Practice Finance

Before physicians buy a revenue cycle management system they should do more than listen to a vendor’s sales pitch.

Small practices that enroll in value-based initiatives will see revenue cycle disruptions and loss of income, one expert says.

New RCM systems will improve small practices’ ability to manage claim denials, improve reimbursements and boost their business operations.

Practices must focus on building an efficient RCM system that helps them collect payments while allowing them to focus on patient care.

Is it time to outsource? Here’s a closer look at the pros and cons of outsourcing vs keeping it in-house

How do you bill situations when you see the patient in the office and then direct the patient to go to the emergency department (ED)?

A growing movement argues physicians must address the economic and social forces behind patient health

Before selling your practice, bringing on a new partner or investor or entering into a new practice management relationship or joint venture, you should first determine if there are any business or regulatory risks present in your practice, as they could jeopardize your transaction or put a portion of your proceeds at risk.

Quality metrics, MOC and physician income are the hot topics readers are talking about in this issue of Your Voice.

MACRA/MIPS should be abandoned for the good of Medicare patients.

Joining forces with other physicians to thrive is necessary, and a clinically integrated network may be a route to consider

Every practice management system can produce reports, but are you utilizing those reports on a monthly basis? They are the key to your practice management numbers, but it’s amazing how many people I work with who do not know how to run reports

Saving for the future and enjoying the present are two impulses that rarely go hand-in-hand. With Americans living longer, many worry that they may run out of money while still alive. Plan on averages, assumptions, and make a strategic plan in the years prior to retirement. Steven Podnos, MD, CFP offers advice on balancing saving for the future and paying for the present.

Independent physician practices can start increasing their cash flow and reducing their bad debt immediately-and they don’t need fancy software or renegotiated reimbursement agreements to do it. All they need is to have some simple systems in place.

What role should physicians play in discussing the financial impact of treatment decisions, and how can they better manage these conversations?

Your biggest risk and greatest exposure as a physician is in the area of professional services. But liability also can arise when it comes to the business side of a medical practice, however, and it is in this area where other types of coverage become highly important.

Even the most experienced physicians and practice managers face a daunting dilemma on the financial front: Should they handle billing and collections internally or hand over these tasks to an external vendor? There are strategies that physicians can use to evaluate potential vendors and make the best decision for their practice.

Why upgrading the workflows of your front desk, clinical practice and administrative functions are necessary to improve efficiency and gain time

With the addition of EHRs and patient portals, many practices today are better positioned to incorporate modern processes and procedures to manage their accounts receivables more effectively, particularly by improving collections from patients.

It shouldn’t be surprising that, in this constantly changing ecosystem, more practices are struggling to maintain financial homeostasis.

Knowing which CPT code to use for an evaluation and management visit can boost your revenue and help avoid audits

Opportunities and strategies for billing non-face-to-face encounters

A well-structured strategic business planning process can help your practice in both the short and the long term