April 30, 2022
Most physicians who open their own private practice do it out of a desire to provide service to their patients and to build on their relations with those patients. In short, to practice medicine. More often than not, the running of a business is secondary...
April 15, 2022
Leaving a group to start your own private medical practice can be an exciting proposition for any young doctor. There is plenty to consider and plan for as medical practice management is a complex field. Like any business, you will need startup capital to keep things going as clientele develops and the practice becomes profitable...
March 31, 2022
The medical insurance billing debate continues and many believe that the traditional mode of fee-for-service reimbursement, where individual services are billed and paid separately, may be on its way out. On the other end of the spectrum, capitation, where a lump sum is paid per patient, regardless of what services are performed...
March 15, 2022
One major challenge of medical practice management is balancing excellent patient care with the necessity to run an efficient business. Last month we talked about how benchmarking can give you an overall picture of your practice’s financial health...
February 28, 2022
Medical Practice Operations and Your Bottom Line - In these times when medical practices are seeing decreased and declining revenues, it is essential to review your practices operations and ensure that you have what we like to call “best practices” in place. A successful medical practice requires many important moving parts...
February 15, 2022
Providing excellent service and patient care is a priority for a medical practice. Running a profitable and efficient business as well can become a juggling act if you do not have the right staff and systems in place...
January 30, 2022
Running an efficient medical practice is very important to your ability to treat all of your patients in a timely fashion. Unfortunately, bottlenecks can occur during any day that can put you massively behind schedule. When this happens, you can end up dealing with a lot of annoyed patients who are waiting around well past their...
January 15, 2022
Submitting Incident to Billing Claims To many physicians and medical practice staff members incident to billing can be a somewhat confusing concept. When billed "incident to" for services provided by a non-physician practitioner (NPP), like a nurse practitioners, physician assistants or...
December 30, 2021
Having accounts receivables that are too high is generally not a good thing. It means that your practice may be too lax in collecting the money that’s owed to you. It can also end up hurting your business, especially if you begin to have difficulties finding the...
December 15, 2021
As medical premiums have increased, employers are have to select policies that have greater patient responsibility in efforts to keep premiums down. In light of the mentioned, Patient Collections is now more important than ever, since is not just small co-pay, but instead patients...
November 30, 2021
One of the biggest challenges facing most medical practices is the claims process. Filling claims with insurance companies can be quite time consuming and difficult – do it wrong and the claim could be rejected. Claim denials have a big impact on the bottom line of the practice, after all...
November 15, 2021
Does Your Revenue Cycle Need Maintenance? Many physicians are experiencing a conundrum. They are working longer hours but not making more money. It is a fact that medical practice expenses are on the rise, and insurance payments are...
October 31, 2021
Health and Human Services Secretary Xavier Becerra, announced that he has renewed the COVID-19 Public Health Emergency declaration. This renewal is effective October 18, 2021 and will extend current Public Health Emergency flexibility another 90 days from that date, to January 16, 2022...
October 15, 2021
To ensure that your medical practice is successful, you need to understand that you have the right to a full and fair appeal review and you need to hold payers accountable for decisions that impact patient care – and your revenue. However, writing a medical insurance appeal in order to dispute a rejected claim can be quite challenging...
September 30, 2021
Patients today expect more from their physician experience than ever before. Communication and transparency are of utmost importance to many patients, but the more fundamental aspects of the relationship should not be ignored. Patients visit physicians in varying states of vulnerability. They are looking for someone to...
September 15, 2021
One of the biggest issues facing the health industry today is the fact that the industry is continuing to rely on developing health services that are too complex instead of involving the patients. To most patients, improving healthcare doesn’t equal more services...
August 31, 2021
Consistent cash flow is essential to the health of any business. This holds true for medical practices, as well. Maintaining an adequate level of revenue while minimizing the number of claim denials can be a struggle. Unfortunately, claim disputes have a number of associated costs beyond the denied payment...
August 15, 2021
It can be a real challenge trying to juggle the many tasks that need to be done behind the scenes at your medical practice when all you want to do is focus on your patients. It’s why many medical practices end up outsourcing various services, from billing and collections to credentialing. Here at ProMD...
July 31, 2021
Does your medical practice have the resources to maintain a full-time staff to handle coding, billing, contracting and claim denials? Many small practices do not and try to get by with a limited and overworked staff. Depending on the size of your practice and the volume of patients seen, you may not be able to staff a...
