The success of any private practice is highly dependent on how it manages its healthcare receivables. Managing the revenue cycle is an ongoing challenge. Making claims on time and with the highest level of accuracy is key to receiving prompt reimbursements from insurers. However, private practice physicians often find they wait for many weeks or even months to receive payments. Even worse, when reimbursement finally arrives, it is often less than the amount charged for services.

Healthcare costs are increasing more rapidly than the average family income. In 1960, healthcare costs were only consuming around 4 percent of an individual’s average income. In 2017, that figure had risen to 7 percent. It comes as no surprise, then, that payers, providers, and consumers alike want better HPS solutions. 

Triple check your risk management strategies to avoid a breach

There’s no shortage of instances of security breaches where customer data is accessed or exposed. It seems like you can’t go one week without learning of a new breach somewhere across the country.

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...

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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...