Keeping the cash flowing in your medical practice can be tough. Slow payments, disorganized billing, and unpredictable revenue make managing expenses or investing in patient care challenging. But don’t worry: improving cash flow doesn’t have to be complicated! Legacy Consulting Services has the right strategies to help you tackle these challenges head-on and set your […]
Simple Strategies to Improve Cash Flow in Your Practice Read More »
In today’s fast-paced healthcare industry, tracking the right Key Performance Indicators (KPIs) is essential for optimizing operations. This data ensures patient satisfaction and maintains financial health. Whether you run a small clinic or a large hospital, KPIs show where you can improve and help you make decisions. At Legacy Consulting Services, our experienced team helps
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The healthcare industry faces increasing administrative demands, with medical billing often being one of the most challenging tasks. For many providers, the time spent on billing detracts from their primary mission: delivering quality patient care. This blog explores why outsourcing medical billing could be a game-changer for healthcare providers. Why Healthcare Providers Should Consider Outsourcing
Maximize Revenue, Minimize Stress: The Benefits of Outsourcing Medical Billing Read More »
In the intricate landscape of healthcare, managing the revenue cycle and reimbursement is a constant challenge for practices. Timely filing of claims and timely AR follow-up is a pivotal aspect that directly impacts cash flow. Failure to adhere to timely filing limits and appeal deadlines set by different payors can lead to significant financial losses
Turning Revenue into Cash: The Importance of AR Follow-up and Timely Filing Read More »
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.
One Size Doesn’t Fit All: Customizing a Financial Plan for Your Healthcare Practice Read More »
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.
2023 Billing Trends – Resolution to Common Medical Billing Challenges Read More »
A medical billing integrity audit is a comprehensive examination and evaluation of a healthcare provider’s billing practices to ensure compliance with relevant regulations, guidelines, and industry standards. The purpose of such an audit is to verify the accuracy, appropriateness, and completeness of medical billing and coding procedures. This type of audit is crucial for healthcare
Why a Billing Integrity Audit is Critical for your Practice? Read More »
The Big Question: Why are physician practices struggling to make money and dealing with burnout in today’s healthcare landscape? There are numerous reasons why, but these are the top five Legacy Consulting Services sees on a regular basis. Increasing Costs: Healthcare costs are rising at a faster rate than inflation, and physician practices are facing
Why Physicians are Struggling to Make Money in Today’s Healthcare Landscape Read More »
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
How to Manage Payor Contracts Like a Pro Read More »
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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