MedEvolve Blog

SaaS and Cyber Security for Specialty Practices

Posted by Ashley Moore on Nov 22, 2016 1:03:41 PM

Despite the fact that good medical care requires meticulous record keeping and highly sensitive data, the industry hasn't focused much on cybersecurity until recently. Unfortunately, securing these records doesn't have an immediate, visible impact on patient care, and providers already have their hands full providing patients with quality service—but what if your practice was unable to access the technology and records that you rely on because a hacker was holding them hostage? Now the importance of cyber-security measures become much more apparent.

Ignoring cybersecurity has devastating consequences. According to Gemalto, a global digital security firm, the healthcare industry saw 263 data breaches during the first half of 2016. Comprising 27 percent of all breaches, this was the greatest number of incidents for any industry. Another article from Infosec Institute states that “stolen patient health records can fetch as much as $363 per record,” which makes it worth more than any other piece of data.” Credit card numbers, for example, only bring in a few dollars.

Read More

Topics: Cyber Security, SaaS

Insurance Contract Negotiations

Posted by MedEvolve RCM on Nov 10, 2016 3:00:30 PM



Negotiating insurance contracts is one of the least enjoyable aspects of any specialty practice. However, it's a necessary burden to maintain revenue, and the effort will be beneficial as you may achieve an increase in reimbursements of between 3 and 10 percent, according to Medical Economics. If anything, negotiation forces businesses to review their existing contracts so they know all the terms and conditions. Here's a run down of the negotiation process:

Do your homework
Assess your local market and see where you come up against other practices. What specialties, services or procedures do you offer, and how much competition do you face? Dr. Dean Gesme, an oncologist in Minnesota, recommended conducting a SWOT analysis, assessing your strengths, weaknesses, opportunities and threats to give you greater leverage during negotiations. 

Read More

Topics: RCM, Revenue Cycle, Healthcare Regulations, RCM Best Practices, Compliance, Payer Management

Five Reasons to Outsource Your RCM

Posted by Ashley Moore on Oct 6, 2016 10:41:31 AM

 

Reason #1 – Maintain a Positive Patient Experience

Providing high quality patient care is the first priority of a specialty practice. However, this focus can become muddled when the emphasis on cutting-costs and staying in the black takes a front seat. Fortunately, with careful consideration, the patient experience does not have to suffer.

In fact, shifting the burden of RCM to a third party can often allow the practice to focus on what they do best—providing services that have value to the patient, rather than executing administrative functions. This could translate into increased patient face-time, fewer distractions for the provider, and the freedom to see more patients and generate additional revenue.

Reason #2 – Reduction in Overhead Costs

In-house billing also requires a significant investment in hardware and software, the added hassle of maintaining a server and upgrades, and an additional layer of compliance. When combined with the costs of training staff, any necessary certifications and the potentially damaging consequences of technical issues or outages, opting to outsource becomes an easy choice for many providers.

What’s more, many vendors are paid a percentage of collections, so this is an especially worthwhile investment during a period when revenue is decreasing at the practice.

Read More

Topics: RCM, Revenue Cycle, Medical Billing

RCM Best Practices: Patient Account Resolution

Posted by MedEvolve RCM on Sep 8, 2016 10:37:47 AM

Since doctors began taking the Hippocratic Oath, they have struggled with requiring payment for treatment of patients. For a doctor, it is their duty to treat a patient and sometimes they may be too willing to dismiss a copay or balance due because they empathize with a patient’s situation or maybe have a long-standing relationship. Collecting money that is owed is awkward for most business owners if a client does not immediately offer payment when it comes due. An unfortunate consequence of the increase in patient financial responsibility is that the practice of collecting on patient balances can turn you, your practice, and your staff into the enemy—the dreaded debt collector.

According to the U.S. Code of Federal Regulations, a practice must “make a reasonable effort to collect” on a patient bill before it can be considered a write-off.

What Defines a “Reasonable Effort to Collect?” 

With respect to Medicare and Medicaid, “reasonable effort to collect” has been interpreted to mean that the provider sends three statements to the patient and if the patient does not respond, the account may be written off.  Since third party billing rules can be difficult to decipher and differentiate, it’s typically a best practice to use Medicare and Medicaid as the standard for all payers.

Read More

Topics: RCM, Revenue Cycle, Healthcare Regulations, RCM Best Practices, Patient Billing, Patient Account Resolution, Medical Billing, Compliance

Cost Cutting Tips for Specialty Practices

Posted by Ashley Moore on Aug 22, 2016 3:09:47 PM

 

Specialty practices are facing enormous challenges collecting on patient balances and managing healthcare payer relations.  They must make patient collections an even greater priority than other providers or hospitals, as their margins for services are often much more narrow. Optimal revenue cycle management is a critical component to cutting costs and helping to ensure consistent cash flow.

Specialty practices need to have processes in place to ensure claims are submitted correctly the first time, to prevent costly denials, and they should make every effort to collect patient balances up front, or while the patient is in the office. Once the patient leaves, practices also should have a consistent process for delivering statements to patients and collection letters when necessary.If you don’t, you could be losing out on revenue that you need to stay in business.

Read More

Topics: RCM, Revenue Cycle

New Partnership with InstaMed for Healthcare Payment Processing

Posted by Ashley Moore on Jul 26, 2016 10:49:49 AM

 

Read More

Topics: Revenue Cycle, News

6 Tips for Warding off the Negative Revenue Cycle Effects of HDHPs

Posted by Ashley Moore on Mar 11, 2016 2:33:53 PM

 

With the rise in popularity of high-deductible health plans (HDHPs) comes an increased burden on your billing department and an increased burden on your patients. Most likely, your billing department is not accustomed to collecting money from patients, yet the need to has ramped up in the last few years. Today, your patients are most likely your largest payor, and if you don’t have the right process in place for collecting payment in a timely manner, your practice’s financial future could be in jeopardy.

Read More

Topics: RCM, HDHPs, Revenue Cycle

MedEvolve Adds Two New Board Members

Posted by Ashley Moore on Feb 23, 2016 2:34:00 PM

 

MedEvolve is excited to add Jim Crook and Jon Phillips to our Board of Directors to help guide our strategy for future growth and expansion. Both gentlemen will offer new insights along with a wealth of knowledge and experience growing healthcare IT companies.

Here is an excerpt from our press release:

“Jim Crook has over 35 years of leadership experience with a strong track record of growing companies in healthcare IT.

Read More

Topics: News