Boost Your Success Rate in Medical Debt Collection
Medical debt collection is a vital component of the healthcare industry, ensuring that providers receive the compensation necessary to continue delivering high-quality care. However, collecting medical debt presents significant challenges. In the U.S. alone, Credit Karma members owe a staggering $48.6 billion in medical debt currently in collections. With many individuals struggling to manage these […]
Top Qualities to Look for in a Medical Collections Specialist
The role of a medical collections specialist is pivotal in the healthcare industry, especially now that approximately 25% of nonprofit hospitals in the United States are currently operating with negative margins. Medical Collections Specialists ensure that healthcare providers receive timely payments for their services, which in turn, sustains the financial health of medical facilities. Finding […]
How to Balance Compassion and Collection Efficiency
Balancing compassion and collection efficiency in healthcare is a challenging yet essential task. On one hand, healthcare providers must ensure their financial stability by collecting payments for services rendered. On the other hand, they must approach this process with empathy, as one in ten adults in the U.S. have significant medical debt, according to a […]
Exploring Common Mistakes in Medical Coding and How to Avoid Them
As featured in AMA Journal of Ethics, upcoding and fraud related to misrepresentation of clinical information cost healthcare organizations more than $100 billion annually. Accurate coding ensures proper payment, facilitates research, and maintains compliance with regulatory requirements. Medical coding services have always been the backbone of reimbursement and data collection. However, amidst the complexity of […]
The Vital Link Between Patient Engagement and Medical Billing Success
An international study on patients revealed that countries with higher levels of patient engagement demonstrate lower rates of medical errors and higher overall patient satisfaction compared to those with lower engagement levels. This underscores the critical importance of patient engagement. Not only does it enhance clinical outcomes and satisfaction, it also bolsters the financial stability […]
The Future of Medical Billing: Trends and Innovations
According to research published by the Harbert College of Business, a hospital increased its annual net revenue by $1.73 million on average implementing one additional clinical IT unit and one additional business IT unit. Successful IT implementations have been proven to bring substantial net revenue growth for healthcare providers, and their success involves the adoption of […]