|
Chiropractic Billing Performance Index 2007 - Ten Best-Paying Insurance Companies
[Insurance:Health] The annual Billing Precision Index (BPI) reflects payer performance stability over time. BPI 2007 shows a different payer ranking from its 2006 prototype. The first place of BPI 2007 is now confidently held by Blue Cross Blue Shield Illinois (replacing United Healthcare) for its participation in every one of the monthly BPI indexes during 2007. Additionally, BPI 2007 has Medicare New Jersey and Cigna switching the second and the third places, while improving Aetna's position from fifth to fourth place.
Chiropractic Office Billing Index Gains 0.8% in December - Medicare and Blues of Illinois Lead
[Insurance:Health] In December, the Chiropractic Office Billing Precision Index (BPI) improved improved 0.8% above its November mark. Overall, October BPI reached 18.8, 1.1 below the national average of 17.7. The December index, just like November and October indices, maintains both its membership and the two lead positions: Medicare and Blue Cross Blue Shield (BCBS), both Illinois, have retained their September positions.
To Par or Not to Par - Medical Billing Dilemma in Anticipation of Proposed Medicare Cuts
[Insurance:Health] As the year-end approaches, the providers again face the participation-non-participation dilemma because status change notifications are accepted until January 1 only. The doctor must choose between higher reimbursements and patient collections or lower reimbursement and direct deposit. The choice is complicated because the Congress has not yet completed the debates about an upcoming 10.1% Medicare cut to physicians. The Congress delay and the unprecedented cut size dramatize the possibility of being locked for another year under a newly reduced fee schedule and raise the urgency and importance of this decision.
The Billing Network Effect in Chiropractic Coaching - the Metcalfe's Law
[Business:Productivity] The pressures and the steep learning curve required of the newly graduated chiropractic doctor are nothing short of monumental because of the mounting complexities of the business in an increasingly hostile billing environment defined by insurance companies bent on minimizing payouts to doctors. The coach has become a critical element of the chiropractor's team - a consultant with experience and leadership in the field - who mentors the new chiropractor through this minefield of potential revenue-chewing issues. The enlightened coach uses automated systems that collect and segregate data among all client practices, allowing them to more easily identify and address problem areas.
The Outsourced Billing Network Effect and the CNS for the Chiropractic Office
[Business:Outsourcing] The application of chiropractic methodology to office management yields dramatic improvements in practice performance. The CNS for the chiropractic office integrates billing and practice management netware. Its main features are self improvement and intelligence achieved through Metcalfe's network effect, when the benefit for network members grows in step with the addition of each new member.
Email for Billing and Personal Health Communications Between Physicians and Patients
[Business:Accounting] Both patients and doctors demonstrate increased use of Internet and email communication. While physicians seem to adopt email communication in every aspect of clinic management, such as patient registration and insurance billing, several financial and legal issues impede the physicians from regularly using email to communicate with patients. Few physicians adhere to email communications guidelines.
Chiropractic Office Billing Index Drops Again - Medicare and the Blues of Illinois Maintain Lead
[Insurance:Health] In November, the Chiropractic Office Billing Precision Index (BPI) has continued its slide by another 1.7 points, when compared to both October and September marks. Overall, the November BPI obtained a score of 19.6, a grade of 1.9 points below the national average of 17.7. Yet its structure, and most importantly, its two lead positions, remained unchanged since September, and even improved, where Medicare Illinois improved by 1.1 points, and Blue Cross Blue Shield Illinois - by 3.6 points.
Chiropractic Office Billing Quality - Comparative Analysis Using Performance Index
[Business:Outsourcing] Chiropractic index quality is directly proportional to its scope and perspective: the wider the scope and the broader the perspective of the medical billing service associated with an index, the better the resulting data. A "partial" chiropractic or medical billing index is also a characteristic of the biller, instead of the payer, allowing the providers to select the best medical billing service available based on this data, and challenging billers across the nation to continuously improve their service quality.
Computer-Aided Coaching for the Management and Billing of Chiropractic Offices Over the Internet
[Business:Accounting] The insight and attention of a seasoned coach is a valuable commodity for freshly graduated chiropractic doctors. An automated Internet-based coaching assistance system helps coaches manage their time more effectively and productively, using quantitative data available over the Internet.
CNS for the Chiropractic Office = Outsourced Billing Service + Practice Management Software
[Business:Outsourcing] The few insurance companies that control the healthcare market rarely pay the providers in full and on time. The lack of modern practice management processes exacerbates the already difficult position of the chiropractic office and guarantees anemic growth, low profitability, and heightened audit risk. Despite this fact, many chiropractors are reluctant to modernize their practice management processes because of the fear of billing complexity, lack of access to solid technology, and unfamiliar terminology.
Electronic Medical Billing and Timely Payment - Fiction or Reality?
[Insurance:Health] Oligopsony, a type of market monopoly, gives the insurance companies tremendous negotiating power and prevents physicians from addressing unfair payment practices. Legal accountability, comprehensive measurement, and routine performance comparison must become integral to the medical billing and payment process.
