Revenue Cycle Management

5 KPI’s To Track in Revenue Cycle Management

Revenue Cycle Management (RCM) lifecycle runs from Patient Insurance Verification to Reporting. It thoroughly covers each aspect of Medical Billing making sure our providers get paid appropriately on every claim. KPIs in Revenue Cycle Management play a vital role, as they help guide data-driven decision-making and creating business transformation projects. RCM KPIs enable benchmarking of revenue cycle performance with industry peers on patient access team responsiveness, quality of clinical documentation, cash cycle efficiency, and guideline compliance. While there are hundreds of industry-standard metrics available, the HFMA defines 29 standard metrics, and we’ve chosen 5 of the key metrics to highlight in this article. If you run a medical practice, adhering to the 5 KPIs listed below allows you to keep tabs on your revenue cycle. By measuring and tracking these KPIs, you’ll be able to get the most out of your revenue cycle and find the money you need to invest in technology and patient care. Place of Service Collections(POS) The HFMA defines POS collections as cash collected by the provider before, at the time of service, or up to seven days after discharge. Point-of-sale revenue also includes automatic payments and co-payments. To arrive at a value for this KPI, divide the POS payments by the self-payment receipt. POS cash flow metering allows you to monitor the efficiency of POS systems or personnel accounting for the POS. It can also help identify and resolve the essential point-of-sale issues affecting the overall RCM process. Error-Free Claim Rate The error-free claim rate is the percentage of insurance claims that were successfully filed and reimbursed the first time at the time of submission. A high error-free claim rate means that the time spent in AR and the time taken by the supplier to obtain compensation reduces drastically. When the complaints are kept unresolved…

Continue Reading

Why Doctors Should Consider Their Online Presence?
Healthcare

Why Doctors Should Consider Their Online Presence?

For better or for worse, the internet plays a vital role in every area of ​​our lives. The world of health is no exception. The Patients research everything about their health online, from symptoms and medications to their doctors. Potential patients will search for their options in advance. What are the Benefits of Online Presence to a Doctor? Having an online presence is vital for a clinic, as this is how patients will find you. However, it is just not enough to be online. Online reputation is essential to promoting your practice. Patients not only search online to see if a doctor has a website. But they use the internet to read reviews from potential doctors and see what other patients think beforehand. Research has shown that about 84% of patients research healthcare professionals before setting foot in the clinic. Patients are much more likely to go to a reputable doctor with a better online presence. In addition, they tend to spend more money on it. Reputed online doctors may have patients seeking help, even if they are out-of-Network. How To Improve Your Online Presence The first step to improve your online reputation is to check its current status. Take the first step by searching your practice name on the search engines like Google, Bing, Yahoo, etc. Observe what types of links appear in the search results. Do they favorably reflect your practice? Then take a closer look at review websites, such as ZocDocs, WebMD, Yelp, or Healthgrades to see what patients are saying about you. You should also check out the reviews on Bing and Google. Ask Your Patients for Reviews & Feedbacks You can request feedback from your patients by email after their visit. It will not harm your reputation and can lead to a lot of positive reviews.

Claim Denial
Denial Management

What Are The Best Practices For Denial Management

Medical offices of any size that ignore denied health claims are essentially relinquishing revenue. Instead of going through the time-consuming process of figuring out why some claims get denied and how to challenge them, they leave a significant amount behind. Around two-thirds of all rejected claims are collectible, about 65% of which are never re-submitted. The purpose of claims management rejection is to review any outstanding claims, determine the trend of one or more insurance companies, and make corresponding appeals under the service provider’s contract appeal process. The fault management process finds the root cause of the fault and the cause of the rejection. Providers have many avenues to provide charity services, providing to insurance companies should not be one of them. Reasons for Denied Claims There are many reasons why a claim is denied, including: Eligibility of patient Incorrect data Late Submission Medical necessity Absence of documents Invalid CPT, ICD-10 codes No prior authorization   So, What Are the Best Practices for Claims Denials? Track Claims Precisely. Monitoring and recording all claims and denials in your practice are critical, as they can help you ensure that complaints and appeals get filed on time, identify denial trends, and maintain a detailed overview of the complaint revenue cycle. Each patient encounter ideally should be coded on the date of service and tracked periodically till the resolution is obtained. Identify Why Claims Get Denied? Routinely run a detailed report on denied claims of your practice. Although the reasons for rejection usually vary by specialty. This report will help you identify specific claims more easily without reviewing multiple claims. Also, be sure to keep a list of records of your denials, including the type of denials, the receiving date, and the appealing date. If you discover a problem trend in this documentation, please

