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A reliable and steady revenue stream is requisite for running an efficient medical practice. If your billing errors are not optimized for success then it’s difficult to achieve it. Whether they incur denials, delayed payments, lost productivity, or client complaints; medical billing errors can inflict detrimental effects on your revenue cycle management. Eliminating medical billing errors is integral for your bottom line, so you have to narrow down common billing mistakes that your practice is prone to…
Read MoreRevenue cycle management is an integral component of all hospice and Medicare practices. No matter how exceptional the performance of your Medicare staff, you can’t keep the doors open based on the quality care you provide. Paying close attention to finances is unequivocally just as important. Medicare practices and hospices may find themselves scrambling to remain viable, while other practices around them are thriving if they do not maintain a steady stream of revenue. In the end,…
Read MoreMedicare organizations and hospices strictly adhere to Revenue cycle management (RCM) to ensure a steady stream of revenue in form of reimbursement for the care they provide to patients. Increasing collections, managing denials, and re-submitting and scrubbing claims are a few requisite revenue cycle activities for practices to accomplish. However, to elevate the revenue cycle and ensure the profitability of your practice you need to be cognizant of the KPIs. Moreover, your Revenue recovery strategy must track…
Read MoreWhen it comes to flourishing home health or hospice agencies, in-house employees are unequivocally the top contributors to organizational success. However, regardless of their skill, talent, and capability, these professionals lack the availability and time to keep tabs on the Medicare industry’s ever-changing tides. So, it turns out that outsourcing medical billing can prove to be highly beneficial for the smooth functioning of your organization. At Dominion Revenue Solutions, we have collaborated with numerous home health and…
Read MoreOptimizing claim denial management strategies can aid Medicare providers in recouping lost revenue and maximizing reimbursements. Medicare organizations most often lose a significant amount of yearly, monthly, and daily revenue just because they are unable to cope with claim denials effectively. What is Claim Denial? Claim denial is a refusal of an insurance company to honor the request of an individual to pay for his/her health care services obtained from a health care professional. Studies have found…
Read MoreIf you aren’t up to speed on MEDICARE’s No-Pay RAP requirement changes, it’s not too late. Dominion Revenue Solutions wants to help home health agencies like yours understand precisely how adding the 2022 Notice of Admission (NOA) changes will affect you and avoid payment reductions from transpiring due to non-compliance. Notice of Admission CMS has set out to eliminate RAPs by the end of 2021 and move forward with a 2022 Notice of Admission (NOA) requirement; this…
Read MoreAn important distinction when it comes to medical billing errors is the difference between a rejected claim and a denied claim. A rejected claim is one caused by a billing error which may be the result of a clerical error, or a mismatched procedure and ICD codes. These claims can then be corrected and resubmitted. Of course, having to correct and resubmit claims not only slows down the revenue cycle and, ultimately, cash flow, it also costs…
Read MoreThe home health profession is emotionally, physically and mentally demanding—we don’t need to tell you that! However, like many aspects of health care, those working to support patients whether directly or indirectly in administrative roles are at high risk of burnout. While you may think career-related burnout is “no big deal” it can have a major impact on your mental health and your quality of life. Burnout is also a serious problem for home health employers because…
Read MoreGiven the current economic and regulatory environment for home health agencies, many have been largely driven by Medicare payments, making agencies hesitant to turn to managed care and commercial insurance to drive additional revenue. The process to seek and secure payment outside of traditional channels can be overwhelming. However, considering that some agencies increase revenue by 20% to 30% when introducing alternative payment sources, it’s worth considering as Medicare increases regulations and compliance measures. As cash flow…
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