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Time for medical practices to go active on social media!

February 25, 2014 by Ango Mark Leave a Comment

 It is time for medical practices to go active on social media!

A thousand “Likes” for socially active hospitals!

Are you a physician who thinks social media is not for serious people? That it is only meant for frivolous gossip and friendly banter? You have a second thought coming! Healthcare professionals are taking to social media in a big way.

It helps people across the healthcare continuum, connect with their peers, stay updated about current changes in the industry and most importantly, engage with patients.

Dealing with frustrated patients…

Hospitals that are active on social media are ahead of the curve and more patient friendly. For years patients who were unhappy with their physicians, waited till the next visit to the doctor’s office to vent out their frustrations. Now it is just a matter of logging into their FB and rant…

A hospital that is on Facebook gives its patients an opportunity to share their concerns with providers in a healthier way.  

They’ve postponed MU again?

Medical care professionals who have social media accounts are more likely to be in the know. One of the very important uses of being on social media is that they help in keeping healthcare professionals updated, in an ever evolving industry. It builds awareness about key issues and helps in disseminating vital information.

We are family!

There is a growing need for physicians to galvanize and speak up against draconian regulations and reimbursement cuts. To reassert their need for EHRs that is built around their workflow requirements and practice needs. To remain silent is to comply. And that is why it is more important than ever for medical professionals to be on social media.

It builds a sense of community and can empower users. It can encourage networking with peers and working as a collective force.

Being close to patients!

It is impossible for a medical practitioner who sees around 30 patients a day, to follow up on every one of them and offer personalized care. Being on social networking platforms means, patients are just a click away. It helps to connect with patients and drive up patient engagement.

You can educate patients on using patient portals and offer health advice, without the pressure, of another patient waiting in the reception.

Handle competition deftly!

At the end of the day medicine is business. Social media is the best way for medical practices to promote themselves. When there is heavy competition amongst peers, it is the most socially engaged medical practice that wins!

Filed Under: General Tagged With: healthcare professionals, medical care professionals, Medical Practice, Patient engagement, physicians social networking, social media

5 Common Patient Collection Flaws to Avoid

February 19, 2014 by Ango Mark Leave a Comment

Stay Away from Patient Payment Collection Gaffes

Is Your Collection Rate Unhealthy?

Many clinical and non-clinical departments of the medical practices overlook the payment collection from the scratch and most of the times you may combat for the collectibles at the eleventh hour. If it is so, you have some useful stuff here, to hone your collection strategies.

Small mistakes cost you more…

Collecting your hard earned money shouldn’t an end term activity. The collections of physicians, pathology or radiology labs, pharmacies, if unattended on-the-dot, your Accounts Receivable (ARs) would become unmanageable leading to piled-up bad-debts. Thus, point of service (POS) payment is very crucial for a robust healthcare business.

Notably, most physicians want to stay away from the financial dealings and deem that time involved in the finance management could be utilized for patient care and updating the clinical knowledge. But finally, you may land up in big troubles like unmet payroll, unrewarded hard work, dwindled profits or increased bad-debts.

Take care of your funds with these collection tips:

#1 – Ignorance of co-pays

Physicians need to be more attentive and understand that co-pay collection from the patient must be a demand instead of being a patient’s choice. As per the insurance payer contract, the doctor must collect the co-pay from the patient in each visit.

 #2 – Bill Generation for Co-pays

Another common co-pay collection mistake is that you may bill the patient’s co-pay which once more goes against the payer contract policy. Missing the POS collection calls for unnecessary addition of the administrative cost in bill generation, follow-up and collection.

 #3 – Information Deficiency

It is the highly frequent yet imperative issue due to the negligence of the front-end staffs. Important patient’s information like date of birth, insurance carrier and policy details, scanned copy of insurance cards, exact billing address, contact number and many demographic data, if left out at the patient check-in, eligibility issues may arise and hamper your reimbursements.

 #4 – Lack of Payment Pattern Discussion

Mailing the bills directly to the patient and upon patient’s rejection seeking the help of the collection agency may help you, of sure. But, conversing with the patient up on encounter, to make payment arrangement is a much better option to collect your dues.

