Power Your Practice

At a private practice, the departure of an experienced medical billing professional can be more than just an inconvenient, unwelcome loss – it can be downright debilitating. A small practice might have only one or two billers on staff. If one quits, management of the revenue cycle can easily get off track, stalling cash flow [...]

The MGMA estimates that, on average, U.S. medical practices are failing to collect 25% of the money they’re owed for treating patients. That means $125 billion is left on the table every year. Power Your Practice understands the challenges medical practices are facing in accounts receivable and is here to help. Every week during our [...]

According to the American Medical Association, physicians who switch to electronic claims processing can dramatically reduce the cost of submitting claims from as much as 14 percent of revenue to roughly one percent. With the MGMA estimating that U.S. medical practices are, on average, failing to collect 25 percent of the money they’re owed for [...]

The Medical Group Management Association (MGMA) found that better-performing medical groups average just a 4% claims denial rate. Is your practice’s denial rate above four percent? If it is, you probably need to stop blaming your payers for those denials and start looking inward at your office’s processes.

The entire physician revenue cycle, from scheduling patients to collecting final reimbursement, involves many steps, several of them requiring tedious paperwork. This convoluted workflow can allow underpayments, denials and ignored claims to fall through the cracks. With the MGMA estimating that U.S. medical practices are, on average, failing to collect 25% of the money they’re [...]

Traditionally, receivables are tracked based on 30-day increments – different actions are scheduled depending on whether a receivable is 30 days old, 60 days old, 90 days old, etc. But each payer a medical practice deals with operates on its own schedule. Only a software system that enables the daily aging of your receivables can [...]