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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