ImagineSoftware Medical Billing Blog

Creating Practice-Patient Loyalty

With the new mandates imposed by CMS, healthcare organizations will be required to post their negotiated rates in an easily identified, consumer friendly format. Is your practice prepared for the change? Imagine a future in which consumers are empowered with more options for managing their healthcare costs. What Drives Patient Loyalty? “The cost of care for medical services can vary significantly across health care providers,” Tom Meier, vice president of…
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Improving the Patient Financial Journey

In the new landscape of value-based healthcare, the patient is quickly becoming a consumer of healthcare services rather than just a recipient. As the popularity of high deductible health care plans rise patient pay responsibilities increase, along with the bad debt for medical practices. Billing offices and practices can save an average of $3.60 per eligibility check and benefits verification by switching to an automated system.   “The cost of…
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Cultivating a Revenue Cycle Success Mindset

Using a flexible revenue cycle solution that can manage the current range of payment models (such as bundled payments, VBP, MACRA, CPC, etc.) and account for any issues that might come along is key for revenue cycle success. Through collaboration with an innovative partner, your revenue cycle can deliver financial predictability that will stop revenue leakage and increase productivity. Gain efficiency through every step of the healthcare revenue cycle with…
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Using Analytic Solutions to Fix Revenue Cycle Weakness

As healthcare continues to move from fee-based services to value based services we must understand the total cost associated with caring for individuals and communities. Our goal is to help you deliver quality care that is aimed at achieving the best possible health and realizing financial results driven by exceptional patient outcome. Below is a brief overview of how revenue cycle analytics can help fix those gaps in your revenue…
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A Beginner’s Guide to Electronic Claims Processing

Innovations like electronic claims and electronic healthcare records are the start of a revolution in healthcare; one that promises to dramatically simplify the way billing offices, practices and hospitals get paid. In this article, we will cover a brief definition of electronic claims, why they are important to the medical billing industry, and ways you can adopt this new technology for the betterment of your patients and your practice. Reduce…
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Using Patient Billing Software to Drive Better Patient/Provider Connection

For those that follow healthcare closely, there isn’t a week that goes by that the conversation around the shift in patient responsibility doesn’t come up and with good reason. In 2018 the average deductible was north of $1,500 and growing. Imagine a future in which consumers are empowered with more options for managing their healthcare costs.   Generally, when you hear these stats they are all focused on one conclusion:…
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5 Best Practices for Healthcare Revenue Cycle Management

Some businesses don’t realize how much cash flow is available in their balance sheets. It’s important for providers to periodically review their organization’s revenue cycle for any inefficiencies or improvements that may be holding the company back from growing. You can eliminate manual data entry errors and reduce transaction times by automating processes. However simply cutting costs is not enough to build a successful practice. Creating a positive patient experience…
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Why Your Practice Should Eliminate Paper from the Revenue Cycle

“According to a Harvard University economist, the total savings of switching to electronic medical billing is estimated at approximately $32 billion annually.” “86% of consumers receive paper medical bills, 88% of providers report receiving paper checks and Explanation of Payment (EOPs) from one or more of their payers, and 85% of providers prefer ERA/EFT payments.” “On average, providers lose $40,000 for every 100 claims that are reworked.” Did reading these…
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A Beginner's Guide to Robotic Process Automation for Medical Billing

Have you heard?  The newest buzz term that seems to be floating around every healthcare event this year is “Robotic Process Automation” or RPA for short.  It sounds intimidating, but there are many real-life applications of RPA that exist today that automate the manual tasks associated with medical billing.  Let’s take a deeper look into what RPA does, why it’s important to the world of medical billing, and how practices…
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Risks in Healthcare Cybersecurity and How to Avoid Them

Healthcare Cybersecurity Statistics 2019 This year, there have been 3.68 million individuals affected by data breaches currently under investigation by the U.S. Department of Health and Human Services. Healthcare data breaches are reported at a rate of one per day. Security company Cybersecurity Ventures predicts that healthcare will incur two to three-times more cyber-attacks than the average of all other industries. The most common locations of breaches to patient health…
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5 of the Best Diagnostic Radiology Coding Tips

How effective are your practice's coding procedures and policies?  In financial terms, medical coding is the life blood of the practice.  It's how the services you provide turn into billable revenue.  Failure to code correctly can lead to a myriad of problems including delays or lack of reimbursement and even fraud.  There are active steps you can take to improve medical coding and maintain a healthy bottom line.  Here are…
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MIPS 2019: What You Should Know for Successful Reporting

On November 1, 2018, the Centers for Medicare and Medicaid Services (CMS) released its 2019 Quality Payment Program (QPP) Final Rule, which includes changes made to the Merit-Based Incentive Payment System (MIPS).  The 2,378-page document details major changes to how CMS plans to continue implementation of its two payment tracks to promote interoperability, reduce clinician and administrative burden, implement meaningful measures, and improve patient outcomes.  Let’s look at some key rules…
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