At Svast, We get a lot of questions about Medical Billing outsourcing. So, we decided to answer them.
Todays informed physicians are looking at how technology can make private practices and medical billing more efficient. While there are many options on the market, the top of the list always remains the same; a practice management system vendor supplying a wide range of tools beyond just basic […]
Owning your own practice, while challenging at times, is a rewarding and satisfying accomplishment. As a physician, you are no stranger to long days and working hard to achieve what you want. Thomas Edison said it best, “Opportunity is missed by most people because it is […]
Have you thought about expanding your current services or adding a new one? There are many reasons one might consider doing this and they range from, providing a needed service to the community, to economic reasons. If you’re starting to go down this path, the first thing you […]
Are you finding that your practice’s fees are below other similar specialties in your area? On your insurance payments, are you noticing that the carriers are occasionally reimbursing your practice 100% of the billed amount?
If you answered yes to either of the two questions above, it may be […]
Have you considered the benefits of adding a concierge medicine practice to your current business or perhaps switching over entirely?
The number of physicians in concierge medicine remains small, but it’s growing rapidly. In 2012 there were 4,400 private […]
Finding the right candidate can be stressful and always comes with a little risk. If you prepare well enough, you can improve your chances of finding that right person that will work well with your practice goals and operations, and fit into the culture of the practice.
The transition to ICD-10-CM represents much more than just an increase in codes and field sizes. The scope and complexity of the transition are significant and should not be underestimated. Although the transition will impact many systems, processes and people, let’s focus for a moment on the impact […]
The heart of the provider/patient interaction, beyond the visit itself, is the provider’s documentation. For many years, our charts were folders that moved around with the provider or his team containing hand written notes, old scripts, and eventually neatly typed dictation. The ‘chart’ is a whole new world […]
Except for Registration (ADT in HL7 vernacular) interfaces, Result (ORM) interfaces are the next most commonly implemented interface making them old hat to many. However adding connections to additional labs, system upgrades, and initial rollouts for those not […]
In the bustle of EHR implementation to meet compliance with the HITECH Act and Meaningful Use, there are EHR go-lives happening every day in all parts of the country. As EHR implementation experts’ clients are constantly asking, “How did you do this before? What can we learn from […]
Collecting overdue patient balances is a task that few relish and one that often gets thrown onto the infamous “to do” pile. With ever shrinking operating margins in private practices, and patient liable amounts increasing annually, it is crucial that you take steps to capture these payments. The […]
Many practices struggle with the decision of whether to do their billing in-house or outsource medical billing. For some practice managers and physicians, outsourcing the billing can feel scary, like you’re giving up control over a crucial part of your business. However, if you have the right billing partner, […]
Deciding whether or not outsourcing medical billing is the right thing to do for your practice can be a difficult decision. However, it should be as easy as deciding whether or not to perform your own appendectomy. Medical billing has always required a specialized set of skills, and […]
If your practice has historically done billing in-house, the transition to outsourcing billing can be complicated. Depending on the factors that led you to outsource your medical billing, there are a number of potential pitfalls to avoid.
Patient due amounts (copays and coinsurance) can make up roughly a third (or more) of your practice A/R, but on average only one-third of patient dollars are properly collected up front. If you see a patient in your practice and they leave without resolving their patient due amount, […]
When posting payments in a practice management system the need for accuracy is essential. Inaccurate postings can result in serious downstream financial affects for your practice. Though the importance and possible negative ramifications of posting payments inaccurately are seemingly obvious, mistakes can easily occur with a simple typo. […]
All providers who enter the medical field generally do so to meet a common goal, providing good care to their patients. With this goal in mind it is often conflicting to set a price to the care provided. It is even more challenging to make financial decisions that […]
We’ve all seen it. The patient comes to the check-in window, and you ask “Name… date of birth… have there been any changes in your address or insurance?” The patient quickly replies, “Nope”, and takes a seat in the waiting room. The charge is entered and billed to […]
High deductible health plans and higher copays have driven practices to focus more attention on collecting large outstanding patient balances. For many practices, patient collections accounts for 20-30% of their overall revenue, so it’s more important than ever that the practice staff be comfortable with and trained on […]
Building intellectual and emotional equity happens while deciding whether or not to start your own medical practice. Once you have decided to go ahead and open a medical practice, get prepared to start building your sweat equity. Sweat equity is your contribution to starting your practice in the […]
The Healthcare industry is pushing toward outpatient/ambulatory services. What better time to open a medical practice business providing outpatient/ambulatory services than when that model has been determined to be the most effective in improving patient care […]
For some, going to a bank to obtain a medical practice loan may seem daunting but it’s really a straight forward process. These simple points will help you obtain a good loan.
Naturally, you will want the lowest interest rate you can get.Consider using […]
Although it may not yet be obvious at scale, we are beginning to see an increase in physicians entering private practice. The last several years have been a period of intense consolidation, with many physician practices being acquired by large […]
There are things to consider when bringing on a mid-level provider, first be clear on what you are trying to achieve. Is it increased revenue, better life style, or more face time with patients? With some planning each of the above can be accomplished.
If increasing revenue […]
The “Spirit of the Entrepreneur” is innate and constant. It is not a characteristic that one can learn, develop and strengthen over time. It is not dynamic and therefore doesn’t change. You either possess it or you don’t. Sarah Pierce, in […]
Should you start your own practice and be an entrepreneur or should you be hospital employed? For some physicians, the answer is crystal clear – you want to start your own practice. You want more autonomy to make […]
As we all are aware, the Centers for Medicare and Medicaid Services (CMS) has continued to release telehealth coding and telehealth billing changes that impact billing in response to care providers’ concerns amidst the novel coronavirus pandemic. Here are the most recent changes that impact medical billing, which […]