Capminds Blog

The patient payment plans represent the fastest-growing share of hospital receivables today. As healthcare providers rely more on patients for revenue nowadays, many large healthcare practices have started using patient-centered strategies, like payment plans, to collect payments. Here is the importance of payment plans in revenue cycle strategy and the best practices in place.

Medical credentialing is one of the most important compliance issues in medical practice today. It is a time-consuming task and a complicated process to do it correctly. If not done accurately, the medical practices will result in the loss in their valuable time and money. A poor medical credentialing system may not only lead to enrollment issues but it also leads to legal and financial complications. Do you know what drops down the medical credentialing process? Here are the top most common 4 medical credentialing challenges every practice should be aware of and the solution – how to overcome those challenges in the credentialing process.

In today’s healthcare industry, medical billing and coding process is considered to be a complex and time consuming task. In this process, the important factor to be considered is AR Aging report. Do you correctly review medical practice AR aging report? Here are the importance of reviewing your medical practice’s AR Aging report and the ways to improve the Aging process.

Why improving patient collection important?

Improving patient collections is one of the important key components of effective revenue cycle management. Medical payments have undergone a drastic change over the past few months due to the COVID -19 and patients are becoming increasingly affected by the rising healthcare costs and expensive medical bills.

Credentialing might be seems just like a paperwork task, but it’s increasingly important and essential too as it allows patients to confidently trust their healthcare providers. Through a standardized process including  data collection, essential source confirmation and panel audit by hospitals and other healthcare organisations, patients are guaranteed of their medicinal professional’s merit and experience. In today’s digital world, with the arrival of new innovative technological developments in healthcare industry, credentialing is one among the key area for increased productivity and process improvement. Here are the 10 best things about medical credentialing and its importance for healthcare providers.

The International Classification of Diseases (ICD) was established by the World Health Organization to standardize medical records. Guess what? Now, the version ICD-9 coding was replaced by new version ICD-10-CM/PCS to modernize the medical coding pattern and adopt with the latest changes in today’s advanced healthcare marketplace.

Maintaining a healthy cash flow is one of the major challenges that every healthcare organization faces. In general, “Account Receivable” (AR) is a commonly used term referring to the amount of money that customer owes to the company. Same wise, in the healthcare industry AR, refers to the patient’s account balance becoming due for payment within a year. 

Medical auditing plays an important role in providing accurate and efficient documentation for any healthcare organization. This medical auditing helps to figure out the areas in which healthcare providers need to improve.

The U.S healthcare system has undergone new technological changes and both the providers and the patients are facing new challenges daily to adapt to today’s healthcare reform. The frequent alterations of medical billing rules and regulations and the value-based compensation models can cause revenue losses for providers across the United States.

The accuracy of billing and claims processing is very important as medical billing is a critical process to the financial health of any medical practice. Even a very small medical billing and coding errors could be the foremost reason for claim denials or payment delays.

Medical billing and coding are considered to be complex processes, as even small errors can lead to claim denials and delay in payments. Can you say, how accurate your medical billing department submits all the medical claims?  Absolutely NO, even a very well trained and experienced team can also make errors and it’s very common too.

In today’s technology-driven world, to achieve complete success in the medical billing services, perfect financial health planning is a necessary key factor. However, physicians fail to go with it, due to the changes in billing and coding regulations and software updates in the healthcare industry.

Medical organizations and related businesses should be extremely careful about managing money. If they don’t have a proper system in place, they will lose their hard-earned money and they wouldn’t even be able to predict where the loss is happening. If you don’t have access to skilled professionals, then medical billing can be a demanding task and can even put your business in peril. Do not allow that to happen, instead, hire the services of a medical billing company.