Financial Management
Revenue Cycle Management
40 questions to ask yourself about patient collections
mgma.com
"Streamlining your medical practice's patient collections goes beyond simply collecting from patients at the time of service. In fact, there are many ways to improve patient collections, from performing a monthly charge-capture audit to having your front desk adequately staffed. Are you as a practice administrator doing all you can to maximize revenue? Answer these questions, compiled with help from the MGMA Health Care Consulting Group, to find out..."
Practice Pointers: How to cut A/R
medicaleconomics.modernmedicine.com
By: Robert Lowes
"Six years ago, it took Denver Allergy and Asthma Associates 100 days on average to collect from an insurance company. "A big accounts receivable gave me a certain sense of security—there would be a pay check tomorrow," says allergist and group president Jeffrey Rumbyrt. "But I always wondered—will we actually get the money?"...
Stop Denials in Their Tracks: Get Paid the First Time by Health Care Insurers, #1
kareo.com August 9th, 2012
By: Kathy McCoy, MBA
"Do you have a good handle on your claim denials? If you are like many practices, the actual rate of denials can be gray area in the black-and-white picture of your business’ health. But decreasing denials can pay huge dividends by increasing the flow of cash into the practice, lowering write offs and increasing productivity by helping staff do less re-work..."
What's This About Revenue Cycle Management?
medpagetoday.com Feb 10, 2011
By: Rosemarie Nelson
"Revenue Cycle Management. What's it mean? In a nutshell, it means taking steps to assure that you get paid for what you do and that you get paid in a timely fashion. The revenue cycle starts when the patient calls your office for an appointment and your staff captures the patient's name, phone number, and maybe the name of their insurance company..."
Expense Management
Six Ways to Reduce Medical Practice Operating Expenses
physicianspractice.com April 17, 2013
By: Carol Stryker
"There are two paths to increased net income at medical practices: higher revenue and lower expenses. Medical office expenses deserve more attention as potential sources of net income than they usually get, because operating expenses are substantial and the practice has more direct control over costs than revenue..."
The 12-Step Way To Reduce Practice Expenses: Part 1, Staffing Efficiencies
aafp.org
By: Reed Tinsley, CPA
"With the overhead of the typical family medicine practice around 60 percent of revenues, working to control practice expenses has to be a high priority for family physicians. Of course, overhead can be reduced by increasing productivity and revenue, reducing expenses or both. This article will focus on reducing expenses. To modernize the old saying a bit, a dollar saved in practice expenses is a dollar earned, while a dollar earned by seeing more patients is less than a dollar earned since some of it is eaten up by practice expenses..."
Benchmarks
Benchmarks for Your Medical Practice: A Vital Part of Critical Practice Analysis
kareo.com June 13th, 2011
By: Bhagwan Satiani, MD, MBA, FACS, FACHE
"Even with great effort, none of the commonly utilized financial tools necessary for critical practice analysis, including charges or cost per relative value unit (RVU) or work RVU (wRVU), revenue per RVU, break-even fees, practice expense RVU (peRVU) and profitability, may be in line with national benchmarks. There is always room to improve. Most trade associations or specialty organizations publish industry standards that can be used to compare your results with your peers. You have to be careful that you are comparing groups that are identical to yours before concluding that your practice is better or worse than your peers in any one of the benchmarks listed below..."
Key Performance Indicators for Medical Billing
kareo.com October 11th, 2010
By: Elizabeth W. Woodcock, MBA, FACMPE, CPC
"In today’s challenging reimbursement era, there seems to be no end in sight to the complexities of medical billing. Despite the obstacles, you have to be on top of your game to ensure that collections are optimized. There’s always plenty of work to do, but how do you know if your operation – and the staff you employ to carry out your game plan – is performing at full speed? Developing a dashboard of key performance indicators can maintain your focus on success..."
Co-pays
7 Best Practices for Co-Pay Collection
beckershospitalreview.com
By: Rachel Fields
"Margaret Dowling, vice president and product team manager for PNC Healthcare, a division of PNC Bank, shares her company's seven tips to increase collection of co-pays and improve your revenue cycle."
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