Today, we’re going to delve into a topic that’s crucial for healthcare providers – documenting medical necessity. It’s a complex subject, but don’t worry, we’ll break it down together. Understanding Medical Necessity First things first, what is medical necessity? It’s a term that’s often interpreted differently by various payers, but most definitions incorporate the idea […]
Over the years, private practices, especially those with 7 or less providers, have struggled with which compensation model to use when contracting new Physicians and Physician Extenders. The very popular model of Straight Salary, which has commonly been used since the 1990’s, is proving not to be the best model for either the practice or the provider. Straight Salary models, and those that […]
Every Physician and Medical Practice strives toward improving the Medical Billing process and achieving better collections. However, end up depleting all their efforts and focusing on patient care and quality treatment, apparently as that is the core of their business. As a result, improvising the medical billing process takes a back seat as it needs […]
Choosing the right medical collection agency can be a daunting task. With so many options available, it’s crucial to ask the right questions to ensure you’re partnering with an agency that best suits your needs. Here are seven must-ask questions to help you make an informed decision: What is your experience in the healthcare industry? Experience […]
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 […]
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 […]
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 […]
Running a successful healthcare practice involves more than just providing excellent patient care. It also requires sound financial management. Here are five steps to improve your practice’s financial health: 1. Streamline Billing Processes Efficient billing processes are crucial for maintaining a healthy cash flow. This includes timely invoicing, accurate coding, and diligent follow-up on unpaid […]
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 […]
Opening a medical practice is an exciting venture, but it’s also a complex one. One of the most critical aspects of this process is assembling the perfect team. A well-rounded, competent team can make the difference between a thriving practice and one that struggles to get off the ground. Here’s a guide to the key […]
