Business

Value-Based Care to Soar in 2024

Value-based healthcare is beginning its anticipated acceleration in 2024. This model is all about making sure patients get the best care possible while keeping costs in check in a tough healthcare environment. Instead of just paying for every service a patient receives, regardless of how effective it is, value-based care focuses on the outcomes of […]

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The Vital Role of Credentialing and Provider Enrollment Services

Are you facing significant hurdles with provider enrollment and credentialing? Is this negatively impacting your cash collections?   We understand and we hear it every day.   With streamlined and efficient provider enrollment processes, physicians can focus on healing and saving lives, while patients receive quality care. Keep reading to learn how Legacy Consulting Services brings significant

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One Size Doesn’t Fit All: Customizing a Financial Plan for Your Healthcare Practice

In the dynamic landscape of healthcare, managing the financial health of your medical practice is paramount for sustainable growth and effective patient care. Legacy Consulting Services has the proven expertise to provide customized solutions to navigate revenue cycle management.  The Challenge for Revenue Cycle Management Healthcare practices face many challenges in maintaining robust financial health.

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Navigating the Maze: The Impact of Changing Coding, Billing, and Reimbursement Guidelines

In the dynamic landscape of healthcare, where coding, billing, and reimbursement guidelines are in a constant state of evolution, healthcare administrators, medical billing specialists, and practice managers find themselves facing a wide array of challenges. Staying ahead of these changes is not just a necessity but a strategic imperative. Challenges Faced by Healthcare Professionals 1.

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Medical Billing Trends and How to Resolve Medical Billing Challenges

2023 Billing Trends – Resolution to Common Medical Billing Challenges

Medical Billing Trends in 2023 and How to Resolve Common Medical Billing Challenges There is a continued shift to value-based care models – There will likely be an ongoing move away from traditional fee-for-service models and towards value-based arrangements like accountable care organizations (ACOs) that prioritize quality and outcomes. This impacts how providers are reimbursed.

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How to Manage Payor Contracts Like a Pro

By Donna White, Principal Consultant and Owner of Legacy Consulting Services and Legacy Billing Solutions in Montgomery, Alabama. Managing payor contracts can be a significant challenge for healthcare providers. It’s one of the more common areas the Legacy Consulting Services team sees providers may be losing money. Here are some common issues providers may encounter

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5 Keys to Effectively Managing Your Accounts Receivable

Is your practice getting paid timely and accurately? A growing Accounts Receivable (AR) has a significant impact on the cash flow and profitability of your business. Let’s discuss 5 keys to effectively managing Accounts Receivable. 1. Over-the-Counter Collections Here’s a simple way to ensure patient payments: collect from patients at the time of service. The

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2023 Health Care Policies That May Surprise You

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

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Denials: The Growing Concern

Denials are a fact of life for every medical practice. From demographic errors to medical necessity, denials come in easy to fix solutions and time-consuming levels of appeal. A recent article from the Healthcare Finance News website (http://www.healthcarefinancenews.com/news/denials-still-major-risk-revenue-cycle-departments-despite-build-out) noted that hospitals in particular “wrote off as uncollectable 90% more denials than 6 years ago.” The

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