Consulting Services

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 Management

How do Denials Impact my Reimbursement?

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.  …

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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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Contracting-Blog

From Patient to Consumer: How to Improve Patient Collections

Today patients have some of the highest deductibles and out of pocket expenses in history. Patients also typically take twice as long as insurance companies to pay on their bills, and even then, it is usually only a portion of the balance. Practices and Hospitals that can make a shift of thinking about their patients …

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