Chiropractic Office Billing Benchmark Drops 3.6 Percent in October - Same Membership and Top Ranking
[Insurance:Health] The October Billing Precision index is unique in terms of both its membership and the two lead positions. Since its inception in June 2006, BPI has changed its membership between any two successive months. However the October index has maintained its September membership, while its two leaders, Medicare and Blue Cross Blue Shield (BCBS), both Illinois, even retained their September positions.
Rule-Based Computation of Chiropractic Office Billing Performance Index
[Business:Accounting] The most popular indexing technique on Wall Street is rule-based, where predefined rules select the instruments for inclusion in an index depending on specific parameter values of those instruments at the time of computation. A similar indexing approach promises to redefine the Payer-Provider perspective in healthcare.
Medical Billing Network Effect - A Winning Internet Strategy for Practice Profitability and Control
[Business:Small-Business] Insurance companies adopted an adversarial approach to providers. Instead of catching up with payer's changes and depending on favors for mission-critical payment information, providers need an accountable mechanism for getting their claims paid.
Outsourced Medical Billing Services and Healthcare Clinics - E-Myth Lesson in Cultural Gap Discovery
[Business:Outsourcing] The risk-benefit analysis of medical billing outsourcing typically invokes five kinds of argument: balance sheet, performance, control, focus, and zero-sum game. The debate then boils down to a checklist of a dozen steps for vendor selection. Nevertheless, it is often the case that even the most accommodating service, which passed the most stringent scrutiny, fails to meet the simple billing needs of a small and seemingly easy to serve practice. The question then becomes two-fold: first, when to outsource medical billing, and second, what defines a reliable set of criteria for selecting a good medical billing service?
Electronic Medical Billing Software For Healthcare Clinics and Chiropractic Offices - Naive Taxonomy
[Computers-and-Technology:Software] Gerber's E-Myth theory applies well to billing: most billing services fail because the founders are "technicians" who are inspired to start a business without knowledge of how successful businesses run. Rather than working "on" the business, they work "in" the business, merely owning a job instead of a business. In order to achieve a scalable service, a business requires disciplined performance measurement, process consistency, and industrial-grade technology.
Chiropractic Office Billing Index Drops 5% in August - BCBS Illinois Leads BPI Instead of Michigan
[Insurance:Health] Blue Cross Blue Shield Illinois replaced BCBS Michigan on the Chiropractic Office Billing Software Precision Index (BPI). Overall, August 2007 BPI dropped 5% from its July mark, bringing the index down from 12.1 to 17.1, just 0.6% above the national average of 17.7%. BCBS MI left its lead position last month and dropped the index entirely. August BPI replaced two chiropractic billing index participants on the list of top ten performers. BPI guides chiropractic office managers and helps the development of both chiropractic office billing software and billing performance standards.
Chiropractic Office Billing Performance Index - Context Driven Approach to Relative Benchmarking
[Insurance:Health] The first step in developing billing methodology is performance evaluation and standardization of performance benchmarking methods. The payment performance index is a benchmarking technique inspired by prominent Wall Street firms with little tolerance for walking away from money. Benchmarking allows identification of elite Payers for a given month as well as determination of their relative historical performance.
Practice Performance and Billing Data Collection Systems - A Playbook For Chiropractic Coaches
[Computers-and-Technology:Software] To survive in the challenging business environment, the new chiropractic practice needs the seasoned insight of a chiropractic coach, a trusted consultant who has "been there, done that" and acts as a mentor as the practice grows. The inherent challenge is that coaching doesn't always stick resulting in sub-par practice performance causing coaches walk away shaking their heads. Technology has become a decisive weapon in the hands of the chiropractic coach, allowing identification of "problem students" while defining what aspects of the coaching experience aren't working or where extra attention is required. With this information in hand, the enlightened coaches can manage their time more efficiently, and grow their business around students who are able to benefit from coaching.
BCBS MI Leads Chiropractic Office Billing Index 12.1 in July
Blue Cross Blue Shield Michigan replaced PHCS on the Chiropractic Office Billing Software Precision Index (BPI). Overall, July 2007 BPI climbed another 2.7%, bringing the index from 14.8 up to 12.1, 5.6% above the national average of 17.7%. PHCS left its lead position last month and dropped the index entirely. July BPI replaced seven chiropractic index participants on the list of top ten performers. BPI guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards.
Chiropractic Office Billing Software and Personal Injury Protection (PIP) in New Jersey (Interview)
Personal Injury Protection Law in New Jersey requires that providers of medical benefits to those injured in automobile accidents are paid promptly and according to a fee schedule. The concept is excellent, however, insurance companies tend to delay and deny payments. To counter such tactics, medical providers need the assistance of counsel who understands insurance company procedures and can efficiently resolve medical provider's claims using modern computer technologies.
Dr. Brian Capra, Chiropractor and Expert in Office Automation and Billing Software - Part II
Dr. Brian Capra, a graduate of Life University, has been a practicing chiropractor and office automation expert. He routinely visits chiropractic offices around the nation while receiving raving feedback from his clients. In his blog on Chiropractic Office Billing Software Profitability, Dr. Brian offers practical solutions for building a profitable and completely paperless office. In the second part of his interview, Dr. Brian gives advice to chiropractors who are at the start of their professional career.