 #5 – Missing Further Step

When your collection methods are not working out, you need to proceed further either through collection agency or legal proceedings. Of note, this is the point at which doctor-patient relationship may get broken. If the aforesaid 4 steps are followed impeccably, you won’t find any lapse in the serene patient care.

Filed Under: General Tagged With: Medical Practices, patient collection, payment collection, point of service payment

Is you EHR customized to your needs?

February 6, 2014 by Ango Mark Leave a Comment

Tips to maintain medical documentation

EHR templates and why it makes little sense to work with them!

EHR templates are getting a lot of bad press. They are being blamed for poor documentation and reduced patient engagement.

Template generated notes are reducing patient data into a series of boxes to be ticked and blanks to be filled out.

At the end of the day, relying on templates is not just lazy documentation, but can also have a negative impact in the medical decision making process.

Missing the forest for the trees…

Point and click templates consume a lot of time thanks to the extensive output they generate. Information that has no clinical relevance, unnecessary, redundant data leads to note bloat. And a frustrated physician who cannot find what was documented during the patients’ previous visit. Cloned notes and upcoding add another layer of complexity to an already complex tale.

Templates that are not well designed can be hazardous to patient health & if overused can cost lives. The death of a patient in Manhattan, due to a template that limited information and narrowed down diagnostic choices, is an example of how hazardous templates can be. Instead of being comprehensive and informational, most EHR templates are complicated and of little use.

Which box do I tick?

There is another more dangerous charge thrown at EHRs. It is that they limit the physician’s ability to think and interfere with open diagnostic thought.

Improper diagnosis poses several medical-legal problems for medical practices.

Structured and inflexible data inputting options can put medical practices at risk.

Less rigid data platforms that give physicians enough space to explore varied diagnostic and treatment, plans and options are the need of the hour.

Limiting and cumbersome!

In a better world EHR templates will give physicians easy access to healthcare information, reduce data entry tasks and increase patient engagement. But going by the number of people complaining and riling against EHRs, most EMR systems leave a lot to be desired.

Going back to paper?

Several medical practices use paper records to document regularly performed procedures, patient history and progress notes.

It is impossible for EHR vendors to create a unique template for every single disease or medical condition.

And that is why it is essential that physicians do not depend blindly on their templates’ parameters and work within its framework.

Customizing EHRs according to the patient population, treatment options and the most commonly performed procedures, of a medical practice. Can trim the fat, save up on time and lead to better medical decisions.

Filed Under: EHR, General Tagged With: EHR practice tips, EHR Templates, EHR vendor, medical documentation

Make wait times in your medical practice a better experience!

January 20, 2014 by Ango Mark Leave a Comment

Physicians Practice

How to make wait times at your medical practice a better experience!

How often have you seen patients fuming in the reception and have been able to do nothing about it? With hundreds of newly insured patients and limited staff it is getting tougher by the day for small and medium sized medical practices, to handle appointments. There is nothing worse than seeing patients, in need of medical care, waiting listlessly for it.

A third of staff time is spent on scheduling, handling no-shows and rescheduling appointments. There are ways to make appointment scheduling and patient wait times, smarter and shorter.

Make use of apps…

There are applications and software’s that can help physicians get a handle on their numerous appointments. Web based tools such as MedWaitTime help physicians to streamline everyday workflow and manage appointments. The more effectively you manage appointments, the easier it is to shorten wait times.

Is your medical practice a Wi-Fi zone?

How many of us read magazines strewn at a reception desk? Very few! Flipping through pages randomly can be frustrating after a while. A Wi-Fi enabled wait room can keep patients engaged. It may also help them to complete office tasks or keep tabs on them, while waiting in your office. This will make wait times more productive and fun.

Get paperwork out of the way!

Filling out medication lists or making patients fill myriad forms is a time drainer. And make the wait time for patients longer. Encourage patients to fill out information online a day or two prior to the visit. Have patient information and other pertinent details in hand, before meeting patients.

