iMAX Medical Billing Knowledge Hub
Turning Your Revenue Cycle Cash Crunch to Cash Flow
Turning Your Revenue Cycle CASH CRUNCH to CASH FLOW How to Get More Money Into Your Practice Faster … And Plug the Hidden Leaks That Are Draining Your Profits Cash Crunch to Cash Flow by Patrick Phillips is a book based on iMAX Medical Billing’s proprietary medical billing, electronic medical records, patient payment options, and profit recovery collection services. Let’s get one thing straight before we go any further. Your medical practice is a business. You may have set out with the intentions to practice medicine and not given much thought about running a business, but the two are intertwined.
ICD-10… Are You Ready?
October 1, 2014. That’s the date CMS has set for providers to be using ICD-10. If you submit an ICD-9 code on or after this date it will be rejected. Not sure if this mandate affects you? Check out our ICD-10 page and download iMAX’s ICD-10 power point presentation today!
EHR Expectations – Demand More
Michael J. West, MD, PhD, a Washington endocrinologist, recalls when his practice reached the “boiling point” several years ago with its electronic health records system. “The notes weren’t formatting correctly,” he said. “Pieces of charts were disappearing. We would try to fix one part of the chart, and the rest of the chart would fall apart.” After three months of trying to work through programming issues with the vendor, Dr. West and his practice, which includes another physician, a nurse practitioner and a dietitian, decided to start over again with a new EHR system. “The new system isn’t perfect, but
The Bright Future for Medical Billing Companies & Private Practices
As Founder and CEO of the nation’s largest network on independent medical billing companies, I have seen the future for medical billing and it is bright! It’s true that there are a number of changes in the healthcare industry coming in the next few years that will be a challenge to those involved in medical billing. But the opportunities for growth and profits outshines every challenge. Here’s why: Doctors need to focus on patient care, not the business side of their practice. With the influx of 30 million Americans who do not currently have insurance into the healthcare system
4 Tips to Moving Cash Crunch to Cash Flow
It happens in most all practices — the time of the month when cash flow becomes an issue. Instead of panicking and finding short-term solutions for long-standing problems, take a minute to consider the bigger picture. Bill your claims out daily. Yes, daily. This will immediately result in your claim being processed within 30 days, and not automatically push it to the 30-60 day category. You’re already in trouble if you are not billing out daily. If your billing company or department does not do this now, have a sit-down meeting with them, and ask them to start this process