It goes without saying that 2020 will go down in the history books as unprecedented for us at EZClaim. Still, we worked hard to stay positive and navigate the storm by offering resources to you, our clients, the content that matters to you. As an end-of-year bonus, and a ‘kick-off’ for 2021, we reviewed the blogs and social posts you read and reacted to the most and thought we would share them.
So, here are the best blog posts of 2020:
#1: How to Improve Medical Billing Revenues As a medical billing company, we work hard to understand how we can help our clients increase their revenue and improve their billing process. Those who do this best are experts in the medical billing and coding industry. So, it makes complete sense that your interest peaked on our article concerning improving revenues. Enjoy reviewing our number one article of 2020! [ Click to read the post ].
#2: What Will Be New for E/M Coding in 2021? Last year brought about a long list of changes to billing and coding, as well as, the medical industry as a whole. From the obvious boom in Telehealth, to the updates in evaluation and management services, those working in the industry were impacted immensely. Based on these shifts in industry and the impact on you, our clients, we thought a look into what was coming in 2021 would be useful—and so did you. You read, reacted, and shared the value of this content with others. Now we are sending you a reminder that this was our number two article for the year. [ Click to read the post ].
#3: Collecting Payments from Patients. Find Out How. No matter how chaotic things get, there is still a practical side of our industry that needs to be addressed. That is why we worked to keep the focus on the basics, speaking about the ‘bread and butter’ of our industry, collections. In this practical article, we focused on the keys to educating the patient and how doing so will help keep you ahead of the collection as a whole. [ Click to read the post ].
#4: Reports – Nuisance or Necessity? At the end of the day, you want to go home and no one wants to be stuck in the office doing double-duty on reports. You know as well as we, that getting reports done correctly the first time is key to reducing stress and going home happy. That is why we distilled some of the keys in running reports that would make your life more straightforward. The fourth article on our list will do just that by helping you make sure the dates, details, and destination of your reports are in the right place. [ Click to read the post ].
#5:Why Do I Have A Balance? – Patient Payments Saving the best for last, especially as we approach tax season, we come in with our final of our best of 2020 by talking about balances. Every practice ends up spending those final hours of the year figuring out where those dollars and cents went. In this article, we gave you tips on deductibles, co-pays, and max out-of-pocket that helps your bottom line. Closing out 2020, don’t miss a few keys to help you balance the books. [ Click to read the post ].
These are EZClaim’s best blog posts of 2020, but these were not the only blog posts we did. So, if you would like to explore the other blog posts we did, click here for our blog page.
ABOUT EZCLAIM: EZClaim is a medical billing and scheduling software company that provides a best-in-class product, with correspondingly exceptional service and support. Combined, they help improve medical billing revenues. To learn more, visit EZClaim’s website, e-mail support, or call a sales representative today at 877.650.0904.
With Medicare Advantage enrollment continuing to rise and more plans offering more benefits than ever, big changes are coming in 2021. This post will discuss the key changes to Medicare Advantage plans in the next year, program updates due to the COVID-19 public health emergency, and advice on how to navigate billing and reimbursement concerns.
For the first time in history, Medicare Advantage (MA) penetration has reached 40% of the total Medicare-eligible population. Currently, 25.4 million people are enrolled in Medicare Advantage (MA) plans, with a total Medicare-eligible population of 62.4 million, according to the Centers for Medicare and Medicaid Services (CMS). [ Link to report ]
With an aging population, enrollment in Medicare Advantage plans will only continue to grow (The Congressional Budget Ofﬁce projects enrollment in these plans to rise to about 51% by 2030).
Medicare Advantage is an alternative to traditional Medicare that acts as an all-in-one health plan and is sold by private insurers. All Medicare Advantage plans must provide at least the same level of coverage as original Medicare, but they may impose different rules, restrictions, and costs. Most Advantage plans offer the same A and B coverage for the same monthly premium as regular Medicare plans, but also often include Part D prescription drug coverage, limited vision, and dental care, broader coverage, lower premiums, maximum out-of-pocket limits, and extra beneﬁts—all of which expanded in 2020.
