In 2021, 60% of healthcare payments were tied to value and quality-based care, while 40% originated from fee-for-service models. These two systems are often viewed as polar opposites in the healthcare industry. While the adoption of value-based care is increasing, fee-for-service remains a significant component of the healthcare payment landscape. It’s crucial to understand both […]
3 Effective Strategies for Increasing Patient Payment Collections
In today’s healthcare landscape, managing the revenue cycle is crucial for the sustainability of any medical organization. The financial health of a practice hinges on effective patient payment collections. If your practice is diligent in sending out statements but faces challenges in collecting payments, it will inevitably affect your bottom line. To ensure the financial […]
Top Five Reasons Why New Medical Practices Fail: Real-Life Examples
Starting a new medical practice is a challenging endeavor. Many new practices fail due to a variety of reasons. Here are the top five reasons why new practices fail, accompanied by real-life examples: 1. Doctor’s Underestimate the Work Involved A primary care practice in Savannah, GA underestimated the amount of work it takes to customize […]
Mastering Medical Necessity: Best Practices for Provider Documentation
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 […]
Why small practices should consider Performance Based Physician Compensation Model
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 […]
Top 10 Ideas to Improve Your Medical Billing and Collections
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 […]
7 “Must Ask” Questions when Comparing Medical Collection Agency Offerings
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 […]
EHR Go-Live Challenges -Top 5 pitfalls and quick solutions
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 […]
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 […]