July 15, 2021
The healthcare insurance industry is in somewhat of a flux at the moment, which can cause problems for any practices that aren’t paying careful attention to what’s going on. For example, patients are being held more responsible for health insurance costs than insurance payers, which is evidenced by the rising...
June 30, 2021
We can count on the cost of providing quality medical care to continue to rise even while having to face forces that lower reimbursement to providers in the healthcare industry. It is easy to get caught up in the day to day operations of your medical practice management and lose your focus on the financial health and...
June 15, 2021
When it comes to the differences between struggling medical practices and successful medical practices, it often comes down to billing and collections efficiency and not the actual quality of the medical services. Maximizing your collections and improving billing performance will help to bring in more revenue...
May 31, 2021
To have a financially healthy medical practice you need to keep an eye on a number of indicators and compare those to industry standards. Billing benchmarks are a great way to compare your practice’s financial performance with the standards for the industry. What follows are some best practices and practical tips that...
May 15, 2021
Billing can be a very complicated process, but it’s one that is vital to the success of your practice. There are a number of potential problems that can result in claim denials, which will, in turn, hurt your ability to maximize your collections. The following are some of the common billing issues that practices...
April 30, 2021
If you are running a medical practice of some kind, then odds are you’re forced to devote some of your or your employees’ time to medical billing. This can be somewhat of an issue if you don’t have a staff dedicated solely to medical billing. Most practices have a few employees who share that responsibility among others...
April 15, 2021
If you run a medical practice of some kind, then outsourcing your medical billing and collections services might be something that you will want to look into. There are many benefits to outsourcing your medical billing and collections services, one of the most convincing being the ability to make more money...
March 31, 2021
As a smaller to mid-sized business of any kind, outsourcing certain aspects of your business could help free up resources within your company, allowing you run it more effectively. However, there may be some drawbacks that are keeping you from doing so. For example, you may feel that you are giving up control over a part of your business...
March 15, 2021
Physicians and their staff members want to be optimistic about each new patient that walks into their practice, but it is not realistic to expect every patient relationship to be a positive one. Some patients might bring a bad attitude and negative energy to your office...
February 28, 2021
Most physicians who open their own private practice do it out of a desire to provide service to their patients and to build on their relations with those patients. In short, to practice medicine. More often than not, the running of a business is secondary...
February 15, 2021
We fondly remember the days, maybe not so long ago, when the revenue cycle was a much simpler system. You would collect the patient’s insurance information, treat them, submit the claim and get paid. But in these days of high-deductible health plans (HDHP’s) and ever increasing co-pays...
January 31, 2021
“We need to talk…” Difficult Workplace Conversations, we all wish things (and people) simply worked the way they are supposed to, but sometimes there are issues that arise and must be dealt with. Sometimes those issues involve uncomfortable topics that must be addressed directly with a co-worker or employee...
January 15, 2021
Smaller medical practices often believe their size is what makes it reasonable to keep their medical billing in-house. The fact is that with ever changing regulations, rising costs, and fewer and smaller reimbursements, small medical practices are more likely to feel...
December 30, 2020
If you want to identify whether your revenue cycle management system is performing well, then you’re going to need to track the data that is available through the system. However, there is a ton of different data that you could be measuring and monitoring. The following are a number of...
December 15, 2020
Collecting patient financial responsibility (e.g. co-payment, co-insurance, deductible) at the time of service is something all medical practices should do. However, doing so isn’t always possible, whether it’s because the patient doesn’t have the money required for the co-payment or because...
November 30, 2020
If you plan on outsourcing your medical billing, then you won’t want to take the process of choosing a medical billing company to work with lightly. How fast your claims are processed and how much money you make on each claim will have a huge impact on your cash flow and net profit...
November 17, 2020
Why Choose ProMD Practice Management Professional Services to Boost Your Bottom Line We founded ProMD with a simple premise: Better billing leads to better care! Your job is taking care of patients, while keeping up with the latest in medical research...
October 31, 2020
Sometimes, you may find yourself in a situation where you need assistance with your medical practice in terms of solving a particular business problem or figuring out a way to maximize your return on investments. However, you may not want to take on additional employees...
October 19, 2020
By learning more on the steps your healthcare business can take to streamline its operations in the coming months, you can find new avenues for business growth. Our team at ProMD Practice Management has many years’ experience helping healthcare firms improve their...
September 30, 2020
A claim denial can prolong the payment process and may even prevent your organization from achieving payment from the insurance company. One of the best ways to avoid a claim denial is to follow the guidelines offered by experts in the billing marketplace...
September 19, 2020
By working with an external specialist, medical companies can improve upon their returns for their billing processes. It’s important to work with a company that has experience in billing services and payment management...
