How to Manage a Global Workforce in Healthcare Collections
Data security is more critical than ever in today’s globalized healthcare landscape. According to a study by the Ponemon Institute, 54% of healthcare vendors have faced at least one data breach involving protected health information, underscoring the urgent need for robust security measures. As managing a global healthcare collections workforce becomes the norm in our […]
How to Optimize the Recruitment Process for Hiring Medical Billers
According to Physicians Practice, a staggering 60% of returned claims are never resubmitted, leading to significant revenue loss for healthcare providers. This underscores the critical role that skilled medical billers play in maintaining a seamless revenue cycle. As the backbone of revenue cycle management, medical billers bridge the essential gap between patient care and financial […]
How to Address Skill Gaps in Medical Billing with MedCore
Medical billing is the backbone of your practice’s financial health. It ensures that healthcare providers are compensated accurately and on time for the critical services they deliver. Yet, the complexities of the billing process—combined with constantly shifting regulations—are creating significant challenges for healthcare providers. According to the National Institutes of Health, 5% to 10% of […]
The Hidden Costs of Physician Administrative Burden
Physicians face an increasing array of administrative tasks that extend far beyond patient care. In fact, according to a study published in Annals of Internal Medicine, physicians spend nearly two hours on administrative tasks for every hour they spend with patients. Whether it’s filling out insurance forms, managing electronic health records (EHRs), or complying with […]
Compliance and Ethical Considerations in Healthcare Collections
Healthcare providers face severe penalties for non-compliance with regulations, with HIPAA violations alone carrying fines of up to $50,000 per incident. Navigating healthcare collections is a delicate and complex task. It requires a careful balance between recovering outstanding payments and preserving the trust and well-being of patients. In an industry where compassion and care are […]
Daily Workflow of Remote Medical Collections Specialists
The healthcare revenue cycle management market industry is projected to reach $79.68 billion by 2032 and healthcare digitalization and IT are some of the key drivers of this market growth. The healthcare industry has undergone a remarkable transformation, especially in how administrative and financial tasks are managed. One of the pivotal roles in this transformation is […]
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 […]