Dr. Brian Capra, a Chiropractor and Expert in Office Automation and Billing Software - Part I Dr. Brian Capra, a graduate of Life University, has been a practicing chiropractor and office automation expert. He routinely visits chiropractic offices around the nation while receiving raving feedback from his clients. In his blog on Chiropractic Office Billing Software Profitability, Dr. Brian offers practical solutions for building a profitable and completely paperless office. The following two-part interview with Dr. Brian provides a behind-the-scenes look at his work.
Chiropractic Office Billing Software Precision Index Improves 3.3% in June - PHCS Replaces BCBS MI
PHCS replaced Blue Cross Blue Shield Michigan on the Chiropractic Office Billing Software Precision Index (BPI). Overall, June 2007 BPI climbed 3.3%, bringing the index from 18.1 up to 14.8, almost 3% above the national average of 17.7%. Blue Cross Blue Shield Michigan dropped from its lead position down to the 8th place. June BPI replaced eight BPI participants on the list of top ten performers. BPI guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards.
BCBS MI Heads Chiropractic Office Billing Software Precision Index For 2nd Month - BPI Drops 3.5% Blue Cross Blue Shield Michigan heads Chiropractic Office Billing Software Precision Index (BPI) for the second month straight. Overall, May 2007 BPI dropped 3.5%, bringing the index from 14.6 down to 18.1, below the national average of 17.7%. May BPI replaced three BPI participants on the list of top ten performers. BPI guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards.
Internet Software Strategy For Patient Relationship Management and Electronic Medical Billing A practice benefits from technology in multiple ways, including improved electronic billing and efficient front office. But perhaps the greatest impact of technology is in the area of patient relationship management (PRM) and practice development. This article discusses Internet-based opportunities for PRM, presents a typical patient website content outline, and drafts an implementation approach.
Blue Cross Blue Shield Michigan Heads April's Chiropractic Office Billing Software Precision Index Chiropractic Office Billing Software Performance Index (BPI) in April 2007 outperformed its March value by 4.3%, bringing the index from 18.9 up to 14.6, ahead of the national average of 17.7%, while replacing four of BPI participants in March on the list of top ten performers. BPI guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards. This article describes a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Top 5 Strategies to Improve OTC Payment Performance With Electronic Medical Billing Software For many practices, the proportion of over-the-counter (OTC) payments has recently grown from an average of 15% to as high as 75% of total payments. Systematic OTC collections, including measurable process that emphasizes upfront collections, often yield double-digit billing performance improvement. Most importantly, a disciplined and transparent collections process improves provider-patient communications, while early payment collections are also quicker and easier. Better communications and happier patients mean better health and more profitable practice.
Cigna Replaces Blue Cross Blue Shield At The Top Of Chiropractic Billing Precision Index In March Billing Performance Index (BPI) in March 2007 underperformed its February value by 1.3%, dropping the index from 17.6 down to 18.9, while replacing three payers on the list of top ten performers. Seven remaining payers lowered their index value in March. Chiropractic Billing Performance Index guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards.
Outsourcing Dilemma Of Electronic Medical Billing Software And Service Statistics show that both in-house and outsourced billing services vary in terms of billing performance. On one hand, the vast majority of "better-performing practices" achieve adequate billing performance in-house. On the other hand, the average medical practice delivers almost one fifth of its services for free because in-house billing fails to provide adequate payment performance. This article revisits key arguments for and against billing outsourcing in light of increasing complexity and regulatory scrutiny of billing processes.
Chiropractic Office Billing Precision Index Drops in February But Keeps Top January Payers Billing Performance Index (BPI) in February 2007 underperformed its January value by another 2.2 percent, dropping the index from 15.4 down to 17.6, while retaining all of January participants on the list of top ten performers. Chiropractic Billing Performance Index guides chiropractic office managers and helps the development of both chiropractic billing software and billing performance standards.
Appointment Reminders for Medical Billing Revenue Protection and Patient Relationship Management
When patients miss appointments, they interrupt the flow of patient care, impede clinic productivity, and signal an eroding patient loyalty. A missed appointment amounts to missed billing revenue, lost money, or a deserting patient. Reminder calls for upcoming appointments and follow up calls on recent no-shows are effective strategies for billing revenue protection because they reduce numbers of no-shows and help early identification of incipient patient attrition and other patient relationship problems.
3 Best Strategies to Reduce Patient No-Shows and Improve Medical Practice Billing Revenues
When patients miss appointments, they interrupt the flow of patient care and impede clinic productivity. A missed appointment amounts to reduced billing and missed revenue. The rate of no-shows runs at thirty percent for the average Family Practice clinic. Worse, if the clinicians are part-time or full-time staff rather than contracted, they sit idle on the company clock. In this case, a missed appointment is not just a missed opportunity for revenue; it's lost money with each passing minute.
