Blogs

Book Blog

Change Management – Switching Your Billing Systems

Practice owners seeking better solutions often start with a vision of increased practice profitability while treating reasonable patient volumes. Their vision spans multiple aspects, including better reach to prospective patients, better reimbursement rates, full and timely payments by insurance companies, less time spent on visit documentation, improved documentation quality for better clinical follow-up and lower audit risk, and more free time for family. However, that vision conflicts directly with the payers’ goals to reduce costs and increase revenues. Payers’ goals directly conflict with a provider’s vision because cost savings for payers simply mean that providers treat more patients at lower reimbursement rates—or, in other words, providers work harder for less money. In addition to the basic payer-provider conflict, visionary practice owners must face the resistance of their office managers and colleagues. These people may be skeptical because they don’t trust the owner, have seen five other failed initiatives, or think

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Book Blog

Why ClinicMind?

DO YOU know a practice owner who wants more patients in her clinic, better pay-per-visit, and better collections? We all know healthcare practice owners who want to remain independent and grow and yet are frustrated by insurance companies and continuous battles to get paid and stay compliant. Now, as a patient, do you like visiting a healthcare practice, receiving bills, and reconciling them with your insurance company? You are not alone. As it turns out, most other people do not like their patient experience. The problem is that patient and independent practice needs have evolved in step with society and technology, but management methodology remained in the 19th century. There’s a fundamental mismatch between how healthcare practices and patients are managed — and the practice owners’ and patients’ expectations. We came to a startling observation: patients no longer want their care to be managed the way it used to be

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Book Blog

Factoring

Introduction Factoring can improve cash flow and operational efficiencies, and it is used in many industries, including the healthcare sector. With this strategy, businesses sell their accounts receivable at a discount to a factoring company (the factor), giving them access to quick cash. The burden of recovering the debt from the consumer who has not paid their invoice is transferred to the factoring company. The corporation has access to its earnings immediately, skipping the customary payout period (Ferguson, 2020, Factris, 2021).   Popularity of Factoring The worldwide factoring services industry will reach USD 3.5 billion by 2032, growing 8.5% annually. The market’s growth is driven by cash flow management, working capital financing, and SMEs’ use of factoring services (FID Reports and Data, 2023). The U.S. factoring services market will reach USD 287.61 billion by 2030, growing 8.1% from  153.96 billion in 2022 (Grand View Research, 2023).   According to a

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Book Blog

Tasks, Checklists, and Problem Management

This blog chapter discusses the importance of standard operating procedures (SOPs) and checklists in problem resolution within the context of complex billing processes, with a focus on medical billing. It explores the characteristics of an effective tracking system for problem management and emphasizes the benefits of using tasks over email or other communication tools. The article provides a structured approach to creating tasks and highlights the significance of transparency, accountability, and measurement in this process.

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Book Blog

Fifteen Criteria for Best SaaS

The use of Software as a Service (SaaS) in healthcare has transformed medical practice management by offering scalable, cost-effective, and AI-integrated solutions. SaaS shifts system management responsibilities to vendors, allowing healthcare providers to access applications without the need for significant upfront investments. Selection criteria for a SaaS vendor include functionality, training, performance, HIPAA compliance, and more. Platforms like Capterra and G2 simplify the evaluation process, with Genesis Chiropractic Software being recognized as a leader in chiropractic software. In conclusion, SaaS in healthcare offers convenience and efficiency, with AI integration enhancing automation, patient engagement, and data security.

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Book Blog

Patient Loyalty

Patient loyalty is essential for the success of healthcare organizations, both in terms of recurring revenue and new patient acquisition. Factors like patient satisfaction, service quality, trust, and effective communication influence patient loyalty. Timely communication, a patient communication portal, and the use of advanced technology, including AI, can enhance the patient experience and foster loyalty. Patient portals offer features like appointment scheduling, secure access to health records, secure messaging, and billing management. AI can personalize patient communication and provide real-time insights, improving patient engagement and adherence.

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Book Blog

Has the Provider’s Compensation Kept Up With the Economy or Healthcare Costs?

