What’s the news: The AMA is emphatically stating that the proposed 3.36% reduction in the 2024 Medicare physician payment schedule is ill-advised, posing a threat to the accessibility of high-quality physician care for the 50 million plus elderly individuals enrolled in Medicare. The AMA President emphasized that with escalating costs associated with medical practice; another […]
The Lower Costs, More Transparency bill has been introduced by the House Energy and Commerce Committee to address healthcare cost transparency. The bill’s purpose is to enhance price transparency within the healthcare system. According to survey, over 60% of Americans are living paycheck to paycheck. This implies that they are at risk of facing a […]
For the FY 2024 ICD-10-CM code set, the Centers for Medicare and Medicaid Services (CMS) have introduced 395 new diagnosis codes, deleted 25 codes, and revised 13 codes. Additionally, the 2024 Addendum has been updated with revisions to dozens of codes related to conditions such as osteoporosis with fractures, retinopathy, muscle entrapment in the eye, […]
The process of medical billing encompasses multiple stages, starting with patient registration and eligibility verification, followed by capturing charges, coding, submitting claims, and posting payments. When a patient receives medical services from a healthcare provider, the provider documents the services and associated costs within an electronic health record (EHR) system. Subsequently, a medical billing entity […]
Compliance is a word no one really wants to talk about. It’s boring, you know you NEED a compliance program, but you feel that you’re pretty good with billing and coding, and heck – you’re a smaller group and you think no one is looking over their shoulder at your practice. The government has better […]
For a modern medical practice, efficiency is everything. Labor costs continue to increase, putting a pinch on practices that are still recovering from pandemic shutdowns. An August 2022 snapshot of practices shows that, although physician productivity is increasing, expenses are growing faster than reimbursements. Every person in the practice must work at peak efficiency, from […]
How bad is inflation? Physicians, financial managers report the latest. The Medical Group Management Association has published its 2022 MGMA Cost and Revenue Survey Report. The title is “Maintaining Margin in the Inflation Era,” and survey respondents said it’s been difficult to do so in 2022. The COVID-19 pandemic and its lingering effects on health […]
With the proper funding, these actions can make your medical practice boom. 6 Ways physician funding can help grow your practice If you are looking to grow your medical practice, alternative small business funding may be the fastest and easiest way to get the working capital you need. Alternative medical practice funding is available to […]
Most industries embrace the motto “the customer is king.” They are acutely aware their success is driven by it. While the complexity of the healthcare business model has made it challenging for provider organizations to adopt such an ethos, the recent rise of consumerism in the industry necessitates that providers prioritize the patient experience if […]
Every business not only wants to attract new customers but to keep its existing ones, and hospitals and health systems are no different. Unfortunately, surprise medical bills can be the element that drives patients away from one hospital and into the waiting arms of the competition. New research published this month in Health Affairs provides hospitals with […]