office and medical network media diagram as concept

For those who started their careers before electronic health record (EHR) systems existed, the use of voice recognition may come easier to them because they have already been dictating for years. Dictation is a tried and true practice. Why mess with something that works?

The problem is, dictation in the traditional sense requires transcription, which is very costly, delays essential updates to medical records, and more critically, bears significant risk of errors that either add to a time-consuming process of proofreading and remediation or worse, go unnoticed and cause other issues. Bottom line, dictation may seem fast and efficient to physicians, but the requisite transcription can prove detrimental, both financially and clinically.


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According to a recent article in FierceHealthIT, the market for telehealth hardware, software and services is expected to reach an astounding $2.8 billion by 2022. That’s almost five times the value of the market in 2014. What’s driving this sharp spike in the use of telemedicine technology? Intense consumer demand for the service and powerful financial incentives for providers.


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Here are some helpful tips for ensuring your EHR adoption is successful across the board.

Opting to utilize electronic health record software at your practice can bring about a number of fantastic new capabilities. Digital access to health history empowers your doctors to be better prepared or provide a more personal experience to patients, which can be important to revenue cycle management. Similarly, advanced analytics and easy-to-use tools can make billing and administrative tasks easier to visualize and complete successfully.


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