Physicians and Facebook: 7 Reasons to Get Social
These days, it seems everyone is on Facebook. There are over 500 million users worldwide, and half of those people log on to Facebook on any given day. Physicians who create a Facebook page for their practice are able to leverage this huge user base as a way to stay connected to their patients and […]
7 Best Practices for Medical Accounts Receivable Management
Medical practices are going unpaid for 25% of the work they perform, according to the MGMA. Complicated payer processes and constantly changing rules make it difficult for physicians to collect the full amount they are owed. In 7 Best Practices for Medical Accounts Receivable Management you will learn:
Key Performance Indicators: Do You Know Yours?
The easiest way to improve how you manage your practice is to improve how you measure it. If you are collecting key data and using actionable reports, you will see areas where your practice can improve efficiency and increase profits. It is impossible to optimize your practice without regular and accurate analytics. The best place […]
Denial Management: How to Improve the Process
For physician practices and medical billers, there’s nothing more frustrating than a denied claim. The work was done but, through some technicality or minor coding error, the payer refuses to pay. Practices must resubmit their claims with the hope that they corrected the problem and can now get the money they are owed. Even if […]
Cost of Establishing ACO Greatly Underestimated by CMS
A recent study commissioned by the American Hospital Association (AHA) found that the Centers for Medicare and Medicaid Services (CMS) significantly underestimated the cost of establishing an accountable care organization (ACO). The findings were shared in a letter sent to Donald Berwick, Administrator of CMS, and suggested that the CMS should adjust the ACO shared […]
Measuring the Cost of Patient No-Shows
When a patient misses their scheduled medical appointment, it affects more than just their health – it affects a physician’s bottom line. The risk of medical complications from patient no-shows is very real, but it can be expected; what may be more shocking is the surprising cost it has for a physician’s practice.
How to Avoid e-Prescribing Incentive Program Penalties
If you have procrastinated on implementing e-prescriptions, you could pay for it. What started as incentives from the Electronic Prescribing (eRx) Incentive Program have quickly turned to penalties from the Centers for Medicare & Medicaid Services (CMS) for those not making the switch. The good news? There’s still time to qualify for this year’s […]
Physicians Prepare for Surprising Cost of ICD-10
As the date to switch to the ICD-10 diagnostic coding system gets closer, medical practices have one question: How much is implementation going to cost? Nachimson Advisors, LLC was retained by several healthcare organizations to answer that very question. After crunching the numbers, the final cost of implementing ICD-10 appears unsettling.
Meaningful Use: Should You Wait?
The healthcare industry is buzzing about meaningful use and the impending change to electronic health records (EHR). As practices and hospitals scramble to implement their EHR systems to qualify for the meaningful use incentive money, some very real concerns have arisen for early adopters. While the $44,000 Medicare and $63,750 Medicaid meaningful use incentives are […]
Improve the Patient Experience and Increase Profits
As the healthcare industry gets increasingly more complicated, it seems the people suffering the most are the patients. However, this doesn’t have to be the case. In fact, there are a few simple ways to not only improve the patient experience but your practice’s bottom line as well. Everyone’s time is valuable. According to a Consumer […]