New year, new health care policies, and Legacy Consulting Services has team members on stand-by to help you navigate it all. In December, lawmakers passed a massive $1.7 trillion spending package that included a 2 percent cut in Medicare payment for physicians. The new law – called the Consolidated Appropriations Act of 2023 – also …
Could your medical practice be in danger of closing its doors? This threat could be real, especially if you’re a physician who accepts Medicare. In December, President Joe Biden signed a $1.7 trillion end-of-year spending package into law, which, in part, cuts Medicare payment to physicians. The omnibus was initially passed by Congress to avoid …
A Billing Assessment, also called a Revenue Cycle Assessment, is important for any organization, whether small or large, because there are many “red flag areas” that can potentially reduce cash flow, present compliance risks, and impact efficiencies. What’s Involved in a Billing Assessment? From patient demographics, insurance verification, charge entry, coding, electronic claims submission, payment …
Denials impact reimbursement by delayed cash flow, increased accounts receivable days and increased cost to rework the claims. Knowing the volume of denials and the denial reasons is an important step towards improving the denials process. Understaffed or high turnover in-house billing teams find it challenging to fit denial management work into their regular workflow. …
Legacy Consulting would like to thank their clients, both current and past, for their support throughout the years. We know how hard the last two years have been for everyone. Legacy looks forward to being here for you in 2022 to help with any of your Consulting needs. From the Legacy Family to yours, Merry …
Securing patient payment has always been a challenge for healthcare providers. However, higher deductible plans with more patient responsibility have made the patient payment experience of the Revenue Cycle a whole new level of challenging. The key for providers to remember is eligibility. Ensure your staff is trained in two key areas. One, how to …
While it has been under heavy consideration since July, CMS finalized its decision to add back nearly three hundred procedures to Inpatient only coverage. This reverses a Trump-era plane to phase out the list completely. Much of the list reduction can be tied back to COVID, when hospitals had to shut down elective surgeries to …
Getting your reimbursement from payors is key to any successful practice. However, ensuring those payments are posted accurately and denials are worked promptly, can not only make a huge difference in your cash flow, but your practice’s overall financial health. Why is timely payment posting so important? When payments are posted within 24-48 hours of …
Service Spotlight: Payment Posting and Denials Management Read More »
No doubt the pandemic has shifted the revenue cycle model. However, that model had already started to change with payor contracts and fee schedules, higher patient responsibility and deductibles, and a move towards value-based payments. The Revenue Cycle needs an update to deal with the increase in healthcare technology. We see more A.I. being used …
The global COVID-19 pandemic has brought an emerging healthcare technology to every-day practice nearly overnight. Two years ago, telehealth was something new that many practices were shying away from. Once the pandemic took over, they became a literal virtual necessity. Before the pandemic, legislation required many telehealth visits to still occur in a medical facility …