3 Best-Paying Insurance Companies in 2006-Annual Chiropractic Billing Performance Index
A monthly Billing Precision Index lists ten best paying insurance companies for chiropractic CPT codes in the past month. For the annual performance review, index participation frequency table shows both the range of monthly index and its stability over time.
4 Step SOAP Note Training Video for Improved Chiropractic Clinic Productivity and Compliant Billing
Timely filing of compliant SOAP notes and submission of congruent insurance claims are the most mission critical parts of any practice management automation solution, especially because insufficient notes are the most frequent reason for failing a post-payment insurance audit. But SOAP notes and insurance billing are also the most complex parts of such solutions, often confusing doctors and assisting personnel and degrading practice profitability. Component-driven Vericle SOAP notes are both audit-proof compliant and require minimal time spent for visit documentation.
Chiropractic Clinic Management and Billing Education Using Shared Knowledge and Video Library
The high level of computer skill required by the prohibitively complex chiropractic office management solutions often hinder the doctor's ability to use such solutions correctly in a chiropractic office environment. Instead of increasing office productivity and efficiency, technology becomes yet an additional obstacle and profitability impediment. Its high cost and user training problems add insult to injury and frustrate even seasoned and accomplished practice owners. Combining Wiki (shared knowledge repository on the Web) with video technology solve many of the difficult training problems of chiropractic clinic owners and office managers.
Chiropractic Billing Service Precision Index-January
January 2007 Billing Performance Index (BPI) underperformed December 2006 value by 2.3%, replacing four participants in the list of top ten performers and dropping the index from 13.1 down to 15.4. This article describes an 8-th iteration of a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Medical Billing and Intelligent SOAP Notes
Doctors and therapists must produce clinical documentation in ever increasing volumes and detail to ensure best healthcare, get medical claims paid in full and on time, and protect the practice from post-payment audits and unfair litigation. SOAP notes must not merely emulate the paper folder that every doctor has for every patient. They must use computer technology to help automate routine tasks and create a faster, easier, and error free process to increase practice profitability and reduce its audit risks.
How to Export Vericle Reports to Excel for Medical Billing Analysis
Until recently, the use of Excel for medical billing analysis has been limited because of the difficulty to produce effective ad hoc reports and inability to export data into Excel. Vericle lifts the limitation with its integrated medical billing reporting and a 2-step Excel export capability.
6 Worst Payer Trends to Impede Medical Billing
Healthcare insurance business continued to boom in 2006, mostly at the expense of both providers and patients. A review of recent healthcare insurance industry trends help identification of six payer activities that will impact medical billing and healthcare providers revenue in 2007.
Improve Patient Loyalty with Integrated Medical Billing, SOAP Notes, and Scheduling Systems
Patient loyalty is key to continued practice success in terms of both recurring and new revenue. Frequent patient communication is the only effective way to increase the likelihood of timely loyalty problem identification and resolution. Such patient communications can be driven by a any of the practice management components, starting with patient scheduling, to SOAP notes, to special health care literature, to medical billing, insurance payments, copays, and deductibles.
Chiropractic Office Workflow in 2025 and 2007
Pattie Stechschulte's vision of a chiropractic office in 2025 includes simplified check-in, complete patient checkup using non-invasive techniques, self-configurating adjustment table that sets itself up for next patient, a touch-screen computer system in each room loaded with intelligent software for SOAP notes, consultation modules to tap into more experienced doctor's knowledge, and a patient-friendly portal for online patient education and appointment scheduling. While non-invasive checkups and self-configurating adjustment tables still belong to the future, the information technology aspects of Pattie's vision has already become a reality for chiropractors using advanced Vericle-like solutions.
Chiropractic Billing Audits - How Payers Are Getting Away with Practice Murder
In its January 2007 issue, Today's Chiropractic examines an unprecedented growth of post-payment audits by insurance companies. It appears that while the motive is money and the means is a gargantuan statistical database, every provider is an opportunity. To manage audit risk, providers need a system, modeled on the insurers' own, which stores claims data and generates reports for the benefit of participating providers.
Grow Revenues in Chiropractic Clinic With Point of Service Sales of Retail Products
In 2006, two out of three chiropractors increased billings (67%), while almost ninety percent (88.3%) of chiropractors sold retail products to patients. At an average $28.5 collections per patient visit (PVA), retail product sales to patients remains a major revenue source. But for junior practitioners with a humble patient growth record, point of service sales is the fastest way to increase practice revenue.
5 Facts about NPI for HIPAA Compliant Medical Billing
The 1996 Health Insurance Portability and Accountability Act (HIPAA) established national privacy and security standards for electronic health care transactions, including a national identifier for providers, health plans and employers. Accordingly, by May 23, 2007, healthcare providers and all health plans and clearinghouses must change both their processes and information systems to implement HIPAA's National Provider Identifier (NPI) regulations.
How to Get NPI - National Provider Number for HIPAA-Compliant Medical Billing in 7 Steps
HIPAA's Administrative Simplification provision becomes mandatory on May 23, 2007. It requires all health care providers to obtain a National Provider Identifier number or NPI. Getting an NPI is free - not having one can be costly: If you delay applying for your NPI, you risk your cash flow.
