If you have concerns about patient payments, shrinking insurance reimbursements and rising business costs, you are not alone. These types of concerns should trigger a few questions which are designed to help you assess the financial health of your practice. Specifically:
• Are we optimizing the power of Medisoft?
• Are we willing to address the possibility that we may be losing revenue?
• How can we identify where and how we might be losing revenue?
• What might this be costing my practice?
Medworks helps medical practices maximize cash flow. On average, there’s a 10% to 15% "revenue leak" in a private practice. Much of this is tied to money owed to the practice by patients and insurers. This greatly affects cash flow and is the chief reason why private practices must begin planning a new strategy to deal with rising business expenses and falling reimbursements. Medworks offers a no obligation consultation which can help you begin mapping out a new strategy to deal with your personal business challenges.
Does any of this resonate with you? If so, we encourage you to take action now. Please contact us or call (973)543.8600.
The Medicare and Medicaid electronic health record program has paid more than $2.5 billion to physicians and hospitals in incentive payments for all of 2011, with heavy year-end activity contributing to the steep growth curve. During the year, 176,000 providers registered in total. For 2012, more providers beyond the earliest adopters are expected to sign up for the incentive program. If it is your intention to adopt electronic medical records and gain the maximum rebate, time is of the essence.
• The latest you can certify in 2012 is the 90 day period extending from October 3 through December 31. Your program should be implemented and tested, and the staff well trained and comfortable with it by September 1. This provides a 30 day buffer to prepare for attestation.
• Getting installed and trained is taking most practices 6 months. So now we’re back to March 1.
• The time from placing the order to installation can be another 30-60 days. That’s January 1. And that doesn’t leave room for slippage and delays tied to implementation and training (circumstances beyond anyone’s control).
Other factors to keep in mind include summer vacations, and commencing the attestation process ahead of the Holidays. Please consider these factors so you can build ample time into the all important learning curve. To learn more about Medisoft Clincial EMR and Meaningful Use, please and visit our website, or contact us.
Transitioning to ANSI 5010: It is critical that you make updates to your current production environment in order to avoid rejections. Please review these Medical Billing Referral Awards Program? We appreciate your consideration.
ANSI 5010 standards require that a nine digit zip code (code + 4) be entered in the provider record, practice record and facility record in order to be 5010 compliant. Also, if a 5010 format claim generates a 2330B NM109 error (Other Payer ID), go to the Insurance Carrier List and edit the insurance carrier on the claim. Make sure that the EDI Receiver and Claims Payer ID fields for the Secondary Receiver are populated. Generally, you can put the same information there as you have for the Primary Receiver.