Insurance benefits verification is an essential process in the healthcare industry that verifies a patient's active coverage with their insurance company. It also confirms the services covered by the patient's insurance plan. Medical practices must efficiently conduct this process to minimize billing discrepancies, enhance cash flow, and improve patient satisfaction.

1. Understanding the Importance of Insurance Verification

Insurance verification in a medical practice is fundamental for numerous reasons. One primary reason is that it ensures payment for the services rendered, eliminating potential financial pitfalls. It also minimizes the likelihood of claim rejections and denials, leading to a smoother revenue cycle. Lastly, it prevents misunderstandings with patients regarding their financial responsibilities, enhancing their experience and building a stronger doctor-patient relationship.

2. Efficient Verification Process: Key Steps

To maximize efficiency in insurance benefits...

Trust is the bedrock of healthy relationships, communities, and societies. It facilitates cooperation, fosters connection, and promotes overall well-being. However, certain behaviors can undermine and destroy trust, leading to severe and long-lasting consequences. I have seen what happens to organizations when trust is eroded, and it isn't fun to watch. Four behaviors seem to appear right before trust goes down the drain. They are breaking promises, engaging in gossip, withholding information, and being two-faced. By understanding the impact of these behaviors, we can strive to build stronger, more reliable connections and foster a culture of trust in our personal and professional lives.

1. Breaking Promises: The Shattering of Trust

Promises are the building blocks of trust; breaking them can have a profound impact. When promises are broken, whether intentionally or unintentionally, trust is shattered. It leaves the other party feeling disappointed, hurt, and questioning the...

As a physician, providing excellent patient care is your primary focus. However, understanding the key performance indicators (KPIs) of revenue cycle management is crucial for ensuring the financial health of your practice. These KPIs provide valuable insights into the effectiveness and efficiency of your revenue cycle processes. In this article, I will explain the important revenue cycle management KPIs that every physician should know, helping you optimize revenue and streamline financial operations.

Days in Accounts Receivable (AR).

Days in Accounts Receivable measures the average number of days it takes to collect payments from insurance payers and patients. A lower number signifies a more efficient revenue cycle, indicating that claims are processed promptly, and payments are received promptly. Monitoring and reducing the days in AR helps improve cash flow and overall financial stability.

Clean Claim Rate.

The Clean Claim Rate represents the percentage of...

Efficient revenue cycle management is crucial for the financial well-being of healthcare organizations. It involves the entire process, from patient registration to claims submission, billing, and payment collection. Healthcare providers can streamline their revenue cycle and improve financial outcomes by implementing effective strategies. Let's explore ten proven strategies for enhancing revenue cycle management.

1. Implement a patient registration system to improve the accuracy and completeness of patient information. Accurate and complete patient information is the foundation of a successful revenue cycle. Healthcare organizations can significantly reduce errors and denials by implementing a streamlined patient registration system. Electronic forms, online portals, and self-service kiosks enable patients to input their information directly, minimizing the risk of manual data entry mistakes.

2. Automate the insurance eligibility verification process to reduce errors and...

As a physician, delivering quality healthcare to your patients is your primary focus. However, it's equally important to understand the revenue cycle and how it impacts your practice's financial stability. The revenue cycle encompasses the entire process, from patient scheduling to receiving payment for the services rendered. By understanding this cycle, you can effectively manage your practice's finances and optimize revenue generation. In this article, we'll guide you through the critical components of the revenue cycle and provide valuable insights to help you navigate this crucial aspect of your medical practice.

1. Patient Scheduling and Registration. The revenue cycle begins with patient scheduling and registration. Accurate patient information, including demographic details and insurance coverage, is crucial for proper billing and reimbursement. Streamlining the registration process and implementing systems to capture and verify patient data efficiently can significantly...

Last week, a friend and I discussed the five top attributes of good leaders. Items included strong negotiation skills, financial intelligence, and being teachable. Being teachable is perhaps the key to success in almost everything in life.

Being teachable means, you are open to new ideas. You realize and accept you don't have all the answers. You recognize your deficits and are willing to fix them. As a teacher, teachable students tend to be the most enjoyable to work with. They also are the most successful.

Not everyone is teachable, though. I've learned that hard lesson over years of working with clients. Now I screen potential clients on their teachability. You can also evaluate yourself and see how teachable you are. 

Ten questions to ask yourself

1. Do I listen more than I talk? The ability to listen is key to being a good leader and student. If you want to succeed in negotiations, you must listen. That means you focus on what the other is saying. You have to stop thinking...

If you've gone through any negotiation training, you've probably been introduced to the concept of BATNA - the best alternative to a negotiated agreement. I'm sorry you've learned such a concept. You've probably left a lot of money on the table because of it. The one thing you should never attempt to figure out is yours or their BATNA.

What is BATNA?

BATNA is a predator's greatest tool, and it's one they never have to employ themselves. It's your Best Alternative to a Negotiated Agreement. The problem with BATNA is it is full of assumptions and guesses that you make. The adversary will let you shoot yourself in the foot and smile all the way to the bank. BATNA comes from a fixed mindset and believes compromise must be made in any transaction. It's a faulty way to negotiate and one that is costing you money. It also postulates that you and the adversary will act with logic. That is wrong. All decisions are made emotionally, and then we use logic to rationalize our decisions. You and...

Leading change is one of the most challenging things any leader will do during their leadership career. Inertia permeates every organization when it comes to change. Objects at rest want to stay that way. Change requires energy. Change also require leadership. If you are leading change in your organization, here are four key competencies that will help you initiate and attain the results you need.

Listening. Strong leaders must be willing, be able, and have the self-discipline to listen. Listening goes beyond the perception of the auditory inputs you experience. That’s hearing. Listening is your ability to assimilate, relate, and understand the messaging others are sending out. A leader must be able to adjust their frequency, much like the old AM radios of yesterday. You must adjust your perceptions of what you hear and change that frequency just a bit, so the signal becomes clearer. Once you do that, the static of the situation will drop out, and you’ll understand the...

Confronting others about critical issues is very difficult for most people. It’s one of the most important duties you have as a leader. It can also be one of the most unpleasant. It’s been suggested you might substitute the word confront with clarify. I don’t think it matters what you call it, just as long as you deal with the issues at hand. To help you with these encounters, follow these ten tips to improve the outcomes of these meetings.

1. Do your confronting in private. Avoid public confrontation unless the situation is an emergency, and harm might come to someone else. You want them to be receptive to the feedback you’re about to give. Public humiliation is a great way to ensure they do not correctly receive your message.
2. Don’t dilly-dally. Confront them as soon as possible. You want the situation to be fresh in their mind. Humans naturally forget details over time. Often, our brains will create memories to fill in the gaps. This will happen more...

Small businesses are often at risk of becoming financially unhealthy. This is due in part to the competition, and the entrepreneur is not trained in financial matters. While a significant number of small businesses do end in bankruptcy, many will go on to be successful.

Often, a small “budding” business looks promising. Growth is good. There is a strong demand for the goods or services the small business is offering. However, the business doesn’t ever seem to grow beyond the initial upstart stage into a stage of maturity and stability. Many of the reasons a company doesn’t continue to mature are financial.

To help you avoid these financial traps in your business, let’s examine what those are.

1. Insufficient capital. The best place to look for capital is the balance sheet report. Examine the working capital of the company to determine if they have enough available capital. Working capital is determined by subtracting the current liabilities from the ...