While this represents a distinct opportunity for many providers to be more proﬁtable, growing enrollment also poses challenges. Medicare beneﬁciaries have more choice than ever before when it comes to selecting an MA plan.
According to the Kaiser Family Foundation (KFF), there are 3,148 Medicare Advantage plans available for individual enrollment for the 2020 plan year—an increase of 414 plans since 2019. The average beneﬁciary could choose among 28 plans in 2020. While the choice is great for the beneﬁciary, it adds complexity to healthcare providers’ revenue cycles, who need to navigate hurdles that vary by the plan in order to get reimbursed.
MA plans also tend to be more transient, meaning patients may switch often, even yearly if they choose through the open enrollment period. Providers must better manage every patient accordingly so they can maximize plan beneﬁts. Doing so takes more effort, but the payoff can lead to proﬁt.
CMS has clearly stated a goal to move from the current fee-for-service models toward value-based care. While the Medicare Advantage population grew by 60% from 2013 to 2019, the fee-for-service Medicare population only grew by 5%. The progress Medicare Advantage plans have achieved essentially creates an idea marketplace for beneﬁciaries. Enrollment costs are down and more plans than ever are offering new, innovative beneﬁts. But what does this mean for providers?
So, how has COVID-19 affected Medicare Advantage plans? Well, the COVID-19 stimulus package, the Coronavirus Aid, Relief and Economic Security (CARES) Act, includes $100 billion in new funds for hospitals and other healthcare entities. The Centers for Medicare and Medicaid Services (CMS) made $30 billion of these funds available to healthcare providers based on their share of total Medicare fee-for-service (FFS) reimbursements in 2019, resulting in higher payments to hospitals in some states than others, according to KFF. Hospitals in states with higher shares of Medicare Advantage enrollees may have lower FFS reimbursement overall. As a result, some hospitals and other healthcare entities may be reimbursed less than they would if the allocation of funds considered payments received on behalf of Medicare Advantage enrollees.
In response to the COVID-19 emergency, many Medicare Advantage insurers waived cost-sharing requirements for COVID-19 treatment, meaning that Medicare Advantage beneﬁciaries will not have to pay cost-sharing if they require hospitalization due to COVID-19 (though they would if they are hospitalized for other reasons).
If a vaccine for COVID-19 becomes available to the public, Medicare is required to cover it under Part B with no cost-sharing for traditional Medicare or Medicare Advantage plan beneﬁciaries, based on a provision in the Coronavirus Aid Relief, and Economic Security (CARES) Act.
A Spotlight on Prior Authorization Medicare Advantage plans can require enrollees to receive prior authorization before service will be covered, and nearly all Medicare Advantage enrollees (99%) are in plans that require prior authorization for some services in 2020, according to KFF. Prior authorization is most often required for relatively expensive services, such as inpatient hospital stays, skilled nursing facility stays, and Part B drugs, and is infrequently required for preventive services. Prior authorization can create barriers for providers and beneﬁciaries, but it’s meant to prevent patients from getting services that are not medically necessary, thus reducing costs for beneﬁciaries and insurers.
In a 2018 analysis, KFF found that four out of ﬁve MA enrollees—or 80%—are in plans that require prior authorization for at least one Medicare-covered service. More than 60% of MA plan enrollees require prior authorization before receiving home health services, and that percentage increases to more than 70% for skilled nursing facility and inpatient hospital stays.
How Providers Can Prepare for a Medicare Advantage Boom Medicare beneficiaries have more choice than ever before when it comes to selecting a MA plan. While the choice is great for the beneficiary, it adds complexity to healthcare providers’ revenue cycle. Healthcare providers will need to navigate new hurdles that vary by the MA plan in order to get reimbursed.