August 31, 2020
As a medical professional, you may feel like you want to control every aspect of your practice. However, doing so may not always be possible since attempting to manage your practice on your own could stretch your resources...
August 15, 2020
Physicians that have been in private practice for a long time probably remember when medical billing could be done between seeing patients. In the past, claim denials were infrequent and regulations were much steadier...
July 31, 2020
When a patient calls your office to make an appointment, front desk staff should collect current, complete information or give patients the option to mail or email it instead...
July 15, 2020
Submitting claims to insurance payers can be a time-consuming task. Medical practices that are understaffed often take a while to submit their claims, which in turn reduces their revenue since this means that it will take a while to get paid...
June 30, 2020
To compete in today’s tough and ever-changing environment, even the simplest steps can not slip through the cracks. Its important to focus on some of the simplest steps to secure payment for services....
June 15, 2020
A recent study by customer communications experts Enghouse Interactive determined that poor customer service causes 60% of customers to take their business elsewhere. Although the study was broad in scope....
May 31, 2020
Maybe you have been trying to grow your business but you haven’t been able to do so. A medical billing assessment can provide clues as to what’s working and what needs to change in order for your business to expand....
May 15, 2020
The Centers for Medicare & Medicaid Services (CMS) is no different. Realizing its use of the social security number (SSN) as a member identifier could potentially put its more than 60 million enrollees at risk, CMS decided to update its patient identifiers to a more secure ID number to protect its customers and...
April 30, 2020
Medical coding allows insurance companies to determine whether certain procedures should be reimbursed, reduced or outright denied. As such, it's extremely important that medical practices don't make any errors in their medical coding. Accurate medical coding is necessary if you expect to obtain insurance reimbursement...
April 15, 2020
The billing of your medical practice is extremely important. There are all kinds of problems that can result in poor billing performance, which means that you're losing money. For example, there are errors in your billing or you're not effectively tracking what you're owed when it comes to collections...
March 30, 2020
When it comes to running your practice, it’s extremely important that you have access to billings and collections software so that you can run reports. You should be checking your billing and collections reports regularly in order to keep track of the financial health...
March 15, 2020
Although there have always been a few detractors from the idea of revenue cycle outsourcing, it continues to be something that practices of all sizes are doing in order to free up in-house resources and to streamline the efficiency and effectiveness of their practice overall. However, there have been a lot of changes...
February 28, 2020
It’s no secret that unpaid bills are a major problem for the medical industry. Collectively, more than forty billion dollars of medical bills are unpaid in the US alone, and estimates are that at least 20% of the public has unpaid medical services on their credit record. Getting paid is a big problem for many medical clinics!...
February 15, 2020
Medical billing outsourcing services are no longer a novel approach. Outsourcing is now as mainstream as you can get. It typically produces greater cost savings and outcomes following its streamlined processes, superior systems, state of the art technologies...
January 30, 2020
Your practice’s medical billing and collection services are vital to the success of your practice. Good medical billing and collection services ensures that you make few errors and that your practice receives as much revenue as quickly as possible...
January 14, 2020
It’s no secret that unpaid bills are a major problem for the medical industry. Collectively, more than forty billion dollars of medical bills are unpaid in the US alone, and estimates are that at least 20% of the public has unpaid medical services on their credit record. Getting paid is a big problem for many medical clinics!...
December 17, 2019
The medical billing landscape and rules are constantly changing. Billing assessments allow your practice to ensure that your billing processes and systems are current and appropriate. Assessing your current billing...
December 4, 2019
Handling your own billing can be a time-consuming and costly responsibility in terms of staffing, documentation, and record keeping. By hiring an experienced medical billing and collections team...
November 15, 2019
Increased profitability thanks to the management company’s collaboration with industry leaders and ability to deliver comprehensive solutions for the complex challenges that doctors face todays?...
November 5, 2019
Your busy medical practice is thriving – and yet, there is room for improvement and growth. A thoughtful look at your business model may reveal a weak link in your in-house billing department. Here are ten reasons to think about outsourcing your medical billing...
October 16, 2019
We know that any disruption in workflow could mean missed payments, frustrated clients, and overworked or misused staff. There are many technology partners on the market, and your practice might already subscribe to one. ProMD encourages its clients to continue using their...
October 3, 2019
Managed-care companies require that their contracted medical practices and physicians meet credentialing requirements before they begin to service patients. The same goes for hospitals – they, too, require physician credentialing before allowing hospital visits or attending care.
