New Medical Billing Codes You Should Know
Changes to E/M Codes CMS has changed the standards for medical coding and documentation. The E/M codes have undergone a significant amount of adjustments to ensure that practices streamline their administrative tasks. The specifics of the coding modifications are as follows: Inpatient And Observation Care Services E/M codes 99217-99220 for Hospital Observation Services are being [...]
Global Medical Billing Outsourcing Market Research Update, Size Estimation, Future Scope, Revenue Opportunities and Regional Forecast to 2028
Outsourcing medical billing The market was estimated to be worth USD 11.5 billion in 2021 and is anticipated to grow to USD 25.7 billion by 2028, at a CAGR of 12.2% over the forecast period (2022-2028 Medical Billing Outsourcing Market Analysis The medical billing outsourcing market was dominated by the outsourced category in 2021 when [...]
ICD-10 Codes: Need-to-Know Updates Coming in April 2023
The International Classification of Diseases, 10th Revision, Clinical Modification (ICD-10-CM) system and the International Classification of Diseases, 10th Revision, Procedure Coding System (ICD-10-PCS) system have both received updates as of April 2023 from the Centers for Medicare & Medicaid Services (CMS). New ICD-10 Codes for Diagnosis According to ICD-10-CM chapters, the following new codes are [...]
Medical Billing Companies Spill About Outsourcing Operations
A recent survey of medical billing companies shows a positive outlook on revenue cycle outsourcing, Nearly two-thirds of medical billing companies have a rising positive outlook about the current state of the revenue cycle outsourcing industry The majority of respondents worked for businesses that cater to practices and clinics with fewer than 10 locations. Outsourcing [...]
Intakes from the Revenue Cycle Management Global Market Report
The Revenue cycle management market is growing at an alarming rate and the sudden surge in healthcare expenditures stands as the main reason for growth of the RCM market. This information has been collected from a Revenue cycle global market report and stands truly as a source of the necessary information for the medical coding […]
Patient Payment Solutions Not Reaching Up to the Provider Expectations
Healthcare providers have recently started putting more emphasis on patient collections. Almost 30% of the providers feel that the implementations on various ways of patient billing methods are not successful. But then there is another 58% that reported high satisfaction on their patient payment solutions, according to Data taken from Bank of America. Any sort of [...]
Coding Guidelines for Pathology Lab Healthcare Billing Services
Pathology laboratories play an important role in maintaining hospital Reimbursement rates. The Centre for disease control and prevention ( CDC) is well aware of the importance of lab results and the role they play in Revenue cycle management, which is why CDC has estimated that almost 70% of every Doctors’ Medical decision is based on [...]
Medicare Reimbursements affected by increased Hospital Payment Rates
The Centers for Medicare and Medicaid Services (CMS) increased payment rates for 2023, putting additional strain on hospitals, which will affect Medicare reimbursements. The hospital operating payment rates have been increased by 4.1% in the 2023 OPPS final rule. Read the detailed blog on the CMS 2023 final report on Medicare reimbursements; AHA concerned. The […]
Medical Billing Outsourcing Market to hit sales of 25.7 Billion over the Forecast Period(2021-2028)
The Medical Billing Outsourcing Market was valued to be 11.1 Billion in 2021 and is expected to expand at a compound annual growth rate(CAGR) of 12.2% over the forecast period of 2021-2028. It is anticipated that this rise in numbers might be the result of various factors like improvement of Electronic Health records(EHRs). Healthcare facilities […]
How to Effectively Manage Medical Claim Denials
Medical claim denials are the most common obstacles to effective revenue cycle management. Most healthcare organizations lose about 6-7% of their overall revenue as a result of payment denials.A major percentage of profit for the healthcare industry comes from medical claims. If an organization pays adequate attention towards retrieving claim denials then a lot of […]
