4 smart tips for better medical billing: How to maximize your cash flow

4 smart tips for better medical billing: How to maximize your cash flow

Do you wonder where your money is in your medical practice? With more patients coming in with insurance, it’s easy for money to get lost. On average, 25% of lost practice revenue comes from poor medical billing and revenue cycle management (RCM). 2018 may be the year for you to move your in-house billing to an end-to-end revenue cycle management service. At Fast Pay Health, we want you to “get results fast” by streamlining the billing process, increasing your revenues, and reducing that lost percentage. To help jump start the new year, here are a few medical billing tips that can help maximize your cash flow.

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Practice Success Story: Why we switched our in-house revenue cycle management to Fast Pay Health

For more than ten years, managing revenue cycle management (RCM) has been a challenging and often frustrating task for Princeton Optometry in Princeton, NJ. Constant regulatory and coding changes, declining reimbursements, keeping up with staff training, reducing administrative costs, and getting Medicare to pay claims, are key reasons why Princeton Optometry decided it was time to outsource their insurance billing, accounts receivable/aging claims cleanup, and practice management payment postings. 

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How can end-to-end revenue cycle management help you grow top-line revenue?

How can end-to-end revenue cycle management help you grow top-line revenue?

In an era of declining reimbursements, high-deductible health plans, and constant industry challenges, profit margins are tighter than ever for most medical practices. Medical providers should be able to focus on patient care—instead of paperwork and payments. That’s why having end-to-end revenue cycle management (RCM) processes in place are important to running a successful practice, so your revenue doesn’t slip through the cracks. 

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2018 ICD-10-CM Code Changes: Are You Ready?

2018 ICD-10-CM Code Changes: Are You Ready?

The Centers for Medicare & Medicaid Services (CMS) and the National Center for Health Statistics (NCHS) will be making ICD-10-CM code changes to 728 diagnosis codes that become effective October 1, 2017. This month, CMS released the 360 new codes, 226 revised codes and 142 deleted codes for patient encounters occurring from October 1, 2017 forward. Claims that have a service date of September 30, 2017, or earlier, must use the 2017 codes.

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11 Tips That Will Make Your Medical Claims Cleaner and Improve Cash Flow

11 Tips That Will Make Your Medical Claims Cleaner and Improve Cash Flow

Researching unpaid or denied claims is a time-consuming and frustrating process. On average, more than 25% of lost practice revenue comes from poor medical billing and revenue cycle management practices. According to the Medical Group Management Association (MGMA), the average cost of reworking a claim is $25 to $30. 

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Medicaid & Replacement Glasses

It might be surprising, but Medicaid in most states only covers repairing or replacing glasses for patients 20 and under. If an adult aged 21 or older comes in needing repairs, they must pay out of pocket if they have no other insurance. We sometimes see offices try billing Medicaid for replacement glasses on older patients, only to get a denial and ask us what to do. Read on for more.

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ICD-10 Updates: Are your codes specific enough?

ICD-10 has been in use since October 1, 2015, but thanks to a code freeze put in place to allow providers time to adjust to the new format, the majority of codes had been set since 2011. That all changed last fall when the first update to ICD-10 was released on October 1, 2016. Read on to see what you should be doing.

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8 Reasons You Need a Medical Billing Service

8 Reasons You Need a Medical Billing Service

Are you getting your money’s worth with your in-house billers or billing service for your eye care practice? Choosing the best medical billing and end-to-end revenue cycle management (RCM) service is more than just finding someone to process claims. If you are considering outsourcing your medical billing service and are still on the fence about making the leap, here are eight quick reasons to help you decide.

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Medicare Advantage Plan Billing Tips

Today, nearly a third of Medicare enrollees are covered by a Medicare Advantage plan—up from roughly a quarter in 2010. Depending on your state or even your city, the number of Medicare patients enrolled in an Advantage plan can vary, from about 55% in Minnesota down to 1% in Alaska. But many providers often don’t understand how these plans work in relation to conventional Medicare.

