Category Archives: iMAX Medical Billing Insights

Top 6 Practice Management Challenges Facing Physicians in 2015

Physicians still face mountains of red tape in the upcoming year [lightbox link=”” thumb=”” width=”150″ align=”right” title=”Dont Stress” frame=”true” icon=”image”] Challenge 1: Administrative burdens The link between busy work and burnout If you feel like you’re glued to your computer or tablet for much of the day, it’s not your imagination. Many physicians say mounting paperwork is keeping them from spending enough time with patients. In The Practice Profitability Index, the percentage of physicians who spend more than one day per week on paperwork increased from 58% in 2013 to 70% in 2014. This trend is eroding physicians’ on-the-job happiness.

Billing Due for an Upgrade

Eighty seven percent of all physician practices agree their billing and collections systems need upgrading, according to a recent survey. The majority favor moving to a fully integrated practice management, EHR and medical software product, accessible through the cloud on any browser or device. The first of eight revenue cycle management studies to be released by Black Book, the “Top Physician Practice Management & Revenue Cycle Management: Ambulatory EHR Vendors,” is an analysis of the convergence of the replacement EHR market with the needs of physician practices to upgrade patient billing processes.  [lightbox link=”” thumb=”×193.jpg” width=”300″ align=”right” title=”Integrated” frame=”true” icon=”image”]

Best Practices for Billing and Collections – Part 2

[lightbox link=”” thumb=”” width=”300″ align=”right” title=”Best Practices” frame=”true” icon=”image”]Collections is an important part of managing your practice; without cash flow, your practice doors will close in a hurry. In Part I of this blog series, we reviewed 5 key steps you can take at the front end of the process to improve collections. Here are some additional things you should know to improve your patient collections at little or no cost: Establishing Internal Collections Policies 6) Your collections policies, just like other aspects of your employee handbook, should be in writing. This emphasizes the importance placed on collections and makes

Best Practices for Billing and Collections – Part 1

[lightbox link=”” thumb=”” width=”300″ align=”right” title=”Best Practices” frame=”true” icon=”image”]Collections isn’t something that only happens on the back end of the billing process. It starts by properly conveying your policies and expectations in advance to both patients and staff. Here are proven methods you can implement in your practice to improve your patient collections at little or no cost: Office Visits – Front Desk Responsibilities 1) It’s vital for patients to understand and acknowledge in writing that they are personally responsible for any charges not covered by insurance. Requiring them to sign your financial policy at every visit, not just the first

55% of E/M Claims Incorrectly Coded – What’s Your EHR Software Doing to Help?

According to a report issued in May by the Department of Health and Human Services Office of Inspector General (OIG), fifty-five percent of claims for E/M services were incorrectly coded and/or lacking documentation in 2010, resulting in $6.7 billion in improper Medicare payments. [lightbox link=”” thumb=”” width=”150″ align=”right” title=”Dont Stress” frame=”true” icon=”image”] The report, entitled Improper Payments for Evaluation and Management Services Cost Medicare Billions in 2010, said that Medicare paid $32.3 billion for E/M services in 2010, representing nearly 30 percent of Part B payments that year. In 2012, the OIG reported that physicians increased their billing of higher

Medical Practice Collections: The Careful Art of Collection Letters

[lightbox link=”” thumb=”” width=”300″ align=”left” title=”The Power of the Pen” frame=”true” icon=”image”]The use of collection letters has long been a necessary, but challenging, process for medical practice collections. Managing delinquent accounts and properly contacting patients can be a tedious and time-consuming process that proves very difficult. You need to collect the money that is owed to you, but appearing too aggressive may sometimes hurt your practice’s image and potentially cause a loss in business. The following guidelines will help you effectively use letters to collect on past-due accounts. Be Proactive: Sending a “past-due” letter before an account becomes a collection

Free Infographic: Why Not Just Dictate to Your iPad EMR?

The amount of data entry required by most EHRs has been a major point of dissatisfaction for physicians for several years now. A recent survey by a Pennsylvania community hospital showed that physicians spent an average of 44% of their time on data entry, with only 28% spent on direct patient care. Obviously, this is not what doctors or patients want. But charting in the exam room results in the highest accuracy and completion rate. Many doctors and healthcare experts believe dictation with an EHR designed for the iPad and other tablets could be the answer—if the accuracy can reach

How to Improve Your Cash Flow, Part II: Improve Your Practice Collections

Feeling a cash flow squeeze, either from the various compliance programs, ACA effects on patient payment or other issues? Not surprising—many practices are feeling the pressure. [lightbox link=”” thumb=”” width=”250″ align=”right” title=”improve practice collections” frame=”true” icon=”image”] In part I of this blog series, we discussed how speeding up your billing can improve your cash flow. Now let’s take a look at how improving collections can increase your cash flow. Collections has become more important over the last few years because of the increase in patient responsibility, and there are no signs that this is slowing. With patient payments come collections

How to Improve Your Cash Flow, Part I: Speed Up Your Medical Billing

Don’t like to think about the financial side of your practice? Some practitioners prefer not to think too much about cash flow because they want to focus on patients; this is admirable, but a serious mistake to make these days. The reality of the situation is that without healthy cash flow, a practice will close in a hurry. [lightbox link=”” thumb=”×162.jpg” width=”300″ align=”right” title=”opportunity-13″ frame=”true” icon=”image”] How do you keep your cash flow healthy? We’d like to recommend several ways to use your EHR and medical billing software to speed up your cash flow so that your practice remains healthy.

The Latest Software Vendor Breakup Proves Integrated EHR Software is Best

News broke recently that Medfusion was severing its relationship with Allscripts. Medfusion offers patient portal and website solutions to healthcare providers, and was providing this solution to approximately 30,000 Allscripts providers.[lightbox link=”” thumb=”×193.jpg” width=”300″ align=”right” title=”Integrated EHR” frame=”true” icon=”image”] According to Medfusion, these users of Medfusion’s portal technology who currently have access “will not experience any immediate lapse in service, and they will be given an opportunity to secure direct service from Medfusion.” The announcement also tried to alleviate users’ concerns “while their service is transferred during this critical time leading up to Meaningful Use enablement.” This is an extremely difficult situation