The outbreak of COVID-19 in the US has dramatically altered the 2021 healthcare landscape and has been a major cause of concern for healthcare organizations across the nation. Even though the government and payers have put in place programs to help alleviate RCM challenges presented by COVID-19, the healthcare practices and medical centers continue to face financial challenges raised due to the effect of COVID-19.
We successfully headed into 2021 and the digital healthcare landscape continues to shape your practice medical billing process without any doubt. It is very essential to embrace changes and most importantly the medical billing and healthcare organizations should encourage technology updates. The healthcare experts and providers should accept the trends which bring tremendous growth in the healthcare industry. Here are the top 5 trends to watch in healthcare medical billing for 2021.
Managing hospital document information such as patient’s medical records, billing statements, insurance, and credentialing details from several sources, whether it may be in an electronic system or paper-based document system, is essential for any practice growth. A document management system tracks manage, stores, and retrieves both paper and electronic documents that can prove immediately beneficial to the operations of your healthcare system.
According to the Centers for Medicare & Medicaid Services (CMS), two-thirds of healthcare practice revenue is lost due to billing leak, and 30% of claims being denied or rejected on the first submission. So an accurate insurance eligibility verification process plays a major role in improving practice workflow. In this article, we discussed the five most important insurance eligibility verification steps you should never miss.
Outsourcing medical billing is one of the important difficult decisions for physicians today. For successful practice growth, healthcare providers need to focus more on their patients and treatment plans rather than managing their medical billing process.
Medical billing and coding are some of the complex administrative processes, as billing may take some time to finalize when a patient comes with a significant medical history. Here are the effective ways to improve your medical claim billing process facilitating higher approval percentages.
In today’s healthcare marketplace, many providers are facing numerous challenges with medical billing claim denials. Providers should aim to keep their claim denial rate around 5 percent to ensure their organization is maximizing claim reimbursement revenue as it affects the physician practice and cash flow.
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