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A Basic Understanding of Revenue Cycle Management
Revenue cycle management is a crucial aspect of any healthcare organization. It involves the processes of managing and optimizing the revenue generated from patient care services. This includes everything from scheduling appointments and verifying insurance coverage to billing and collections. Effective revenue cycle management is essential for the financial health of a healthcare organization. It helps to ensure that the organization is able to cover its costs and generate a
Why Mental Health Billing Can Be Complicated
Mental health billing can be complicated due to a variety of nuances that you may not even be aware of until you begin billing insurance. At Practice Solutions, we consider it our job to educate you on these billing nuances, and equip you with solutions to either manage them yourself, or have our trusted billing experts manage them for you. In this blog we would like to take you through some of the mental health billing factors that make billing and collections complicated fo
3 Reasons Why Taking Insurance is a Good Idea for Your Private Practice
There is a lot of information on the internet about why accepting insurance in your private practice can be more complicated and expose your practice to more liability than it is worth. However, we would like to help you understand how accepting insurance in your private practice is a good idea and can be beneficial to the life of your practice. We believe that taking insurance can be a complicated undertaking which is why we don’t put forward the idea that accepting insuranc
Benefits of Signing Up For EFT in Private Practice
EFT stands for Electronic Funds Transfer, and it is a way for you to receive payments from the insurance company by direct deposit rather than by paper check. There are many benefits to having this set up including shorter time to payment, less room for error when you or your biller are completing payment posting, and that updates to payment information can be made easier. In this article, we will share our experience with providers and how EFT payments improved their billing
What is an Insurance Contract?
If you are a mental healthcare provider who is looking to work with insurance patients, then you need to know about your insurance contract! It is the legal agreement between you (the provider) and the insurance company outlining how you will be paid for services rendered to your patients by the insurance company, and what obligations you need to meet in order to receive payment. We like to think of it as an employment contract, with the insurance company being thought of as
