Do you know your claims denial rate? Some of the most recent benchmarking data for family practice groups suggests averages up 10%, while the AMA found that Medicare rejects roughly 5% of claims. Denied claims leave cash on the table that can impact your profit margin significantly if they aren't … [Read more...]
Prevent Late Patient Payments to Improve Medical Billing
The patient payment process is an important component of and Medical Billing Service. Many patients that default on paying medical bills do not originally intend to do so. When a patient gets sick or is hurt, the patient may not have the ability to pay off all of the bill at the start of treatment. … [Read more...]
CMS Final Rule Physician Fee Schedule
Taking effect on January 1, 2017, the Centers for Medicare & Medicaid Services (CMS) released its final rule for the 2017 Physician Fee Schedule. The revised regulations focus on reinforcing primary care, behavioral health and diabetes prevention. By providing physicians further incentive to … [Read more...]
Are we in Denial About ICD-10 Specificity and Updates?
It's only been a month since the Centers for Medicare and Medicaid Services (CMS) required more specificity in Medicare Part B claims and released thousands of new ICD-10 codes into the wild. icd-10-denials.jpgAnd we're not sure what effect that has had on U.S. healthcare yet. There is one … [Read more...]
Only 1.6% of ICD-10 Claims Denied Since October 2015
RelayHealth Financial on Monday released a report showing that of the 262 million ICD-10 claims it processed between October 1, 2015, and February 15 using RelayHealth Financial revenue cycle management systems, only 1.6 percent were denied. This denial rate has remained unchanged since November … [Read more...]
ICD-10 to Get 5,500 New Codes!
On Oct. 1, the Centers for Medicare and Medicaid Services will add another 5,500 codes to the ICD-10 diagnostic library, officials announced in a March 9 meeting. The addition will come exactly one year after ICD-10, with its nearly 70,000 billable codes, replaced the dated, and much more compact, … [Read more...]
