Many projects go live using some of the basic documentation provided with the purchase and very little customization. Customization can be part of the solution but only if the optimization efforts for documentation are carefully approached. Customization is not the Holy Grail, however if done well and with clear intention, can pave the way to […]
Why Outsource your Medical Billing?
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, it should feel like they are a […]
Transitioning from in-house billing to outsourced billing
The move to outsource medical billing can be unnerving, but it is one of the most impactful ways that a small practice can reduce costs and improve efficiency. If you have questions about outsourcing your billing, one of our advisors would be happy to discuss the process and assess whether Svast Healthcare is the best RCM partner […]
8 Benefits of Outsourcing Medical Billing
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 in the last few years we’ve seen a steep […]
Best Practices for Maximizing Collections at the Point of Service
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 upfront. If you see a patient in your practice and they leave without resolving their patient due amount, your chances of being paid in full decreases […]
The Importance of Accuracy in Medical Payment Posting
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. When posting an insurance payment to the […]
5 Questions to Ask to Reduce Denied Claims
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 the insurance on file and two weeks […]
5 Tips to Collect Outstanding Patient Balances
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 account for 20-30% of their overall revenue, so it’s more important than ever that the practice staff be comfortable with and trained on how to collect overdue self-pay balances. 5 […]
How to get a Medical Practice Loan
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. Get a low rate Naturally, you will want the lowest interest rate you can get.Consider using the prime rate as your basis for […]
Hire the Right Medical Practice Manager in 4 easy Steps
Students must be equipped with the skills to navigate the digital world effectively, including using computers.