The cost of healthcare is increasing in the United States today. Insurance benefits have been decreasing steadily over the last few years. It’s no wonder that medical debts are rising for American families. Recent statistics regarding medical accounts receivable collections have been depressing reading. 

A recent report revealed that there are errors in as many as 30 – 40 percent of all medical bills. That amounts to around $125 billion in lost profits for American medical practices around the country. When your practice bills in-house, it’s vital to spot such mistakes quickly. Knowing the reasons behind those mistakes is also key to fixing them and keeping them from happening again. With this in mind, here are two reasons why you need a better medical billing solution for your practice.

A recent paper from the ACP estimated, every year, excessive administration is costing more than $40,00 per FTE physician. That’s a significant amount of money that practices could benefit from saving. The figures are exceptionally worrying. Evidence shows practice staff members are spending around six-and-a-half hours weekly on handling EHR documentation. They are also spending as many as five hours every week on insurance-related and billing activities. This is clearly extremely excessive and affecting...

• BillingTree Payrazr platform and Car-Ware utilized to offer dealers and their customers a streamlined payment experience
• Phoenix expands client base with announcements of new dealerships

Phoenix, Ariz. –  Phoenix Financial Solutions, Inc., a provider of loan servicing and debt collection services to auto dealers, has announced an integration with leading payment technology and services provider BillingTree and auto dealer management specialist Car-Ware to provide advanced loan servicing facilities to...

Over the course of a single year, the United States spends $3.5 trillion on healthcare. However, every year, the economic trends of the healthcare payment system seem to change. In 2019, there have been several changes that have affected both patients and practices. Let’s take a closer look at some of these.

Over the course of a single year, almost 4 million people are victims of a data breach. In the healthcare sector, there is around one data breach reported every day. Experts have even predicted that the healthcare industry will incur two to three times more cyberattacks than other industries. This is very worrying news, especially for small healthcare providers. The cost of recovery from an average cyberattack can amount to more than $1 million. This is clearly something that is untenable for a small...

Healthcare practices nationwide are finding it harder than ever to elicit timely payments of medical bills from patients. This is especially the case for Millennial patients. As a generation, Millennials are particularly struggling with healthcare debt. This is causing major problems for practices of all sizes as cash flow starts to dry up. Practices with many Millennials as patients are struggling to stay afloat as bills go unpaid. So how can healthcare payments solutions make a difference? Can they...

These days, the healthcare revenue cycle for hospitals is more complex than ever. There are numerous factors behind this. Complicated payer contracts, as well as more regulatory demand, are partly responsible. It’s no wonder so many hospitals are struggling to keep their finances on an even keel. Boosting the performance of the revenue cycle is, therefore, becoming more important with every passing year. With operating costs on the rise and reimbursements dwindling, how can hospitals ensure their financial...

When it comes to health payment systems, many practices are finding they’re lagging behind. Payment processing within the medical field has never been easy. However, with the recent increase in high deductible plans and increased patient responsibility, it’s harder than ever.

More healthcare practitioners are reporting that patients have a negative attitude when it comes to making healthcare payments. When consumers use professional services, such as those of attorneys or architects, they fully expect to pay. Consumers have no difficulty in paying for these services in advance. However, they seem to have issues with paying for the services of medical professionals. This applies especially when it comes to providing card details upfront before the provision of healthcare...