September 12, 2019
In the days before HMOs and PPOs, deductibles and co-pays, a satisfied patient might have paid his doctor by bartering a service (such as a carpenter fixing their doctor’s creaky porch), presenting baked goods, or offering whatever cash they could muster up.
While it would be lovely to barter a transmission rebuild for an endoscopy...
August 20, 2019
Years ago, visits to the doctor’s office were a different experience: Physicians had a greater capacity to focus more on one-on-one conversations and best practices.
But like almost everything else in our society, technology has made modifications to day-to-day life in the medical field. HIPAA laws and stricter regulations, plus the adoption...
August 6, 2019
Medical billing outsourcing services are no longer a novel approach. Outsourcing is now as mainstream as you can get. It typically produces greater cost savings and outcomes following its streamlined processes, superior systems, state of the art technologies, economies of scale, and skilled labor laden with specialized knowledge and experience. In today’s complex and evolving healthcare marketplace...
July 21, 2019
Revenue cycle management (RCM) is exceedingly important in the healthcare industry. Medical practices and hospitals rely on the effectiveness of their billing operations to survive. While healthcare might be the top priority, medical practices are still businesses and need to turn a profit to continue to exist. However, as any healthcare professional knows, billing is a complicated process filled with delays...
July 7, 2019
Most industries grew more competitive and the same is true for the medical professionals, providers, organizations and institutions that comprise the healthcare industry. Similar to any other industry, health professionals such as physicians and surgeons are responsible not only for the health and well-being of their patients, but...
June 25, 2019
Many people talk about HIPAA compliance, but not everyone truly knows what it means. Sure, it means private medical information is to be kept private, but are people who work in medical offices absolutely certain how to stay in compliance with this rather serious legislation? There are two distinct HIPAA regulations that medical staff must be thoroughly versed in. Let’s talk about what they...
June 10, 2019
Doctors do not usually take any business classes during medical school – they are too busy learning how to save lives or how to heal people. Therefore, many doctors join a group practice, because it usually comes with its own management team to keep the practice on track. But for a solo practitioner who wants to hang out his own shingle, and not join a physician group practice, where do you...
May 29, 2019
So, what exactly is a billing and receivables audit? It’s an assessment, typically conducted by a third party, that examines the effectiveness and reliability of procedures used by a medical practice surrounding its billing and accounts receivables (money due the business). The audit is used to ensure the patient bills are submitted correctly, with the proper codes for insurance reimbursement...
May 15, 2019
Regardless of whether a doctor is part of a large group practice or the physician has their own private practice, they have to get paid in order to stay in business. The medical industry is wrought with regulations and standards that insurance companies demand to be filled out with 100% accuracy, otherwise payment will not be made to the doctor. Therefore, the doctor considers whether they need...
April 29, 2019
The Health Insurance Portability and Accountability Act of 1996 (HIPAA) mandated industry-wide standards for health care information on electronic billing and claims, while also protecting against health care fraud and abuse. It also addresses the protection and handling of health information of every patient. The point of HIPAA compliance is for every medical practice to implement an active...
April 16, 2019
Accounts receivable are legally considered assets of the business that holds them. They comprise the unpaid debt from fees for services and procedures performed – in our case, of a medical practice – and a bill has been sent or given to the payor for services rendered. So why are medical administrators always worrying about accounts receivable? Because when people don’t pay these bills in a time...
April 1, 2019
How can a fresh look at the customer service you’re providing your patients improve your practice’s bottom line? Studies show that happier patients can improve your receivables by nearly 50%. Happy patients are more likely to stay current with their bill, especially if offered payment plans and different methods of payment. By ensuring an efficient and pleasant patient experience at every...
March 25, 2019
Medical doctors spend over a decade going to school to learn how to save lives and treat illnesses. By the time they take their board exams and become licensed, they have spent 12-15 years just in training for their profession as a physician. Doctors have taken classes in biology, chemistry, anatomy, and pharmacology. They have completed medical school, they served a residency, and they often...
March 13, 2019
As medical practices and courthouses digitize their records, they are having to shred or store their paper documents securely in order to avoid being in violation of HIPAA laws. Patients have always relied on their doctors to keep their health information safe and private – and they still do – but the battlefront has changed from simply locking a file drawer full of patients’ information...
ProMD Practice Management was founded in 2004 by a team of physicians and health services administration professionals who had directed the expansion of South Florida Perinatal Medicine into one of the foremost maternal fetal medical practices in the state.
Feel free to call or email us at anytime.
We look forward to exceeding your expectations in everything we do.
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