Make use of patient portals to share and receive vital information. Built into your EMR or integrated with it, work with patient portals to save on time.

Keep your patients in the loop!

Inform your patients about how long it will take to see them. Have the front office staff update patients periodically on what’s going on in the physician’s room. If there is delay state the reason for the delay and how long it will take to get things back in order. Knowing the reason for the wait, will let patients know their time is being valued.

Keep in touch!

A follow up mail that thanks your patients for visiting, for waiting for your medical care and how important each visit is to you, can make all that wait worthwhile. Never forget to ask for feedback and suggestions. It will increase your referrals and ensure there is a steady stream of loyal patients!

Here’s a presentation view about how you can accomplish your medical practice in full flow.

Filed Under: General, physicians Tagged With: billing practice, medical care, Medical Practice, Patient Portal, physicians practice

Will Obamacare result in better care across the healthcare continuum?

January 7, 2014 by Ango Mark 1 Comment

Affordable Care Act

 

Is Obamacare backing patients into a corner?

There has been a lot of controversy surrounding Obamacare ever since it was launched. It has drawn criticism from all sides. Physicians are cribbing about the tremendous amount of paperwork they have to put up with. And, the pressure to comply with, several federal regulations.

Obamacare which was hoped to improve healthcare outcomes and give the uninsured a new lease of life has been accused of not delivering its promises.

No card no service!

This is the arithmetic of the current healthcare scenario. Many patients have no idea whether they are insured or not. Several of them have walked out of hospitals, despite ailments, fearing a huge bill.

There is no way for patients to prove that they’re insured and this has led to mayhem, untreated patients and frustrated doctors. The sticker shock patients face, gives rise to one pertinent question, whether Obamacare is another failed promise?

Technology will drive healthcare costs down…

Healthcare IT has emerged as the biggest hope for the healthcare industry to cut down on costs and move towards a better model of working. Bending the cost curve isn’t easy but certain medical specialties like radiology have seen a drastic decrease in procedural expenses. From being one of the most expensive specialties, radiology has now managed to become less expensive and contain costs.

Even the skeptics have agreed that the Affordable Care Act can be a harbinger of change. Despite it’s, shortcomings, and a very worried American public.

Here is why the ACA isn’t so bad after all!

  1. The act has empowered patients and has aided them in choosing providers and services that better suit their requirements.
  2. The ACA has standardized medical billing and documentation to a large extent.
  3. It has provided medical practitioners the impetus to explore newer revenue and workflow models.
  4. Risk sharing pay systems can help physicians move away from the traditional fee for service model.
  5. The ACA has made the entire healthcare industry more tech-driven. This means better patient communication and care.

Filed Under: General Tagged With: Affordable Care Act, healthcare IT, Obamacare, radiology

The Takeaways of the MGMA 2013 meet

November 13, 2013 by Ango Mark Leave a Comment

MGMA meet

Better equipped medical practice managers are the need of the hour!

Agreed… This is not the best of times to be a medical practice manager. With financial pressures weighing you down and evolving compliance requirements, it can be, one, demanding job.At the recently concluded MGMA conference, the ACMPE Certification commission chair and incoming chair, Tom Ludwig, spoke at length about leadership development.

It is essential for medical practice managers to constantly learn and reinvent the way their medical practice’s function. Stick in the mud approach, is no longer going to work.

Gaining the ACMPE fellowship…

An ACMPE board certification and fellowship can steer practice owners towards the right path. The program which is based on the Body of Knowledge for Medical Practice Management (BOK) is considered a stamp of excellence in medical parlance. The certified member is well versed with the eight BOK domains, and can improve leadership qualities.

“We need people who understand all the elements and the sub-groups of each domain. Knowing the BOK is a way to distinguish yourself as a professional and show that you are a leader who has critical thinking skills” exclaimed Ron Menaker.

Why every little difference matters…

Professionals in the medical industry will have to attest and implement several regulatory measures. Being an eligible professional and in compliance with the Affordable Care Act and Patient Protection Act is of great importance. Even minor differentiation can play a crucial role.

