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 …
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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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 …
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. …
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 …
Previous government incentive programs like Physician Quality Reporting System (PQRS) and Meaningful Use (MU) have officially been phased out as of 2017. In healthcare, we have a new alphabet soup to work with to receive Medicare incentive payments called the Merit-based Incentive Payment System, or MIPS. In this article we’ll try to de-mystify some of …
You have heard the term from every technical vendor your work with – they will provide you a dashboard that will review for you top issues in your systems, compare your practice to similar sized practices and show where you rank nationally among their customers. While this is helpful data, reporting and analytics can be …
In today’s article, we are going to continue to review best practices for follow up on some of the most common denials, regardless of specialty. Missing Information There are several types of common Missing Information denials. First you may be missing Medical Records. In this case, the payor needs the chart or progress note to …
If you’re a leader, you probably have a drive in you to do things with excellence. You also probably have a specific perspective of what “right” looks like, and high expectation for things to be done in that right way. For leaders, this is a great and valuable thing. Knowing what you expect of your …
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 …
From Patient to Consumer: How to Improve Patient Collections Read More »