Outsourced Chiropractic Billing Service Performance Benchmark - December 2006
December Billing Performance Index (BPI) outperformed November value by 4%, replacing two participants in the list of top ten performers and raising the index from 13.7 up to 13.1. This article describes a 7-th iteration of a prototype for a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Outsourced Chiropractic Billing Service Performance Benchmark - November 2006
November Billing Performance Index (BPI) outperformed October value by 30%, replacing one participant in the list of top ten performers and raising the index from 17.8 up to 13.7. This article describes a sixth iteration of a prototype for a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Outsourced Debt Collections for Medical Practice - Top 5 Criteria to Better Billing Performance
Debt collection from patients is a conflict doctors often prefer avoiding for fear of potential implications to practice reputation and increased exposure to malpractice lawsuits. Healthcare debt collections require unique combination of sensitivity, skill, and discipline. Understanding of debt collections process and outsourcing opportunities help the practice owner improve revenue cycle while minimizing practice risks.
Outsourced Chiropractic Billing Service Performance Benchmark - October 2006
October Billing Performance Index (BPI) outperformed September value by 23%, replacing one participant in the list of top ten performers and raising the index from 21.9 up to 17.8. This article describes a fifth iteration of a prototype for a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Outsourced Chiropractic Billing Service Performance Benchmark - September 2006
September Billing Performance Index (BPI) underperformed August value by 5.6%, replacing five participants in the list of top ten performers and dropping the index from 16.3 down to 21.9. This article describes a fourth iteration of a prototype for a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Top 3 Methods for No-Show Reduction in Medical Practice - Missed Appointment Risk Management
Most clinics lose an average of 20% of their revenue due to missed appointments. Besides lost revenue, no-show risks span health damage, patient liability, reduced accessibility, and impeded resident education. Rigorous no-show management methods, based on integrated scheduling and billing data and outsourced reminder programs, reduce no-show rates and improve associated revenues by more than 50%.
Top Four Reports for Chiropractic Patient Relationship Management and Outsourced Billing Service
Patient Relationship Management is a catalyst for building successful and competitive chiropractic clinics. Integrated systems, available under an outsourced software-as-a-service (SaaS) model, combining data about patient's health, care plans, and billing, are cornerstone for Patient Relationship Management. A disciplined practice manager reviews End-Of-Day and Financial Care Tracking reports daily to monitor and reconcile average patient visits, missed appointments, recalls, new patients, charges, and collections.
Best-Of-Breed Outsourced Medical Billing Service and SaaS EMR - Eight-Step Implementation Plan
The increasing reliability of the Internet technology and standardization of systems interfaces have recently enabled comprehensive "best-of-breed" configurations of modern EMR software and billing service, made available to physicians under the "pay-as-you-go" business model. Software-as-a-Service (SaaS) model allows physicians to confirm the benefits of technology solutions first and pay later. While such solutions deliver multiple risk management and operations control benefits, they also require disciplined implementation processes.
Integrated Best-Of-Breed Outsourced Billing Service and SaaS EMR - Eight Transition Challenges
The limited choice between mediocre full-scope products and excellent single-function systems has been expanding in step with increasing reliability of the Internet technology and standardization of systems interfaces. Comprehensive integrated best-of-breed solutions combining modern EMR software and billing service can be utilized under the "pay-as-you-go" business model. Software-as-a-Service (SaaS) model allows physicians to confirm the benefits of technology solutions first and pay later. While such solutions deliver multiple risk management and operations control benefits, they also pose significant transition challenges.
Vertical Outsourcing - Seven Key Features of Integrated Pathology Lab Workflow and Billing Solutions
Pathologist must track the workflow of the entire laboratory from receiving a sample and requisition form, to accessioning, to patient demographics, to history, to gross, dictation, proof, distribution, and billing. Pathology billing is especially complicated because it requires data flowing between multiple systems and because it requires sophisticated measures to prevent case loss and ensure full and timely payment. Software-as-a-Service (SaaS) solutions provide integrated workflow tracking and billing and represent the new generation of information technology for pathology labs, driven exclusively by performance and profitability.
Denial Management - Four-Stage Process to Improve Medical Billing Performance
Partial denials cause the average medical practice lose as much as 11% of its revenue. Denial management is difficult because of complexity of denial causes, payer variety, and claim volume. Systematic denial management requires measurement, early claim validation, comprehensive monitoring, and custom appeal process tracking.
Chiropractic Billing and Patient Relationship - Nine Criteria for Best Software-as-a-Service (SaaS)
Software-as-a-Service (SaaS) pushes the limits of outsourcing and reduces the exorbitant costs of specialized practice management software. SaaS model is available for all aspects of chiropractic clinic management, including scheduling, billing, and SOAP note documentation, which are mission-critical for high quality health care, practice building, and regulatory compliance.
How To Get Paid in Full and On Time - Top Five Measures of Chiropractic Billing Performance
Effective practice management depends on solid billing performance. Its measurement is an integral part of practice management process and its importance grows in step with growth of patient volume. Traditional billing metrics are limited in scope and focus on claim submission process, ignoring process imperfections on the insurance (payer) side. Modern computer technologies allow both measurement and action to improve revenue cycle efficacy and efficiency.