Moreover the program offers a wealth of information that can help medical practice managers’ sail through choppy waters.

The onus is on practice managers!

It is the medical practice manager who determines the clinical and operational workflow of a clinic or hospital. Being informed and ahead of the curve is essential. Understanding, the nuances of healthcare, and how each process can affect or improve the entire healthcare continuum, can make taking clinical or operational decisions easy.

To become more informed, communicative and authoritative, becoming a part of certification programs can help a great deal. Networking with subject authorities, having in-depth knowledge about healthcare regulations and of course bracing oneself for change, are the qualities that will stand medical practice managers in good stead, in the coming years.

Filed Under: General Tagged With: mgma, mgma meet

Infographics: Obamacare – A Precursor for Financially Sound Healthcare Practice

November 6, 2013 by Ango Mark Leave a Comment

Affordable Care Act(ACA)

How Obamacare Benefits Medical Practitioners?

As a medical practitioner, you will be glad to know that “Obamacare” has proved its mettle in reviving fortunes of the medical business fraternity. Obamacare¸ also known as the Affordable Care Act (ACA) was enacted as federal law by President Barack Obama on March 23, 2010. ACA, along with the Health Care and Education Reconciliation Act, has effectively overhauled the US healthcare system.

ACA, the new health care reform law in America, enhances the affordability, quality, and availability of insurance policies from public and private payers to about 44 million uninsured citizens. This will increase collection of insurance reimbursement collection of hospitals and clinics for providing healthcare services to patients. In addition, it also curtails the rise in healthcare spending.

Any Statistical Evidence That ACA Will Prove its Worth?

Sure – no doubt about that!

Healthcare establishments across the US stand to gain since public opinion favours ACA. Proof of the pudding lies in the fact that statistical survey reports justify the fact that ACA has started gaining momentum across the US. Due to competition in the insurance marketplace, premiums have started dipping below the projected levels. This will lead to estimated savings of roughly $190 in the federal budget during the next 10 years. This fact is a vital early indicator that the ACA is performing much better than anticipated to decrease federal budget deficits and national spending on healthcare.

Due to these savings, the healthcare deficit will be lowered to the tune of 174%. In terms of savings in healthcare suggested by the Simpson-Bowles commission (namely the National Commission on Fiscal Responsibility and Reform) -, this works out to be around 40%. In addition, reduction in premiums will further decrease the number of uninsured citizens by 700,000. Since insurance will be less expensive, more number of citizens will opt for insurance policies, resulting in additional reimbursement receipts for hospitals.

Statistical Surveys Reinforce Credibility of ACA

Recently, Washington-based Gallup conducted a daily tracking survey, with a random sample of 1,528 adults. These adults were bracketed in age groups of 18-29, 30-49, 50-64, and older than 64. Maximum support for the plan came from the 18-29 age group. The number of persons in the younger generation category who approved the Obamacare plan exceeded the numbers in the same category who disapproved the plan. This implies that more numbers of younger adults are likely to be uninsured in comparison to people in the upper age groups. In addition, there is a steady rise in the population of younger adults. Their willingness for opting for insurance policy is a crucial factor for success of Obamacare.

Do Medical Practitioners Gain by Entry of New Insurance Agencies in the Market? 

Of course! According to the McKinsey Center for U.S. Health System Reform, new insurance payers form about 26% of the number of insurance agencies in the US. Entry of these additional players has led to more intense competition in the insurance market. These agencies priced their premiums lower than existing ones in the market. Lower premiums will lead more people to go in for insurance policies. This will boost up insurance receipts of medical entities.

In addition, the Kaiser Family Foundation conducted a preliminary study of insurance plans offered in 18 areas. 15 out of these 18 areas experienced premiums that were less than premiums estimated by the national Congressional Budget Office (CBO).

Reduced premiums imply that more and more number of citizens will walk into the insurance coverage basket. It has been estimated that the number of citizens who are not insured will be reduced by 2.8% due to 16% drop in premiums. This, in turn, results in additional revenue collection for hospitals and clinics.  In addition, insurance coverage will be increased for 700,000 citizens by 2013 since CBO had projected a reduction in number of uninsured citizens by that time.

