2022 is on track to be the most difficult financial year for hospitals since the beginning of the pandemic. Hospital patient volumes and medical claims are gradually returning to pre-pandemic levels, as financial pressures continue to mount. More than half of U.S. hospitals (53%) are projected to have negative margins for the remainder of…
National Medical Billing Services (“National Medical”), an industry leading healthcare revenue cycle management (“RCM”) company serving the surgical market, has acquired MedTek, LLC (“MedTek” or the “Company”), a leading provider of RCM solutions to ambulatory surgery centers (“ASCs”), hospitals, clinics, and specialty groups nationwide. This partnership will further enhance National Medical’s position as the complete…
In 2021 staff shortages were ranked as the number one concern among hospital CEOs in a recent survey by the American College of Healthcare Executives. Staffing, topped other financial challenges and patient safety, as the second and third most pressing concern respectively. “This is the first time since 2004 that financial challenges has moved…
According to a study conducted by the Council for Affordable Quality Healthcare, inefficient processes across the revenue cycle collectively cost healthcare practices billions of dollars each year. In the United States alone, the industry could have saved $16.3 billion in 2020, or 42% of the $39 billion spent on administrative transactions tracked by the CAQH…
The compliant reporting of peripheral nerve blocks for treatment of postoperative pain can bring additional facility reimbursement, but complex reporting guidelines and inconsistent payer reimbursement creates challenges. Facility Payment for Surgical Anesthesia and Post-Operative Pain Blocks Medicare Global Surgery Rules prevent separate payment for postoperative pain management when provided by the surgeon, however, Chapter II…
Medical professionals are responsible for many patients on an average day. Accurately documenting their notes in medical charts and insurance claims is crucial to delivering quality care. Most healthcare practitioners dictate their notes in an audio recording, which is then transcribed into a written document – and the importance of this transcription process can’t be…
The concept of a healthy cash flow supports a healthy organization seems simple and obvious. Three stages – transcription, coding and billing – ideally work together to create a seamless revenue cycle. Yet Revenue Cycle Management continues to pose a serious ongoing challenge for many healthcare facilities. When efficient RCM practices are put in place, you…
Outsourcing your Billing & Collections is no small decision. You need to find a Revenue Cycle Management company in which you have complete trust with your facility’s individual needs and financial future. The right fit will positively impact your facility by improving overall cash flow, allow you to focus on better patient care, and reducing billing errors…
Having confidence that you are collecting the revenue you are owed quickly and efficiently, allows you to dedicate more time to other priorities – like finding growth opportunities and enhancing patient care. Prioritize these three key strategies to optimize your center’s Revenue Cycle Management. Obtain Fast & Accurate Documentation An efficient Transcription service allows your…
Many healthcare facilities are grappling with this question in the new year: Do we continue handling our billing and coding in-house, or do we outsource our Revenue Cycle Management? It’s not always a clear-cut decision. Every facility has to weigh different factors, such as staff capacity, budget, cash flow, and current inefficiencies. Ultimately, before…