How does the chargemaster drive your revenue cycle? The chargemaster is where everything begins, from fee schedules and claims submission to reimbursement. Without an accurate and reasonable chargemaster, financials for your practice can be thrown off by high adjustments or inaccurate pay rates from your insurance reimbursements. What is the chargemaster? It may have many […]
Happy 2018! As you wrap up year end activities, now is the time to put into place solutions that will improve your revenue cycle for the entire year. Check in It starts at the beginning. That’s a little redundant isn’t it? But it’s true. Your revenue cycle starts when your patient checks into the office
Your Practice’s New Year Resolution: A Better Revenue Cycle Read More »
Depending on your practice, eligibility can mean many different things to many different specialties. However, the key to a strong revenue cycle and patient collections strategy begins with eligibility verification. Basic Eligibility What is basic eligibility? This is checking with the insurance company ahead of the patient’s appointment to make sure they still have an
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 »
One of the most common areas the Legacy team sees providers losing money is in their payor contracts. You open your practice, sign your initial contract with the payor for a set fee schedule, then you start seeing patients. Most payors will try to get you to sign an initial two or three-year contract. Each
Payor Contracting – It’s a Marathon, not a Sprint Read More »
Legacy Consulting Services takes the mystery out of MIPS, the new system for Medicare Incentive Payments. The new program combines the previous incentive programs under one roof and Legacy breaks it down for you in our latest White Paper. Click here to learn more about MIPS! Contact Us via our website, www.legacyconsultingservices.com, or phone (334)
Patient balances account for more of a practice’s total Accounts Receivable than ever before due to high deductible insurance plans. At Legacy, we have worked with some clients who have had more than 50% of their total AR in patient balances. Did you know that your chance of collecting patient monies reduces by half the
Prioritizing Patient Collections: How to reduce your Patient AR Read More »
The new Merit-based Incentive Payment System, or MIPS, can be an overwhelming program to start. That’s why we want to offer a starting point for you as a quick guide. MIPS is broken down into 4 categories: Quality Measures Resource Use Clinical Practice Improvement Activities Advancing Care Information We will take these one at a
We’ve discussed Lean Tools for process improvement before in our blogs, both here and here. Today we are going to talk about the 8 wastes of LEAN and how identifying them will help your business become more efficient. What are the 8 Wastes identified through Lean? Over-Production – Doing more than is needed by the
Insurance companies issue denials for a number of reasons. Many of these denials do not indicate that the claim cannot be paid, only that the claim requires additional or corrected information before it can be processed. For example: Invalid Subscriber ID Medical Necessity Invalid Diagnosis Code Posting Denials The key here is to post your
