The CMS has created a value-based reimbursement program that penalizes hospitals for excessive readmission rates, not meeting the price transparency rule, or not protecting patients from hospital-bred infections. Medical practices could suffer a significant loss of money and reputation when faced with fines and penalties.
Under the Affordable Care Act’s campaign hospitals are penalized for not improving patients’ safety. Medical practices and hospitals can avoid the federal penalty if they adhere to the protocols, like:
Readmission penalties – Readmission within 30 days of discharge is one of the costliest episodes to treat, with hospital costs reaching millions for the patients readmitted. Implementing proper inspection protocols can reduce the high risks of readmission.
Price transparency penalties – Hospitals and medical practices must make an extra effort to making pricing information transparent. While prices vary depending based on the insurance plan of the patient, make an attempt to discuss pricing with your customers. The requirements should be filled in to avoid penalties.
Financial penalties are levied on hospitals and practices that don’t abide by the standard of care. Hospitals and medical practices must fully understand and adhere to the guidelines. Medical billing services companies have the expertise needed to fully understand the guidelines and help you adhere at all times. Get in touch with us to know how we help our clients save costs by saving them from penalties and charges.
Atlantic RCM is one of the leading multi-specialty medical billing companies in USA that serves 25+ major medical billing specialties. Our experts work across your practice in billing, collections and account receivables management, to help you succeed.
Get in touch with the leading medical billing outsourcing company to learn more. Call us at (786) 264-1222 or write to us Info@atlanticrcm.com