Medical Billing

5 Reasons Why You Should Outsource Medical Billing

To improve revenue, communication, and overall experience, healthcare providers often choose to outsource their billing and revenue cycle rather than let do it internally. Hire professionals to reduce the burden on their shoulders. Before your internal medical billing process fails, discuss the main reasons for outsourcing your billing. 5 Reasons to outsource medical billing: 1: Reimbursement Should not stop: Billing doesn’t stop while your biller is sick or on vacation. Unfortunately, this is often the case with practices that rely on an in-house person. An outsourced biller will be ON forever and work for you. Clarity is in-built – for example, a specialist medical billing company automatically provides you with comprehensive review reports every month. This function gives you exceptional insight into your billing processes without expecting you to control or monitor your processes. 2: Get Compensated Swiftly: Integrity Practice Solutions works with hundreds of providers and they learn from the latest changes in the insurance world. This leads to significantly reduced billing errors and ensures faster reimbursement. 3: Convert Stress into Focus: When you outsource your billing to Integrity Practice Solutions, you don’t have to worry about sick leave, maternity leave, Office closures due to weather, etc., regardless of what happens, your cash flow will continue and you can focus on taking care of your patients and expanding your practice. 4: Trained & Experienced professionals: Integrity Practice Solutions has a team of trained and experienced professionals who will give you the feedback necessary to make sure you are compensated fairly. We will track all the payments and appeal any underpayments and denials. 5: LCD guidelines: When was the last time you looked up an LCD guideline or payor guidelines? CMS and other payors updated their guidelines periodically and it is very important to keep abreast with the changes. We do this

Reimbursement

How To Bill For COVID-19 (Coronavirus) Vaccine – CPT And Reimbursement?

There are two components of any vaccine billing. The cost of the drug and the cost of administration. The drug codes are based on the manufacturer and the administration codes are based on the manufacturer as well as a number of doses. CPT code for Vaccine Drug 91300 – Pfizer, COVID-19 vaccine, spike protein, preservative-free, 30mcg.0.3mL dose, diluent reconstituted for IM use 91301 – Moderna, COVID-19 vaccine, spike protein, preservative-free, 30mcg.0.3mL dose, diluent reconstituted for IM use 91303 – Janssen (J&J), COVID-19 vaccine, spike protein, preservative-free, 30mcg.0.3mL dose, diluent reconstituted for IM use Note: DO NOT bill for COVID-19 drug cost when the government provides the vaccine at no cost. DO NOT bill for out-of-pocket cost for administration when the vaccine is provided for free. CPT codes for Vaccine Administration 0001A – Pfizer first dose Administration by IM injection of COVID-19 vaccine, 30mcg/0.3 mL. 0002A – Pfizer second dose Administration by IM injection of COVID-19 vaccine, 30mcg/0.3 mL 0011A – Moderna First dose Administration by IM injection of COVID-19 vaccine, 100mcg/0.5mL 0012A – Moderna second dose Administration by IM injection of COVID-19 vaccine, 100mcg/0.5mL 0031A – Janssen (J&J) Administration by IM injection of COVID-19 vaccine, adenovirus type 26 vector, 5×1010 viral particles/0.5mL, single dose ICD-10 Diagnosis Code Z23 – Encounter for immunization Example to Bill for Pfizer’s Covid-19 Vaccine when vaccine purchased by practice: First Dose For Pfizer Covid-19 Vaccine: Vaccine CPT Code – 91300 Administration Code: 0001A ICD-10 Code: Z23 NDC Code: 59267-1000-01 Second Dose For Pfizer Covid-19 Vaccine: Vaccine CPT Code – 91300 Administration Code: 0002A ICD-10 Code: Z23 NDC Code: 59267-1000-01 Example On How To Bill For Moderna’s Covid-19 Vaccine when vaccine purchased by practice: First Dose For Moderna Covid-19 Vaccine: Vaccine CPT Code – 91301 Administration Code: 0011A ICD-10 Code: Z23 NDC Code: 80777-0273-10 Second Dose For

How to document and bill for Advance Care Planning – 99497
Advance Care Planning

How to document and bill for Advance Care Planning – 99497

Since 2016, Medicare has paid for Advance Care Planning services. The number of providers billing for the service has steadily increased since then and Medicare Advantage plans are encouraging providers to have a discussion with their patients regarding their end of life plan. Advance Care Planning consists of the following two codes: 99497 (~$86*)  “Advance Care Planning including the explanation and discussion of advance directives such as standard forms (including the completion of such forms, when performed), by the physician or other qualified health professional; first 30 minutes, face-to-face with the patient, family members, and/or surrogate.” 99498 (~$85*) – Add-on code each additional 30 mins. *National average medicare reimbursement in 2020. Check with your billers or local MAC for exact reimbursement. [ultimate-faqs include_category=’advance-care-planning’ ]

