CareCloud Blog


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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There is undeniable return on investment for practices that adopt EHR software.

Before implementing a new software or practice, healthcare administrators need to be sure that the change will not only improve patient outcomes but also be economically sustainable and promote a financial yield. Adopting electronic health records for your practice may seem like a way to make a positive change, but without a return on the investment, it may not be viable for your business.

Researchers at the University of California, San Francisco found that healthcare facilities that implemented EHR software saw significant fiscal benefits, and were able to recuperate the original costs associated with the adoption in a short period of time, according to a recent study.

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Technology and other tools can make your practice more efficient.

When it comes to improving your practice’s financial outlook, small changes can have massive repercussions. In turn, finding ways to work more efficiently can help you and your team provide better patient outcomes while also working to become a more established, competitive provider in your community.

By leveraging EHR software and other technologies, it’s possible to improve your office’s productivity, eliminate waste and become more cost-effective across the board. This doesn’t mean gutting your operation or scaling things back, but instead working smarter to achieve more.

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Leveraging digital engagement efforts can be a way for your practice to improve patient satisfaction as well as bring in new business.

Transitioning to value-based care policies has big implications for healthcare providers across the country, and the change requires administrators to make difficult decisions about the best way for their practice to work smarter.

Leveraging technology to make practice management more efficient, for example, through electronic patient health records and other initiatives, may yield tremendous results on the clinical side of the equation and can lead to better medical outcomes. Patient satisfaction, however, can prove to be just as important for your hospital or healthcare facility.

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