I have been privileged to work with many practices and specialties, helping them navigate the very confusing Medicare Quality Programs. I wanted to leave you with a few tips for the 2018 reporting year:
The revenue cycle management market is expected to grow at a compound annual growth rate of 7.2 percent from 2014 to 2019, and it is one of the functions healthcare providers outsource the most, according to a recent report from MicroMarket Monitor.
Unlike many other businesses, medical practices can’t pass on rising costs–such as increasing rents, employee salaries and utilities–to their customers, or in this case, patients. But they must find some way to control them.
What’s the Problem?
Sequestration underpayments have been improperly withheld from provider payments by many Medicare Advantage Organizations [MAO] in violation of CMS guidelines that were issued on May 1, 2013.
Many practices use an automated system for sending appointment reminders. You’re already paying for the service and the call, so why not maximize its value to your practice? Here’s some small changes to your appointment reminders that can yield big results.
It might not be easy to implement, but some physician practices are guaranteeing patients same-day appointments in order to compete with a growing number of retail clinics, urgent care clinics and telemedicine services.
Ten years ago, medical practices could count on new patients coming from physician referrals and word of mouth marketing. Today, patient acquisition is much more complex and nuanced.
Data analytics has become vital in today’s health insurance environment. It not only offers insurers the opportunity to harness lots of data to effectively deter fraud, waste and abuse, it also helps them identify areas to improve quality and reduce cost.