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The revenue cycle in healthcare refers to the entire process of managing the financial aspects of patient care, from the initial appointment scheduling to the final payment received for services rendered. A well-maintained and up-to-date patient database contributes to the overall accuracy and efficiency of the revenue cycle.
Ask yourself the following questions about your practice: Are you turning away potential clients due to lack of bandwidth? Do patients struggle to schedule timely appointments and/or contact their provider when needed? Every clinician, no matter how experienced, must stay up-to-date with emerging knowledge in the field.
The bad news is that if claims are not handled, the average cost to rework a claim is $25.20, which quickly adds up. Read more about this in our whitepaper (Guide) Top Three KPIs to Track to Set Your Medical Practice for Success. Health Prime compiled a list of 10 Frequently Asked Questions (FAQ) about denial management: 1.
Follow these best practices for documenting group treatment: Be specific. Stay up-to-date on unique documentation requirements for group therapy. Challenge: Incorrect coding Solution: Study up on CPT and modifier codes for group therapy. Check eligibility for each patient up front to prevent insurance snafus.
As your practice grows, a strong team will include front and back-office staff to handle patient communication, scheduling, billing, etc. For further insights on effective hiring practices and fostering a positive workplace culture, check out our Growth Checklist Whitepaper. Your EHR software can help with this.
The easy follow-up of patients using telemonitoring solutions and the augmented access to internet services will continue increasing telemedicine delivery. Learn more about this in our blog Optimize your telemedicine appointments with these best practices. The future of telemedicine will look brighter than ever in 2024.
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