When beneficiaries change plans, it creates another challenge for providers. Historically, about 10% of MA enrollees change plans during open enrollment. Although this number seems low, even a small change in coverage can cause big problems for a healthcare provider’s revenue and cash flow. Billing the wrong insurance company leads to costly denials and appeals. Becker’s Hospital Review estimates that healthcare providers spend about $118 per claim on appeals. A study by the Medical Group Management Association found that the cost to rework a denied claim is approximately $25, and more than 50% of denied claims are never reworked.
Despite the challenges, providers don’t want to be left out of the MA boom. But how can they best prepare? Well, first off, healthcare providers need to ensure they are capturing accurate patient information. Next, they need to reevaluate workflows, so they are prepared to handle time-consuming prior authorizations. Additionally, healthcare organizations must consider how frequently they are re-running eligibility on patient rosters to make certain they do not miss a change in insurance coverage for patients under their care. Providers should re-run patient rosters monthly, so they have the most accurate benefit information. This will help them avoid unnecessary claim denials.
As MA continues to ramp up, the most successful providers will be those who work with a revenue cycle management partner that understands the nuances of Medicare reimbursement as well as the added complexities of MA.
With the acquisition of eSolutions, a leader in revenue cycle technology with Medicare-specific solutions, EZClaim’s ‘partner’, Waystar, so happens to be the first technology to unite commercial, government, and patient payments into a single platform, solving a major challenge and creating meaningful efficiencies. Billing Medicare, Medicare Advantage, and commercial claims from a single platform eliminates the hassle of managing multiple revenue cycle platforms and allows providers to get deeper AI-generated insights for faster reimbursement and increased value—for their organizations and their patients.
For more information about Waystar‘s platform, visit their website, or give them a call at 844.492.9782. To find out more about EZClaim‘s medical billing software, visit their website, e-mail their support team, or call them at 877.650-0904.
If you are not a MIPS expert (Merit-based Incentive System), your Medicare reimbursements may be decreased by 9% in the next year. However, it’s not too late to avoid the penalty for the 2020 reporting period, but you need to act now!
One of EZClaim’s partners, Health eFilings’ has ONC-certified software that completely automates the MIPS compliance process for you. The software will automatically extract the required data directly from EZClaim (and/or your EHR), and then proprietary algorithms will process the 9,000,000 possible combinations of quality measures for each clinician to identify which measures should be submitted to CMS (Centers for Medicare and Medicaid Services) to earn you the most points.
Need a MIPS expert? Well, Health eFilings is one of the best, and CMS has accepted 100% of their submissions on behalf of their clients. If you have completed your 2020 reporting, reach out to them, and learn how you can earn even more points in 2021.
For more information about EZClaim’s medical billing software, e-mail, visit their website, or contact them at 877.650.0904.
[ Article contributed by Sarah Reiter, SVP Strategic Partnerships, Health eFilings]
The “Organizational Assessment“ is one simple step to avoid becoming a victim of dark web breaches.
There’s no secret that the Dark Web is a scary place to lose your information. Medical records information sell anywhere from $1-$1000 by identity thieves! So, what if it affected your entire company?
What is a “breach” and where has the data come from? A “breach” is an incident where data is inadvertently exposed in a vulnerable system, usually due to insufficient access controls or security weaknesses in the software. Data breaches are becoming more common and sometimes out of your control.
You can protect yourself and/or your organization by:
Carefully monitoring where you store and enter your passwords can be extremely beneficial to help minimize the risk of a hack and keeping personal or patient information protected
Routine password changes and monitoring where you store and enter your passwords can be extremely beneficial to help reduce the risk of becoming a victim to a hacker. Passwords should be long, unique in characters, capitalization, and alphanumerical
If you believe sensitive information about your organization was compromised, report it to the appropriate people within the organization, including network administrators, so they can be alert for any suspicious or unusual activity.
The web browser, Firefox, has a “Monitor” that will warn you by saying, “Your password is your first line of defense against hackers and unauthorized access to your accounts. The strength of your passwords directly impacts your online security.”