The U.S. faces escalating healthcare spending, with 2021 per capita costs reaching $12,318. Compared to advanced economies, the U.S. spent double the amount on healthcare. Factors contributing to this include an aging population, expensive medical innovations, and defensive medicine practices. Chronic diseases among older adults are a significant cost driver. Rising healthcare expenditures and declining physician income create a paradox in the industry. The excessive cost of medical innovation, demographic shifts, and defensive medical practices challenge healthcare affordability and sustainability.

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Book Blog

FinTech Platforms to Manage Healthcare Networks Acquisition Risks

Mergers and acquisitions benefit healthcare by expanding services and improving patient care. However, they entail complexities, expenses, and risks. Research reveals reduced operating expenses and improved patient outcomes, but also increased prices with no clear quality improvements. To mitigate risks and achieve success, a strong platform business is crucial, technologically equipped for efficient network growth and integration.

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ClinicMind Category

ClinicMind External NewsLetter vol 3

ClinicMind introduces Live Chat for real-time client support, enhancing convenience and issue resolution. New features like Incoming Fax Queue, Roster Check-in, and image chart components improve document management and interactions. The patient portal has been rebranded as MyClinicMind. Social media’s role in healthcare engagement is emphasized. The Production Roadmap outlines upcoming features. Effective denial and appeal management are vital for private practices to optimize revenue. ClinicMind’s platform simplifies practice management and billing accuracy.

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Credentialing in Medical Billing Systems

The Network Effect

Are You Someone’s Hero?

Are You Hungry?

Straight-Through Billing  

AI in Medical Billing

Claim Denial Management

Computer-aided Patient Scheduling

Value Adding for Maximum Profit

Change Management – Switching Your Billing Systems

Why ClinicMind?

Factoring

Tasks, Checklists, and Problem Management

Fifteen Criteria for Best SaaS

Patient Loyalty

Has the Provider’s Compensation Kept Up With the Economy or Healthcare Costs?

FinTech Platforms to Manage Healthcare Networks Acquisition Risks

ClinicMind External NewsLetter vol 3

Why Private Practices Need Insurance Denial and Appeals Management 

Navigating Insurance Audits and Compliance 

Using Analytics to Optimize Insurance Management 

Insurance Industry Trends and Changes: Keeping Your Practice Up to Date

Creating a Fee Schedule for Your Private Practice

Coding and Billing Best Practices

ClinicMind External NewsLetter

Maximize Private Practice Revenues with Billing Efficiency

Positive Reputation Management Strategies for Private Practice Success

How to Structure Your Private Practice for Maximum Efficiency

How to Create a Successful Private Practice Business Plan

Best Practices for Developing a Strong Referral Network in Private Practice

Mobile Apps for Private Practice: Tips and Tricks for Success

How to Keep Patients Engaged in Their Healthcare

How to Get Credentialed for Insurance

How to Focus More on Patient Care

Content Strategy Tips for Private Practice Chiropractors

Blogging for Private Practice: Must-Know Tips and Tricks

Monthly New Features Highlights – January 2023

Taking Your Private Practice to the Next Level with a Website

Promoting Your Private Practice with Social Media

Navigating Self-Employment Taxes and Other Tax Issues for Private Practices

Public Relations for Private Practices

Choosing the Right Corporate Structure: S Corp or C Corp?

Google for Business for Private Practices

Monthly New Features Highlights – December 2022

Does My Private Practice Need a Website

Battling Insurance Claim Turbulence

Questions to Ask Before Switching EHRs Part-2

Facing Insurance Claim Adversity

These are the questions you should ask before switching EHRs

Switching EHRs: The Need for Change and the Challenges it Brings

Finding Solutions to Insurance Claim Problems

This is what you need to know about getting insurance claims paid

What the CURES Act Means for EHI and Information Sharing

The New 988 Mental Health Crisis Line

Marketing your private practice makes smart business sense

What are insurance panels?

Should I go into private practice?

Internal Vs External Billing

What to Consider When Setting Your Therapy Rates

Attracting New Chiropractic Patients 101: Part 1 Social Media

How You Can Avoid Common Costly Mental Health Billing Errors