Medical Practice Operations - Business Fundamentals 101 - 8 Module Webinar Series with Book-255193

Video Transcription

Video Summary

The AOA's presentation module discusses medical practice operations, focusing on coding and billing within outpatient care. It provides a broad overview for healthcare professionals, emphasizing the importance of understanding CPT codes, insurance payers, and revenue cycles. The speaker highlights distinct challenges in dealing with public payers, like Medicare and Medicaid, and the differences between hospital systems and ambulatory practices.<br /><br />The session outlines the necessity of integrating knowledge of revenue operations, front-end collections, and the impact of payer contracts on overall practice viability. These aspects of practice management can deeply influence financial health due to diverse reimbursement rates and operational efficiencies. Mismanaged coding practices can lead to revenue loss or legal issues, making understanding these processes crucial.<br /><br />Further discussed are the variable factors that influence patient billing and insurance collections, including nuanced payer contracts and the work RVU formula. Practices must navigate these intricacies to optimize their financial sustainability. The need for proactive management strategies to handle AR, denials, and inefficiencies in billing is emphasized.<br /><br />Overall, the session aims to educate clinicians to better understand business fundamentals, enabling them to ask informed questions, improve practice operations, and ensure financial viability in healthcare settings. A follow-up session for Q&A is planned for further exploration of these topics.

Keywords

medical practice operations

coding and billing

CPT codes

revenue cycles

payer contracts

financial sustainability

practice management