President's Message
By Emily M. Osetek, CHBME
As I look back on 2020, I am amazed at how well we have all performed during the COVID-19 pandemic. Many of us have never been in this type of economic crisis in our years of business. It was an eye-opener for all of us.
News from around HBMA
Are You Maximizing Your HBMA Membership; New HBMA Members; CHBME Quiz Questions; Discover COVID-19 Resources
Snap Survey on M&A and Business Development
We were curious how HBMA members are thinking about their businesses as we go into a new year, both in relation to business development and, more specifically, the idea of selling their company.
Timing the performance of your company and creating a strong position to sell your company for the maximum value.
The mergers and acquisition market for medical billing companies has never been more active than in the last few years. This activity has led to significant financial rewards for owners of medical billing companies who are looking to sell their company.
Our job as billing company entrepreneurs is to work ourselves out of a job by developing people and systems that do away with the need for us to exist.
An enduring part of the American dream is starting your own business. There is a certain lasting myth of the American entrepreneur that fits right in with the American zeitgeist of independence, ingenuity, and verve.
Knowing what to expect beforehand can help you manage the process and come out on top in a transaction.s our ability to treat patients increases, so does the complexity in patient engagement.
Selling your business is no easy task. For many owners, parting ways with their business is like saying goodbye to a family member.
Has the pandemic had a negative impact on business valuations in general and in the value of your medical billing business in particular?
In early 2020, our economy was running on all cylinders: businesses were thriving, medical billing companies were benefiting from the rise in the average income of individuals, providers were doing well. There was so much hope and optimism.
Whether starting out or revitalizing your business, Kareo shares pointers to optimize your growth in the new year.
The COVID-19 pandemic has further shown healthcare providers that outsourced professional billers can streamline operations, reduce costs, and still provide good results.
There are practical steps that you can take to improve your chances of capturing complete, accurate patient data necessary for clean claims while also creating a more efficient workflow.
By Heather Norris and Daniela Ivey
Submitting clean medical claims reduces denials, accelerates processing, and ensures maximum return. Clean claims contain complete, accurate demographics and insurance details, and are compliant with current federal and state regulations.
Rebuilding your revenue integrity will result in reduced days in A/R, improved documentation and audit responses, and overall workflow optimization.
By now, you’ve heard the term revenue integrity. It’s an industry term that people use when talking about everything from coding and billing to denied claims.
There are mountains of data that healthcare organizations can use to improve their operations, provide better patient care, reduce errors, and much more.
Big data has the potential to revolutionize healthcare like never before. Healthcare providers are steadily digitizing their internal operations, and people all over the world are using technology to track their well-being in myriad ways.
Coding software is a wise investment for medical practices that want to maximize revenues, maintain compliance, and support their billing staff.
By Andria Jacobs, RN, MS, CEN, CPHQ
Although airline pilots receive hundreds of hours of hands-on training and flight time, every aircraft is equipped with an operations manual, along with step-by-step checklists for every conceivable scenario. An airplane is a complex conglomeration of parts, and no one person can claim to know everything.
Compliance Issues
In cybersecurity, risk is the probability of exposure or loss from breaches and cyberattacks. An organization’s cybersecurity posture is a complete picture, including knowing what cybersecurity activities are in place to protect from breaches and cyberattacks.
Coding Corner
By Melody W. Mulaik, MSHS, CRA, RCC, RCC-IR, CPC, COC, FAHRA
2021 has ushered in a lot of new changes. In the world of coding and compliance, the biggest changes are in the documentation and assignment of Evaluation and Management (E/M) codes.
From the Road
Well, 2020 certainly was a unique year. Thanks to COVID-19, we had to adapt our businesses to a new, untested model. Our long-term strategic plans became confetti as they were devoured by our paper shredders.