Practice Made Perfect - Top Ten Criteria for Chiropractic Billing and Office Management Solutions
Increasing regulatory scrutiny, poor in-house billing performance, and rapid technology progress are key growth drivers in chiropractic information technology. On one hand, thousands of outsourced billing solutions and software vendors ensure continued competitiveness in terms of both service quality and pricing. On the other hand, the lack of standards and uniform metrics among the vendors, combined with their large numbers, frustrates the selection process. Ten effective guidelines streamline outsourced solution selection process and reduce vendor switching costs.
Medical Billing Dashboard - Nine Performance Indicators for Transparent and Accountable Outsourcing
Arcane terminology and complex rules for payer- and time-dependent claim validity and pricing interpretation plague medical billing industry, resulting in massive payments of invalid or ineligible claims and denials of error-free claims. Billing service transparency allows participants of the billing process to expedite error identification and resolution, resulting in reduced over- and under-payments and improved regulatory compliance.
Chiropractic Billing Performance Index - August 2006
August Billing Performance Index (BPI) underperformed July value by 8.7%, replacing six participants in the list of top ten performers and dropping the index from 15 down to 16.3. This article reports a third iteration of a prototype for a rule-based chiropractic billing index, including its coverage definition, update cycle, volume weighting, and provided information.
Five Steps to Medical Billing Lockbox Selection
Lockbox services add revenue, lower administrative costs, and expedite revenue cycles. A wide range of issues complicate lockbox implementation including HIPAA compliance, quality assurance, user and system interfaces, and carefull planning. Disciplined lockbox outsourcing to a qualified billing service or a specialized financial institution lightens implementation complexities and expedites deployment.
Top Five Keys to Solving Physician Interface Dilemma in Medical Billing and EMR Systems
Integrated billing and EMR systems consolidate patient's personal, administrative, and health care information. An immediate data aggregation at the point of care elevates its benefit from plain recording of patient encounter to useful decision support system, but it is only possible with timely input of compliant medical notes. Powerful Vericle-like technologies facilitate combined transcription with rapidly customizable point-and-click templates, optimizing physician's interface to EMR, providing added degree of regulatory compliance, and reducing post-payment audit risk.
Chiropractic Billing and Patient Relationship Management
Return patients generate approximately 80 percent of clinic's revenue. Patient Relationship Management (PRM, also known as CRM, for Customer Relationship Management outside of healthcare) can enhance financial performance of the clinic by helping retain current and attract new patients. Effective PRM uses integrated data using patient travel card (SOAP notes), frequency recommendations (care plan), and billing (charges, payments, and balance).
Chiropractic Financial Care Plan - Billing Precision Perspective
A typical financial care plan helps the patient to afford the care while establishing a guaranteed cash flow to the provider. The concept of financial care plan is based on a relative cost difference for the same service during the plan period and outside of it. The patient guarantees lower fee for each service encounter by committing to higher number of service encounters.
Chiropractic Billing Audit Risk Webinar
Dr. Ben Lerner, founder of Teach The World About Chiropractic and author of "One Minute Wellness," discovered a convenient way to educate thousands of chiropractors about coding compliance and audit risk reduction. "Compliance maintenance requires special skills and military discipline," says Dr. Lerner. "Webinars are ideal for audit risk management instruction because they deliver urgently needed education but require minimal investment in terms of time and cost."
Medical Billing Audit Risk Webinar - How to Hang Onto Your Money
Doctors and practice managers are looking for cost-effective and productive ways to learn better ways to manage their practice and revenue cycle. Increasing frequency of post-payment insurance audits and mounting severity of penalties, ranging from license suspension to heavy monetary fines, emphasize the need for effective and affordable education about compliant office management and audit risks. The key benefit of the webinar is its convenience - there is no travel required and important information is delivered in ninety-minute sessions that make it easy for even the busiest doctors to quickly gain important information on topics ranging from successfully implementing EMR systems, to understanding the real benefits and challenges of outsourced billing services, risk management of post-payment audits, and much more. Historically, live webinars attract 10 to 300 participants and dozens more access the archives.
Medical Billing Performance Index - July 2006
July Billing Precision Index outperformed June value by 20%, replacing five participants in the list of top ten performers and bringing the index from 18 down to 15. This article reports a second iteration of a prototype for a rule-based chiropractic index, including its coverage definition, update cycle, volume weighting, and provided information.
Medical Billing Products in Press (June - July 2006)
Medical Billing technology has witnessed continued expansion during the first two months of this summer, as evidenced by press releases about some ninety products accumulated in BillingWiki. A practice manager may find it difficult to select the best product from such a large product variety. This article roughly tabulates some eighty-five press releases about medical billing technology products and/or vendors across two-dozen service categories.
Medical Billing, HIPAA Compliance, and Role Based Access Control
HIPAA compliance requires special focus and effort as failure to comply carries significant risk of damage and penalties. A practice with multiple separate systems for patient scheduling, electronic medical records, and billing, requires multiple separate HIPAA management efforts. This article presents an integrated approach to HIPAA compliance and outlines key HIPAA terminology, principles, and requirements to help the practice owner to ensure HIPAA compliance by medical billing service and software vendors.