Increase Practice Revenue With Outsourcing Billing
Medical Billing

Increase Practice Revenue With Outsourcing Billing

When it comes to managing cash flow and revenues, most doctors have no experience in handling them correctly. Unfortunately, many practitioners across the country put thousands of dollars on the table and lost the opportunity to maximize their income. But you can increase your revenue by simply outsourcing to billing experts. Following are the main benefits you can get: 1. GET PAID FASTER & FOR EVERY PATIENT Our billers will review all the claims and send them out within 24 hours. Any missing information will be promptly discussed with the office so there are no delays in claims processing. We can use our software for billing or bill from your existing EHR. We have worked with Medisoft, eClinicalworks (eCW), Kareo, STI, OmniMD, Meditab IMS, OfficePracticum (OP), Healthfusion among many others. 2. REDUCE EMPLOYEE TURNOVER WITH MEDICAL BILLING OUTSOURCING The cash flow of your office is dependent on your claims going out on time. You cannot afford to have that stop when someone takes a vacation or has to take time off. With our size, your claims will never stop going out and your collections will always be worked on. You never have to worry about that. 3. SAVE MONEY BY OUTSOURCING YOUR BILLING We get paid only if you get paid. You get the benefit of having a specialized team of experts working on your account without worrying about training, vacation, etc. If you go on a vacation, you do not have to pay any of your billing and collections staff. 4. REDUCE PAYER DENIALS You do not need to live in a vacuum!! We work with hundreds of providers and learn from the denials and push back that we receive from insurance. We learn from this and educate our practices so they do can get paid on the first

Remote Patient Monitoring for Medical Providers
Healthcare

Remote Patient Monitoring for Medical Providers

Add ~$122/patient/month* with Remote Patient Monitoring   We at Integrity Practice Solutions being a multi-specialty Medical Billing Company offer a wide range of Medical Billing Services, have been working with practices, doctors, and nurses from all healthcare sectors. We find it our core responsibility to make our clients and other healthcare providers aware of any and everything that can boost their revenue with also enhance patient care. In 2019, CMS introduced a new service that would benefit all practices and is being adopted by a huge percentage of practice in the United States in 2020. It is remarkably great for patients as well as providers. Remote Patient Monitoring helps patients who are suffering from chronic conditions like, hypertension, diabetes, Congestive heart failure (CHF), Chronic obstructive pulmonary disease (COPD), etc which need continuous monitoring of the patient’s vital signs. [distance desktop_type=”30″][/vc_column][/vc_row][/vc_section]

New Jersey will allow Elective Surgery at ASC and Hospitals from May 26, 2020
Healthcare

New Jersey will allow Elective Surgery at ASC and Hospitals from May 26, 2020

Gov. Murphy announced that he will sign an executive order to allow elective medical and dental invasive procedures and surgeries at hospitals and Ambulatory Surgery Centers (ASC’s) from May 26, 2020. Key points Surgeries and Elective procedures will begin in phases beginning with urgent surgical procedures. Families will have to get the patients tested for COVID-19, 72 hours before the surgery Patients will have to quarantine during the 3 days. On the day of the surgery, facilities will have to conduct symptom screening Click below for the Executive Order. DOH will publish more details by May 18, 2020. https://nj.gov/infobank/eo/056murphy/pdf/EO-145.pdf

How to get Reimbursed for Treatment and Testing of Uninsured COVID-19 Patients
Reimbursement

How to get Reimbursed for Treatment and Testing of Uninsured COVID-19 Patients

HHS has launched an online portal on April 6, 2020 for providers to submit claims for treatment and testing of COVID-19 uninsured patients. An unprecedented number of Americans have filed for unemployment claims and according to data released last Friday, the unemployment rate is at 14.5% which is highest since the great depression. Since a majority of Americans receive their health insurance from their employers, many of them have lost their health insurance along with their jobs. Besides, the COVID-19 virus does not care if you have insurance or not. Congress understands this and they passed the Families First Coronavirus Response Act which allocated $1 billion to reimburse providers to treat uninsured patients with COVID-19. The Coronavirus Aid, Relief and Economic Security (CARES) Act earmarked $100 billion in relief funds for providers, with a requirement that the funds be used to pay for the expenses of un-insured COVID-19 patients. We do not know and when the funding for this program will run out so it is important that if you have provided COVID-19 testing or treatment for uninsured patients with COVID-19 diagnosis on or after February 4, 2020, submit your claims as soon as possible. HHRS has selected United health group as the sole administrator of the program. Who can submit claims for COVID-19 Testing or Treatment of Un-insured patients? Reimbursement will be made for providing services and testing of all claims with primary COVID-19 diagnosis that would generally be covered by Medicare including Hospitals (In-patient) Private practices (Outpatient/Ambulatory care) Laboratories DME SNF / Long term Acute Care (LTAC) How much payment will I receive? Payment will be based on current Medicare rates unless otherwise specified. There is no guidance on how long the funding for the program will last. How to submit claims for COVID-19 testing or treatment of un-insured

Scroll to Top