2018 Medicare Physician Fee Schedule
In November, the Centers for Medicare and Medicaid Services (CMS) finalized the 2018 Physician Fee Schedule. The most broadly relevant change is that to the payment Conversion Factor. The CMS has increased the payment rate by 0.41%. This change is the result of “the 0.5% update established under the Medicare Access and Chip Reauthorization Act (MACRA) of 2015, which has been reduced by 0.09% due to the misvalued code target recapture amount, required under the Achieving a Better Life Experience (ABLE) Act of 2014″.
Here at Valletta, we constantly strive to meet the true needs of medical providers. While not every provider shares the same set of needs, there are a few basic factors that most clinicians agree are essential to a successful billing program. To name a few:
Collect maximum fair reimbursement
Get rid of mistakes and inefficiencies
Have smooth, timely patient payments (and payer reimbursement)
Receive clear revenue cycle data for proper business evaluation
Receive informed, responsive customer service from biller
Be able to customize billing services to address specific needs
While there are many other factors to competent billing, most physicians share these common goals. The difficult part is figuring out how to achieve them. For those looking to outsource their revenue cycle, researching billing companies online can be a pain. How do you know if a specific company is capable or trustworthy? In the following paragraphs, we provide some tips to help you more successfully distinguish between the various types of RCM companies online.
On the final day of HBMA’s 2017 Compliance Symposium, a few of us at The Valletta Group had the opportunity to meet with members of Congress to discuss various healthcare issues. It’s no secret that healthcare policy is currently in a state of volatility. In times of heated debate such as this, often only the most serious and divisive issues receive attention. Unfortunately, this can cause lesser-known, yet equally important issues to get overlooked.
Thus, the time is critical for RCM companies like ourselves to further relationships with our leaders and stand up for the policies that protect our clients and their patients. So when The Valletta Group and other HBMA members visited Capitol Hill, we spoke up for these lesser-known, bipartisan issues. These are the policies that help ensure a level playing field between insurance payers and physicians/patients.
A few weeks ago, members of The Valletta Group attended the Healthcare Business Management Association’s (HBMA) Annual Compliance Symposium in Washington D.C. The event featured highly-informative lectures from various experts in the healthcare industry.
Compliance is a rather broad subject. Quite simply, it is the act of abiding by the governing rules and regulations of a particular industry. However, in the revenue cycle management (RCM) industry, certain aspects of compliance command much greater attention. At the forefront of most RCM insiders’ minds is the Healthcare Insurance Portability and Accountability Act (HIPAA) and more specifically, the privacy and security sections of Title II.
The following information is provided by the Centers for Medicare & Medicaid Services:
You may have heard that the Centers for Medicare & Medicaid Services (CMS) is reviewing claims and letting practices know which clinicians should take part in the Merit-based Incentive Payment System (MIPS). MIPS is an important part of the new Quality Payment Program.
The Quality Payment Program works to make Medicare better by keeping patients at the center of healthcare while paying clinicians based on their performance. It replaces the Sustainable Growth Rate formula, which threatened clinicians participating in Medicare with potential payment cuts for 13 years. This program combines and streamlines many existing Medicare quality programs. It also gives new ways to improve care delivery by supporting and rewarding clinicians who:
Find new ways to engage patients, families, and caregivers.
Improve care coordination and population health management.