(shared from Medcurity) Did you know that the HHS Office for Civil Rights (OCR) can fine an organization up to $1.5 million for breaking a HIPAA regulation? A fine from the OCR isn’t even the only cost associated with a HIPAA breach. Here are 5 key steps you can take…
For years, physician practices were on their own when it came to managing the business side of their practice. Software and contracted experts eased much of the burden, but the burden of maintenance, hiring, training, and keeping employees still fell on the physician’s practice. Times have changed. In that old…
Any physician knows that the business side of medical practice has been tough in the past few years. Hundreds of thousands of jobs have been lost. For many hospitals and private practices, revenues have plummeted. Healthcare practitioners are burnt out. And demographic shifts are leading us toward a major nursing…
No-shows cost the healthcare industry an estimated $150 billion in profit each year. When a patient unexpectedly misses an appointment, the consequences can be ruinous for their health. For your medical practice, a high rate of no-shows can compromise revenue and, ultimately, the quality of care you provide. Not only…
Revenue metrics can provide insights far beyond basic profit margins. Patient engagement, insurer relationships, human resource management, and infrastructure can all be optimized with a more robust revenue metric model – so long as you can effectively track the revenue cycle data. Why revenue metrics are important The more refined…
For any physician looking to expand their client base, physician credentialing is a crucial business step. Credentialing enables you to work within insurer networks. Billing in-network simplifies the revenue cycle and opens you up to more potential patients. It’s a standardized industry practice – but that doesn’t mean that the process…
So you’ve secured funding, picked a location, built out a beautiful space for patients to receive care. You’ve got a lot of details to manage in the coming months. This checklist is designed to support you in covering all the fundamentals for a practice that is safe, secure, efficient and…