Health care professionals understand that patient care is always the top priority, however there is one component of patient care that everyone who works in a private physician’s office needs to pay greater attention to, and that is coding. It benefits the clinical staff immensely to have a good working relationship with the persons in their offices who are responsible for billing because communication is the key to ensuring that the best quality of care is being delivered to every patient.
Healthcare facilities have numerous employees across various industries working together under one roof. One aspect is medical billing. Unfortunately, this department takes up room in the facility and costs the company additional funds. Fortunately, billing may be conducted outside of the facility, and the company will benefit from an outsourcing for numerous reasons.
With ICD-10’s more specific codes coming in October, precise clinical documentation is critical for reimbursement as well as patient care. With team documentation, also called “scribing,” staff assistants document visit notes, enter orders and prepare prescriptions in real time while they’re in the exam room with the patient and physician. Scribing can save physicians time, which in turn saves the practice money, and allow them to focus on caring for their patients.
Medical billing and reimbursement are critical to a practice's financial health - but they are also necessary to get right for the sake of patients. Imprecise or otherwise flawed medical billing practices can leave patients confused and upset, which is detrimental to a practice's reputation and to its patient retention.
Ambulatory surgery center (ASC) finances are comprised of several different factors. ASC administrators can look for ways to improve their bottom lines in each. Reimbursement is, of course, the main source of revenue, and supply chain management is likely to be a significant cause of expenses. Revenue cycle management and supply-chain management go hand-in-hand for a successful ASC. There are methods ASC administrators can use to increase revenue and decrease costs in these areas and create a more financially healthy ASC.
Surgery is now a $500 billion industry in the U.S., with 80 to 100 million procedures performed each year, according to NBC News. The price of surgery has increased, as the per-capita rate of surgery in the U.S. is 50 percent greater than in the European Union. This trend has several driving factors, including safer technologies that are often more expensive to use and reimbursement trends in the healthcare space.
Many physician practices felt relief when Congress delayed the ICD-10 implementation in its most recent short-term patch to the Sustainable Growth Rate Formula. However, according to Physicians Practice, some practitioners didn't feel the same.
Caring professions, including healthcare, have a high rate of burnout and put practitioners under a lot of stress. According to The Happy MD, nearly 1 in 3 private-practice physicians is dealing with burnout at any given time. To run a profitable and successful practice, physicians need to deal with stress in productive ways. Here are a few ideas:
Modern Healthcare conducted a poll of its readers to determine how they felt about the looming deadline for ICD-10 implementation. According to the website, almost two-thirds of respondents felt optimism and believed they would be prepared for the Oct. 1 conversion deadline.