Any Plans Related to ACA Coverage?

You will be pleasantly surprised to know that insurance policies are already available which incorporate the need for minimum coverage. With effect from Jan 1 2014, the ACA mandates that most of the US citizens opt for minimum essential insurance coverage or pay a penalty. Following plans are available for US citizens:

  1. Medicare or Medicaid federal sponsored programs.
  2. Private insurers’ plan in the individual insurance market.
  3. Employer sponsored plans.
  4. Health plans available in States’ individual markets.
  5. Certain health plans that were operative before ACA.

Win-Win Scenario for Doctors and Patients!

Doctors and patients both stand to gain as Obamacare counters effectively insurers’ tendency to deny payment for pre-existing health conditions and impose limits on annual payment by insurance payers. Now pre-existing conditions will also be covered for insurance payment. Citizens will also avail plans that cover out-of-pocket expenses, for the first time in the country. Medicaid coverage is being expanded by many states, so that additional citizens are covered by 2014. The ACT will also cheer-up small business owners who form bulk of uninsured people. This means additional reimbursement receipts for medical units.

For further enquiries on Obamacare, rewards and incentives for wellness programs, tax credits, free EHR/EMR subscriptions, and so on, you are welcome to contact us any time convenient to you.

Filed Under: 2014, General, obamacare Tagged With: ACA, Affordable Care Act, health insurance agencies, Obamacare, US healthcare system

BYOD Policy – Is it the Grenade in Your Employees’ Gadget?

October 28, 2013 by Ango Mark Leave a Comment

BYOD Policy

BYOD – Bring Your Own ‘Device’ or Bring Your Own ‘Detriment’?

Bring Your Own Device (BYOD) is the policy of employers authorizing their personnel to utilize their own mobile gadgets such as tablets or smartphones for official and personal functions. In the recent years, a sheer rise in the BYOD movement is noticed across the country.

But, naysayers say that implementing the BYOD policy is tantamount to dropping a bombshell in one’s own healthcare facility. This article brings the ‘techniques’ to achieve the BYOD benefits into limelight.

BYOD and the Gadget World :

The escalating BYOD policy implementation is kindling the growth of gadgets such as iPads, iPhones, tablets, smartphones, laptops, mobile PCs, etc. in the market. Besides, the market shares of operating software systems like Linux or Windows and other supportive software applications or the so called “apps” right from health calculators to ICD-9 related apps are also fuelled to increase.

The BYOD Benefits :

Employer-edge :

  1. As far as the healthcare provider is concerned, the BYOD increases productivity as the users feel more amicable to the device usage.
  2. Users frequently upgrade their hardware and software apps, and may purchase cutting-edge devices which could trim down the operational costs of the employer. But, cost alone must not be the crucial factor to decide BYOD implementation at your hospital or clinic. 

Employee-edge :

  1. There is a survey report that 83% of users believed that their mobile gadget is much vital than their morning refreshment beverage.
  2. This is because they love their device in which they had invested due to their own wish and it’s not a device of the employer’s choice.

The Conduit for Smooth Sailing !

  • Design a ‘bespoke’ P&P Manual :
  • Most healthcare centers just follow the default policy and procedure (P&P) manual which may not fit their facility.
  • It is mandatory to analyze the cost-benefit ratio while confirming the standards for permitted mobile devices, user segments (mobile optional, mobile augmented, mobile primary) and accessible personnel in each segment across the facility.
  • Security and Control :
  • Many healthcare providers and practice managers deem that security is the most challenging issue of mobile enterprises in their facility. Thus, FDA-approved mobile apps and devices tuned-to-the-HIPAA policy must be used under the supervision of a tech-savvy healthcare professional.
  • If there is a security breach, a pre-programmed action plan must be followed to retrieve and expunge the patient health information (PHI) stored in the violated device through remote tools.
  • Educate About the Risks :
  • Many healthcare centers are already in the data breach due to the negligence of their employee or vendor or lost/ stolen mobile device.
  • Thus, it is obligatory for the healthcare administrators to enlighten their internal and even external stakeholders about the risks involved in the security infringement.
  • Support and Update :
  • Though your employees are tech-savvy, they may be in need of constant support regarding the usage of new healthcare and other apps, and healthcare policy updates like HIPAA – so as to forbid the legal gaffes.
  • So, appoint staffs to constantly monitor the amendments in the healthcare policies and healthcare IT (HIT) technologies and also update the same in the in-house setting through frequent staff meetings, training and development programs.

