While all stakeholders will require a significant amount of preparation, some will require in-depth training. Let’s take a look some important preparation considerations by role. Note that this is not a comprehensive list of everything your team will need to do to prepare, but a quick look at some high-priority items your team should have on their radar.
There are two extremely important aspects of your business that the transition to ICD-10 will affect: your revenue cycle, and your ability to provide great healthcare to your patients. You can protect both by planning ahead and making sure everybody involved knows their role.
It requires a lot of work, and it won’t be incredibly easy – but preparing now will save you a lot of headaches leading up to October. If you haven’t made much progress yet, no worries, but now’s the time to start.
Today more than ever, managing a practice is not just about caring for your patients - it’s also about running a successful business. If you lack efficiency, your quality of service will ultimately suffer. To thrive, you need to make informed decisions, but this can be a challenge. As the saying goes, “You don’t know what you don’t know.” Without a way to measure relevant financial and operational indicators, you might find yourself relying on educated guesswork. Thankfully, there is an alternative to good guessing: benchmarking -- a strategic management tool that helps evaluate effectiveness and fosters goal-setting.
The Health Information Technology for Economic and Clinical Health Act (HITECH) allocates $19 billion in government funds to encourage the healthcare industry to adopt information technology in the way of electronic health records.
It’s a reality of running a medical practice: chances are you will not find a perfect electronic medical records (EMR) provider that also offers a robust practice management product at an affordable price. And vice versa. To thoroughly address both the clinical and administrative requirements of your practice, you might decide on an integration – a bridge that links products from two different vendors using an industry standard coding language.
For consumers, passage of the Patient Protection and Affordable Care Act potentially means new access to healthcare services that may not have been previously available. For providers, implementation of this law requires creativity and efficiency in delivering those new services so that they can temper rising healthcare costs while still providing patients with the top-notch care that they need.
Protect your patients and your budget by preparing for a HIPAA audit.
HIPAA and the HITECH Act mandate security audits for performance and privacy in medical practices. The goals of these audits are to examine mechanisms for compliance with HIPAA, identify best practices, pinpoint where the risks and vulnerabilities are and encourage a renewed resolve to pay attention to compliance activities.
The efficiency of a medical practice’s billing operations has a critical impact on financial performance. Determining the ultimate gatekeepers of the billing function – whether an in house team or a third party company – is one of your most important decisions. This paper discusses the key drivers of your revenue cycle, and provides a tool to help you determine if your practice is proficient at Revenue Cycle Management (RCM), or if you would benefit by outsourcing billing to a third party.