Medical Billing Knowledge Management with Communal Documentation and Adaptive Search
Google became a standard reference tool for almost every group of age and interest. But Google frustrates doctors looking for better understanding of medical billing complexities and modern straight through billing technologies. This article briefly explores the contradictory forces of the most popular search algorithm on the planet and outlines specialized, collaborative, and self-learning technologies to solve its limitations in the context of medical billing and compliance.
Medical Billing OLAP for Lost Revenue Discovery
Average medical practice may lose as much as 11% of its revenue due to underpayments. But underpayment recovery potential averages only 5% of revenue and involves costly appeal process. To avoid unrecoverable losses, some providers discontinue servicing patients insured by the worst performing payers. Unfortunately, such a drastic loss reduction measure may boomerang and increase losses depending on complexity of referral relationships. This article outlines limitations of traditional database queries used to identify payer candidates for contract termination and demonstrates alternative decision choices with superior performance in terms of revenue and risk management, facilitated with On Line Analytical Processing (OLAP) technology.
Medical Billing Process Problem Tracking
Processes involving large volumes of complex billing transactions require effective mechanisms for problem assignment and tracking. Without such mechanisms, billing personnel cannot be held accountable for problem resolution, resulting in loss of revenue and increased compliance risk. While medical billing industry has developed specialized systems and processes for resolution of content problems, little attention has been paid to billing process problem resolution methodology. This article outlines a process and a technology for integrated billing process problem resolution methodology.
Straight Through Billing Methodology for Medical Practice
Medical billing complexity and massive volumes of daily claims render manual claims processes incapable of protecting both the provider and the payer from underpayments, overpayments, and billing compliance violations. Straight Through Billing addresses complexity and volume processing problems by automating the majority of the claim flow and focusing the billing follow-up specialists to exceptions only. A Straight Through Billing process flags problems, routes them for follow up, and enables online correction and resubmission. Straight Through Billing methodology implements billing service transparency and focuses management on strategic process improvement opportunities.
Medical Billing Transparency
Medical billing industry has volumes of arcane terminology and payer- and time-dependent claim validity and pricing interpretation rules, facilitating massive payments of invalid or ineligible claims and denials of error-free claims. Process transparency provides its participants greater visibility of internal process activities. An increased level of access promotes teamwork, increases client satisfaction, and assists in process streamlining.
Medical Billing Performance Index
Benchmark-driven performance management helps establish objective industry standards. Medical service providers can use benchmarking to evaluate performance of their billing service and measure their improvement over time. This article presents a prototype for a rule-based chiropractic index, including its coverage definition, update cycle, volume weighting, and provided information.
Medical Practice Software as a Service (SaaS)
Software as a Service (SaaS) is the new generation of ASP model designed to reduce the exorbitant costs of specialized medical practice management software. SaaS model is available for all aspects of medical practice management, including scheduling, billing, and electronic medical records (EMR), which are mission-critical for high quality clinical service, business operations, and regulatory compliance. SaaS model extends the advantages of Application Service Provider (ASP) model, which in turn evolves from the traditional Client-Server model. This article briefly defines key concepts and outlines a set of guidelines for SaaS vendor selection.
Medical Billing Service Selection Process
Over four thousand vendors of medical billing services offer solutions to medical practices nationwide in response to poor in-house billing performance and increasing regulatory scrutiny of billing processes. On one hand, such a large number of outsourced billing solutions ensure continued competitiveness in terms of both service quality and pricing. On the other hand, the lack of uniform service standards and metrics among the vendors, combined with their large numbers, makes the process of vendor selection difficult and error-prone. While the availability of a large vendor selection allows finding an alternative to unsatisfactory service, billing vendor-switching costs remain high, motivating extra effort and focus during the stage of vendor selection. This article outlines basic thirteen-step guidelines for an effective and efficient medical billing vendor selection process.
Medical Billing Control with Computer Aided Coding
The average practice submits half of its codes wrong, while some practices rarely exceed more than one code right out of every five codes. Inexact and inconsistent coding increases the risks of undercharging, overcharging, and post-payment audit. Computer aided coding with integrated superbill completes the transformation of coding from individualistic art towards disciplined and systematic process.
Medical Billing Underpayment Risk Management
Average medical practice may lose as much as 11% of its revenue due to underpayments. Underpayment identification is difficult because an underpaid claim falls outside the domain of clearly identifiable claims that are fully paid or denied. The degree of underpayment adds further complexity to and exacerbates the difficulty of underpayment identification. Upon defining claim underpayment concept in more precise terms, this article roughly estimates recovery potential at 5% of monthly claims volume. Quantification of recovery potential drives the design of a disciplined three-stage underpayment avoidance and recovery process.