EZClaim’s partner, Live Compliance, can help. They aggregate breaches and enable you to assess where your personal data has been exposed. Dark Web scanning is built right into the Live Compliance portal, which allows a company to keep an eye on employees whose information was involved in a breach (and where the breach took place), and the suggested next steps to take.
What can I do to ensure this doesn’t happen to me or my organization?
Live Compliance can make checking off your compliance requirements extremely simple. It provides:
Reliable and effective compliance
Completely online, our role-based courses make training easy for remote or in-office employees
Contact-free, accurate Security Risk Assessments are conducted remotely. All devices are thoroughly analyzed regardless of location. Conducting an accurate and thorough Security Risk Assessment is not only required, but is a useful tool to expose potential vulnerabilities, including those such as password protection.
Policies and Procedures curated to fit your organization ensuring employees are updated on all Workstation Use and Security Safeguards in the office, or out of the office, all updated in real-time
Electronic, prepared document sending and signing to employees and business associates
So, don’t risk your company’s future on dark web breaches. Contact one of EZClaim’s partners, Live Compliance, especially since they are offering a FREE Organization Assessment to help determine your company’s status. E-mailthem, visit their website at LiveCompliance.com , or call them at 980.999.1585.
For more information about EZClaim’s medical billing software, e-mail, visit their website, or contact them at 877.650.0904.
[ Article contributed by Jim Johnson of Live Compliance ]
There are five primary medical practice fundamentals that, if focused on, will ensure your practice is working toward goals that will make the biggest difference. Practices are pulled in many directions each day, and it can be difficult to know what to prioritize, so the following are some recommendations.
1) Define Patient Engagement Goals Perhaps one of the most overused terms in today’s medical field is “patient engagement.” Much like the drawer filled with important yet miscellaneous items, if you can’t actually define it, you probably aren’t going to do something with it.
In 2021, it is imperative to define your office’s patient engagement goals in order to determine whether they are being met, and more importantly, if the value you’ve placed on engagement is benefitting your bottom line. This could include engaging via a more personal checkout process that explains how billing and payment will be done and asking patients if there are certain times of the year they wish to be notified for annual wellness checks.
2) Ask For Online Reviews Reviews remain one of the highest drivers of new customer acquisition. As a local business, you can create a Google Business account online that provides your address, phone number, and link to your website. Included is the ability to add reviews as well as phrases and keywords about your business within the Google Business dashboard, and it’s all free!
To encourage your patients to leave reviews, create cards with step-by-step instructions for posting online reviews via Google. Be picky. Make sure you ask your best patients to participate, who will be honored that you asked. Don’t forget to monitor to see how your business listing looks to potential new patients.
3) Offer Friendly Medical Bills Of course, we’re not suggesting you add flowers or poignant sayings. Rather, explain a statement to your patients at checkout or within their financial package; this helps the process flow more naturally. BillFlash patient statements have five different messaging rows you can customize for communication. Plus, you can also send electronic patient statements through text and email.
In 2021, communication with patients—even on billing statements—should be natural, friendly, and simple. Getting paid is a segment of the medical practice workflow and should be as easy and frictionless as possible.
4) Ask About Payment Preferences People are driven by routine and behavior. In today’s world, when paying for an item, the buyer is offered numerous options including cash, debit and credit, no-interest, pay-over-time plans, payment apps, or even Near Field Communication (NFC) like Apple and Google Pay. Granted, the last two have had very low adoption rates, but keeping an eye on payment trends costs little more than time and may add something unexpected to your bottom line.
In 2021, identifying the preferred patient payment options could be the difference between getting paid quickly and not getting paid at all. Don’t overlook the enormous value people place on how they give and take money.
5) Use RCM Services An RCM vendor helps you get the most out of your practice revenue. They help you collect more from difficult balances, empower patients to pay in full, and improve your claims processing—without adding extra work for your office staff. Working with the right RCM services provider ensures you are paid more for the work you do. They also help identify reasons for claims denials, which have a positive impact on your practice revenue, as well.
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