3 Keys to Getting Paid and Thriving in Private Practice

AMA News Release (06/07/19)

The American Medical Association's (AMA) STEPS Forward platform contains many helpful resources for private practices, as part of the AMA Ed Hub platform that consolidates all high-quality continuing medical education, maintenance of certification, and educational content. One STEPS Forward module, "Revenue Cycle Management in Medical Practice," delivers a basic view of how a practice can collect all payments owed, emphasizing selection of the right practice-management system. "Soliciting input from all staff who use and interface with a PMS and including them in the selection process will ensure that you pick a vendor and product that matches your practice's priorities and needs," the module states. Other module recommendations include maximizing use of electronic solutions, and attending to patient-driven revenues. Meanwhile, AMA's Understanding Medicare's Merit-based Incentive Payment System (MIPS) resource offers a starting point for most physicians to learn how to qualify for incentives for disclosing activities and avoiding penalties. AMA also has furnished a 2019 MIPS Action Plan, specifying a practice's incentive payment plan participation strategy. A comprehensive guide to AMA's coding resources provides an overview of diverse products to help accurately solicit payment, using Current Procedural Terminology and Healthcare Common Procedure Coding System codes.

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