The transition to ICD-10 will impact very aspect of your practice including processes, systems and staff. As the October 1, 2015 deadline approaches, take this opportunity to check in on your progress by answering the following questions for your practice. 1. We have evaluated superbill alternatives to accommodate the new ICD-10 code set? 2. We […]
ICD-10 Preparedness Survey: Are You Ready? Read More »
Perhaps one of the most overused yet least significant KPIs, Collection Percentage measures what percent of accounts are being collected for a medical practice. Consider Practice A that collects 95% of a $50 charge ($47.50), and Practice B that collects 80% of a $75 charge ($60.00) for the same level of service. Would you rather
Key Performance Indicator: Collection Percentage Read More »
To accommodate the increased specificity and number of codes in ICD-10, superbills may become up to fifteen pages in length depending on the specialty. For this reason, paper superbills may become obsolete and providers will need a new tool like MaxMobile that provides point of care capabilities and synchronization. PracticeMax‘s Maxmobile is a web based
Electronic Charge Documentation for ICD-10 Read More »
To classify AR by its age, you must measure the time since a particular service was billed. Payments due for services in the past thirty days are placed in the 0-30 day bucket, those billed between thirty one and sixty days are placed in 31-60 day buckets, etc. While monitoring your AR aging is important,
Key Performance Indicator: Accounts Receivable (AR) Aging Read More »
This key performance indicator (KPI) measures how long it takes a bill to leave the facility and go to the insurer after the date of service. While timely submission is important, some providers may get worried when this KPI reached more than six or seven days and encourage their staff to “hurry up” and get
Key Performance Indicator: Days to Bill Read More »
Key performance indicators (KPIs) can help medical practices and organizations track their revenue goals more effectively. The most important KPI is Revenue per Unit where unit may stand for claim, case, procedure, visit, patient encounter etc. Individual practices may determine what the appropriate unit of measure is for their group and it will vary based
Key Performance Indicator: Revenue per Unit Read More »
The transition to ICD-10 affects coding for everyone covered by the Health Insurance Portability and accountability Act (HIPAA): Health care providers Payers Clearninghouses Billing services Discover more about ICD-10 here: https://practicemax.com/icd-10-code-look-up-resources/
ICD-10 Basics: Who Needs to Transition? Read More »
ICD-9 has been used in the United States since 1979, but effective October 1, 2015, health care providers will be required to transition to the tenth version of ICD (ICD-10). This new code set will result in the ability to report and track much more specific data related to patient diagnoses. For physician services, the
ICD-10 Basics: Why is the Transition Happening? Read More »
The International Classification of Diseases, 10th Edition (ICD-10) consists of two components; (1) ICD-10 CM for diagnosis coding and (2) ICD-10 PCS for inpatient procedure coding. Current Procedural Terminology (CPT) codes will continue to be utilized by provider practices for procedure coding. Therefore, our focus is on ICD-10_CM diagnosis codes used to report diagnoses. Diagnosis
ICD-10 Basics: What is ICD-10? Read More »
In today’s market, medical groups and health care organizations can choose from a multitude of solutions to manage their revenue cycle and associated functions such as billing, coding and reporting. A robust reporting tool as a part of a revenue cycle solution is crucial to optimizing the financial health of a practice and offers insights
Tips for Medical Practices & Organizations Evaluating Reporting Solutions Read More »