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What You Need to Know About MACRA and MIPS

What You Need to Know About MACRA and MIPS

To help offices prepare for MACRA and MIPs, the new payment system for Medicare Eligible Clinicians (ECs), we are sharing this guest blog from Nitin Rai, CEO of First Insight. Check out these quick facts, FAQs and industry resources to help guide you through the complicated process.

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How to Avoid Common Ophthalmic Billing Rejections: Part 3

How to Avoid Common Ophthalmic Billing Rejections: Part 3

Next up in our three-part series on “Common Ophthalmic Billing Rejections” is new vs established patient exams. One surprisingly common rejection seen by Fast Pay is, “This many frequencies is not allowed for procedure code billed.” The cause? Billing a new patient code on an established patient.

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How to Avoid Common Ophthalmic Billing Rejections: Part 2

How to Avoid Common Ophthalmic Billing Rejections: Part 2

Continuing our series on “Common Billing Rejections,” we turn now to ophthalmic testing with Medicare patients. Many codes require a referring or ordering physician in order to process the claim. These include pachymetry, fundus photos and OCT.

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How to Avoid Common Ophthalmic Billing Rejections: Part 1

How to Avoid Common Ophthalmic Billing Rejections: Part 1

Working with eye care providers across the country, our billers at Fast Pay see many common rejections that could have easily been avoided. In this “Common Billing Rejections” series, we will explore some of the top rejection reasons, starting with the OCT/GDX and fundus photography combination.

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How you can get three billers for the price of one!

How you can get three billers for the price of one!

The average biller makes an estimated $35,139 annual salary, or $2,928 per month. That’s not counting health benefits, paid time off, sick pay, holidays, office materials, utilities and more. When you add it all up, the expenses of having a dedicated biller in your office can mount quickly. And when you add the risks with having a single person handling your entire billing process—should this person become ill or decide to leave your practice—you might find yourself with a billing vacuum and falling revenue.

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Boost Your Cash Flow with EFT

Boost Your Cash Flow with EFT

How often have you heard, “the check is in the mail” from insurance companies? Or, your billing staff just spent hours processing paper checks and they forgot to deposit the checks at the bank. Or worse, a check is lost or stolen and now you have to start a time-consuming search and rescue.

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Should you bill routine vision or medical insurance?

Should you bill routine vision or medical insurance?

One of the more challenging decisions eye care professionals face is when a patient has both medical and vision plan insurance. It can be confusing and difficult to decide which one to bill, especially when patients want to be part of the decision and are concerned with what they will have to pay. However, there are many circumstances where you can bill vision and/or medical.

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How to Maximize Your Cash Flow: Smart Tip Series #4

How to Maximize Your Cash Flow: Smart Tip Series #4

Our Fast Pay billers go through aging claims daily to see why the open balances are still outstanding. The most common reason we find is that payments simply were never posted. Why is that a problem? Check out Tip #4 below.

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How to Maximize Your Cash Flow: Smart Tip Series #3

How to Maximize Your Cash Flow: Smart Tip Series #3

Are you focusing on scrubbing those pesky claims that don’t go through? Accurate information is directly related to you receiving reimbursements, and clean and accurate claims get paid faster.  Start 2016 off with cleaner claims and a few simple tasks that can bring in the money.

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How to Maximize Your Cash Flow: Smart Tip Series #2

How to Maximize Your Cash Flow: Smart Tip Series #2

Every practice we’ve spoken to wants to get paid faster.  In order to maintain the smooth flow of claims, it’s important to post remit payments as they come in. By handling remits within one business day, you can move the balance to the secondary insurance and bill that much quicker.

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How to Maximize Your Cash Flow: Smart Tip Series #1

How to Maximize Your Cash Flow: Smart Tip Series #1

You might be surprised by some of the things our billers at Fast Pay find when performing a practice analysis for optometry and ophthalmology practices. We frequently encounter practices where the staff’s time and talents could be better spent elsewhere in the practice to focus on improving the patient’s experience rather than handling the complexities of billing.

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