Medical Billing Performance Improvements with Computer Aided Preferential Patient Scheduling
Without a computerized scheduler, a practice has less than 2% chance to earn the title of a “better performing practice,” according to Medical Group Management Association. Convenience and front office efficiencies are two obvious benefits of a computerized scheduling system, since without it, the only manual way to find out if a specific patient has a scheduled appointment is to flip through the appointment book page by page. But the benefits of integrated computerized scheduling stretch far beyond convenience, front office efficiencies, and better charge followup of a stand-alone, albeit computerized, scheduling. A well-designed and integrated scheduler allows preferential patient scheduling, which, along with improved controls, helps revenue optimization and practice compliance.
Medical Billing Audit, Fraud Detection, and Overpayment Recovery
Mistaken payments add up to an estimated $200 billion, more than 10% of national healthcare costs. Insurance profitability experts believe that a payment scrutiny program can be as successful a profit-building strategy for insurance companies as raising premiums or adding members. However, avoiding mistaken payments is hard because of the volume of claims, the disparate and disconnected sources of relevant information, the resource-intensive manual processes needed to identify and investigate recovery opportunities, and regulatory requirements for timely payments. A full-scale payment scrutiny strategy implementation requires sophisticated processes to handle prepayment claim review and post-payment audits and uses advanced fraud detection technology similar to credit card fraud detection.
Medical Billing Performance Metrics
Billing performance measurement is an integral part of medical practice billing process and a prerequisite to effective practice management. Systematic measurement becomes mission-critical with growth of billing complexity or outsourcing of the billing function. Traditional billing metrics are limited in scope and focus on claim submission process, ignoring process imperfections on the insurance (payer) side. Modern computer technologies allow both productive measurement and effective action by the disciplined billing office to improve claim submission and payment processes.
Medical Billing Workflow Management
The reduction of accounts receivable is key responsibility of billing function in a medical practice. This article compares traditional (distributed) billing function with centralized workflow management. It shows that centralized workflow management yields significant advantages over the distributed approach in terms of the ability to manage accounts receivable. However, it also requires significant investment in process, technology, and personnel training.
Medical Billing Compliance in Chiropractic Office
According to BillingWiki, thirteen articles and news items were published on the topic of medical billing fraud, during May of 2006. An environment of high volume of patient encounters creates thousands of possibilities to deviate from normal distribution of services and trigger an audit. Real time analysis requires powerful technology infrastructure and competent legal coverage. Such infrastructure must handle all compliance aspects together, which necessitates modern Vericle-type integrative approach, combining billing, monitoring, and medical record management components in a single and comprehensive system.
Medical Practice Technology - Client-Server Versus Application Service Provider (ASP)
Electronic Medical Record (EMR) and digital billing systems offer substantial clinical care, financial, practice workflow, and compliance benefits to doctors, insurance companies, and patients. On the other hand, half of medical practices that purchase EMR software fail to successfully implement it. Upon briefly reviewing key factors defining each technology, we compare them along two criteria, namely implementation success likelihood and costs.
Medical Billing Outsourcing Dilemma
Can an outsourced medical billing service improve or expedite payments and reduce costs? This article revisits key arguments for and against billing outsourcing in light of increasing complexity and regulatory scrutiny of billing processes.
Medical Billing Price-Performance and Relative Value of Billing Quality
Internet-based technology has been applied effectively to reduce medical billing costs, especially at the stages of electronic submission and scrubbing. However, an excess focus on reducing the costs of individual process components at the expense of the bottom-line exposes the medical practice to significant financial downside and inferior billing performance. An alternative bottom-line driven approach shows a more comprehensive financial picture and better reflects the overall costs of billing. The bottom-line approach results in substantially higher remittance and better regulatory compliance. It is effective, however, only subject to billing performance guarantees and transparency.
Medical Billing Knowledge Sharing for Improved Compliance, Performance, and Coding
A new industry of high-technology medical billing has mushroomed under the auspices of its promise to streamline the collections process and leave doctors with more time to care for their patients. Though many high-quality services and systems exist, an overwhelming variety of options and attractive (yet unsubstantiated) performance claims from some providers have charmed busy doctors into making poor strategic decisions for their practices. Collaborative billing knowledge base improves medical practice profitability and compliance.
How to Choose the Correct Chiropractic Billing Software
One important step in finding the perfect chiropractic billing software program to fit your needs is to take a look at your existing computer equipment. With system needs changing on a virtually daily basis, it is necessary that the software program you choose be compatible with your hardware.
The Benefits of Chiropractic Office Software
Chiropractic offices, like all other medical practices, can certainly benefit from a good office software program. Tasks such as filing, appointment scheduling and insurance claims can be done in a matter of minutes, rather than hours or days. These are among the most important reasons to purchase a high-quality program; chiropractic office software can greatly reduce the cost of office staff and increase productivity.
Chiropractic Software Program Comparisons
It is important to choose a software program based on what it can offer your practice, and not solely on cost. It is understandable that most new chiropractors come out of school with a lot of debt and want to get started for as little money as possible. Scrimping on something as important as your office software could cause you big headaches and even more money in the long run.
Chiropractic Software: A Growing Need
With the growth and high-demand of chiropractors nationwide, an increased need for managing the different aspects of the business has become apparent. Doctors and office management alike face the challenge of effectively streamlining the business process.
|