Just mellow out with your BYOD implementation by banking with MedicalBillingStar !

Filed Under: General Tagged With: BYOD Policy, byod policy benefits, healthcare byod policies

Business Intelligence – The Astute Tool to Empower Your Healthcare Business

October 23, 2013 by Ango Mark Leave a Comment

business intelligence

BED-IN THE BUSINESS INTELLIGENCE PLATFORM AT YOUR HOSPITAL… BOLSTER YOUR BUSINESS PERFORMANCE…

The healthcare IT initiatives of the WHO, and the Country’s Federal Government such as ICD-10, meaningful use, HITECH act, etc. are doggedly insisting on the instauration of the US healthcare facilities to exploit the positive impacts of the software products. In this milieu, the Business Intelligence (BI) software is gaining its magnitude in the healthcare arena due to the sizeable advantages in its implementation.

Bountiful Benefits :

Optimize Your Business Performance by Offering the Right Clue !

The business intelligence software provides many benefits for the business process shoot-up in the healthcare centers :

  • A. Substantiation for perfect and present source data.
  • B. Timed data creation and accession.
  • C. Effortlessly distribute updates within your facility.
  • D. Manage data access and provide HIPAA compliance.
  • E. Perform multi-departmental enhancement across the facility.
  • F. Proffer ready-to-use data for making verdicts.

A Thumbnail Sketch of the BI Models :

To make a kick start with the business intelligence or to extend the existing BI program, many providers are running pell-mell to analyze and settle down with ideal BI software. In an endeavor to proffer a decent navigation across the business intelligence landscape, the following unbiased options would be an enchiridion for the physicians who are planning for the BI migration :

  • Vendor-offered Data Analytics :

The stepping stone for fresh BI launchers !

As a healthcare provider, you could opt for the purchase of pre-packaged data analytics from your existing operational systems’ vendors like EHR/EMR/ECM/ERP or other healthcare IT vendor. For the providers who are about to commence your BI program, it is the ‘best pick’ as your existing IT vendor knows the nook and cranny of your organization’s workflow process and could suggest you the exact – even customized BI kit.

  • The SaaS Model :

Saas

The money-spinning option for the smaller providers !

In the market, there are ample vendors who offer Software-as-a-Service (SaaS) packaged analytics, as a service. Unlike the olden days, apart from administrative, financial and operational analytics – clinical analytics are offered by the external vendor, when you send the obligatory data using computerized ETL (Extract, Transform and Load) processes at preset data transmittance rates.

  • Data Visualization Tools :

data visual

Fewer staffs and trimmed down outlay make it attractive !

This model lets the users with scant technical proficiency to craft tailored graphical and tabular modules of data with slight IT reliance – suitable for their business setting. Data visualization tools could directly access the core application data sets even devoid of conventional data warehouse. To speak above board, this model is not recommendable when heterogeneous data sets are to be reported, from varied core applications. 

  • Pre-bucketed Solutions :

The choice of providers who need specific analytics :

Pre-bucketed point solutions aid physicians deal with specific areas such as nosocomial infections forecasting, appointment scheduling, adverse event reporting, staff optimization, accounts receivable (AR) summary analysis, etc. Though, this system fills the lacuna when amalgamated with any comprehensive BI system, it could be substituted for any intact BI model.

  • Home-grown Data Warehouse :

     data warehouseThe versatile alternative for BI prioritized centers :

For the large healthcare providers who deem that a full-bodied data warehouse is a vital element in the “big data” strategy, this serves as the best choice. This offers a broad analytics, better scalability from pilot level to big business level. As any model has its own demerit, the prolonged implementation time, high cost, more IT-savvy staff requirement are the drawbacks.

