We all know that patients are an integral part of the healthcare/medical industry. Healthcare services exist in order to provide these patients the kind of support they need when facing health-related issues. Needless to say, it is highly important for one to retain its patient base and keep improving it. Patient retention is the process…
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Errors in Medical Billing and Coding can lead to adverse effects on the overall Revenue Cycle Management. Small errors can also lead to claim denials and delay in payments. A smooth-running financial department also experiences claim denials but keeping in mind the most common mistakes can help you to avoid such mistakes in the future.…
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Healthcare practices follow the process of Revenue Cycle Management (RCM) for managing, identifying, and collecting reimbursement for the care and services provided by them. The Healthcare industry is rapidly changing day by day and is under constant pressure to keep operating at maximum efficiency while maintaining the principle of Revenue Cycle Management. Monitoring revenue cycle…
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Medical offices are often packed with day-to-day activities. From patient handling, calls receiving, queries, and up-selling of medical representatives make the reception desk hectic and creates more burden with loads of work. With plenty of medical software which is available in the market, choosing the right one which fits your medical practice is really a…
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The Revenue gap indicates the Gap between your current performance and potential performance. And as a result due to a significant period of time, your business will might fail to generate revenue creating a revenue gap. A long-running revenue gap leads to an adverse effect on any business and in certain scenarios due to lack…
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Automation is defined as reducing the need for human work in the production of goods and services with the advanced use of control systems and information technology. With the increase in population will lead to more people in the healthcare system which will require more care and staffing levels in healthcare. Without automation, it will…
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A Coding Audit is the most important part of the Revenue Cycle Process simultaneously with the medical coding. It is an internal or external review of coding practices that are conducted by checking patient medical records. It is essential in maintaining accuracy and precision. Coding Audit once a year is particularly important in identifying the…
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Claims processing is the step-in revenue Cycle management where it is determined how much reimbursement will the company be benefitting from the patient. Improving the claims processing will not only increase the quality of service but will also help retain existing customers. It has been quite known that the cost of retaining an old customer…
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Medical coding refers to the process of translating medical information, diagnosis, procedures, and instruments. In layman terms, it is the conversion of the medical processes in a more compact format. Medical coding not only helps the management of the data but also the billing system. It translates the procedures into unique codes so that no…
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Revenue cycle management is the most basic work procedure of the Healthcare industry. It is the process that manages both the data and revenue of the organization. Just like proper data storage is critical to the industry, revenue management also needs to be looked upon meticulously. This brings in the need to prioritize eligibility verification.…
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