 

Just ink a deal with MedicalBillingStar and savor your practice with a perfect business intelligence model !

Filed Under: General Tagged With: BI Models, Business Intelligence, healthcare IT vendor

Negotiating Medical Practice Payer Contracts to Your Advantage

October 15, 2013 by Ango Mark Leave a Comment

Insurance Contract Negotiation Services

Rapidly Changing Medical Reimbursement Environment :

Over a period of time, considerable changes in complexity and scope of contractual negotiations and agreements with federal, state, and private insurance organizations have been experienced by clinics and hospitals. At present, most of the practices accept whatever the insurance companies offer, rather than resorting to implement insurance contracts on a win-win basis.

This results in losing out on additional revenue to the tune of 15%. Successful renegotiation of insurance contracts results in a typical yield of 10-12 %. This is money that is available but lost because most of practices do not have the expertise to renegotiate their insurance contracts. The medical practice not only suffers from a bad insurance contract, but doesn’t even know what’s in the contract.

Expert Opinions :

Brian Workinger, business solutions consultant at Craneware, a specialist in software for health care billing, auditing, chargemaster management and medicare compliance, emphasizes “the need to compare reimbursement rates of insurance companies, rates of nearby hospitals, and know the clinic’s market shares in medical services. This information will help to negotiate with the insurance companies.”

According to Kyle Kobe, principal at Equation, a healthcare consulting firm, “it pays to do an extensive homework and understand the existing contracts, know market contract rates, and determine how the existing contracts can be improved.”

Mary Ely, director of physician relations at Greater Baltimore Medical Center (GBMC) and head of managed care and negotiations with insurers, adds that “there is a dire need to claim denial histories, Medicare fee schedule changes and insurance contracts, and follow up by extensive research on existing contracts. “

Multi-pronged Approach :

MedicalBillingStar has developed a sophisticated model that analyses existing and proposed contracts and ensures that the hospital management understands the financial and operational implications of existing contracts, as well as the implications of new contracts and/or proposed changes. We offer effective insurance contract negotiating services to the medical practitioners. We:

  • A. Help the clinic/hospital to maximize the profitability of each contract. We have developed sophisticated analytic methodologies, including modelling of contract to identify underperforming contracts.
  • B. Guide medical practitioners to process claims based on our knowledge and experience on the techniques used by insurance companies. We have in-depth knowledge of insurance contracting, including complex reimbursement terms, adjudication rules, and trends in public and private insurance policies.
  • C. Develop the necessary tools to work out contracts with insurance companies.
  • D. Help establish contacts with key personnel in each insurance organization.
  • E. Identify key insurance companies related to the medical practice and the top 20-25 codes billed.
  • F. Contact each insurance payer and find current reimbursement for these codes.
  • G. Present comparison of actual reimbursement and existing payment norms to the clinic/hospital management and recommend the insurance companies that are to be contacted for renegotiations.
  • H. Hard bargaining at the negotiating table: Approach the recommended insurance companies, and give as much details as possible about the medical practice, team of doctors, diagnostic, treatment, and rehabilitation processes, and so on.
  • I. Avoid being caught off-guard ! Help closely scrutinize finalized insurance contracts to identify language or hidden agendas which need to be eliminated. Understanding the health insurance language is very helpful, especially when each insurance company conveys the contract language in its own format.
  • J.Avoid dangerous evergreen trap! Help in avoiding “evergreen clauses” related to reimbursements, which implies that the insurance companies continue to pay the same rate to the medical practice, even when at a later time the rates are raised, paying more to other practices. We renegotiate a fair fee schedule. We stay tuned with the latest rates, which insurance companies are not too eager to give out.

Tie-up with MedicalBillingStar… We save your time and money with better payment and fairer insurance contracts…

Filed Under: General Tagged With: insurance contracting negotiation services, Payer contracting negotiations, Payer Negotiation Services

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