Nextech Blog
The latest news and information regarding electronic medical records, practice management software, HIPAA, and security from Nextech.
Practice Management | Revenue & Finances | Financial Management
By:
Nextech
January 13th, 2025
A new year has arrived and so have fresh chances for business growth. Specialty healthcare practices have a prime opportunity to set themselves up for financial success by leveraging the right technology. The key lies in evaluating past performance, setting clear goals, and aligning the appropriate tools to meet these objectives. Here’s how your practice can make 2025 your most profitable yet.
Revenue Cycle Management | Financial Management | AI
By:
Nio Queiro
November 27th, 2024
In the complex world of healthcare, professional service providers face a critical challenge: managing claim denials. These disruptions impact cash flow, increase administrative burdens, and create operational inefficiencies.
Plastic Surgery | MedSpa | Financial Management | Aesthetics | podcast
By:
Hannah Celian
September 16th, 2024
Coding and billing pro John Gwin shares the most useful key performance indicators (KPIs) to help your practice grow and succeed. Hear John’s money-saving insights on: Advice for dealing with the complexities of insurance billing The need for strong financial controls and regular checks on your accounts How to decide whether your practice should accept insurance or focus on cash pay services How to protect your practice from risks like embezzlement and fraud Why it's crucial to stay on top of your practice's finances and plan ahead for potential challenges
Best Practices | Patient Payments | Security | Financial Management
By:
Hannah Celian
July 2nd, 2024
Embezzlement within healthcare practices may be more prevalent than you realize, and the consequences of ignoring appropriate security measures can be severe. Medical Group Management Association surveyed nearly 1,000 medical practices and 83% reported being victims of embezzlement at some point in their operation. International Business Machines Corporation also reported in 2021 that healthcare breaches cost $9.23 million per incident — a $2 million increase over the previous year.
Revenue & Finances | Financial Management
By:
Robin Ntoh
October 18th, 2023
If you flip a coin, the chance of landing on heads is the same as the statistical probability that the United States will enter a recession this year. In fact, about 50% of economists predict we’ll see a recession in the next 12 months.
Healthcare Technology | Financial Management
By:
Craig Tieken
October 7th, 2021
In a recent blog article, we examined how your payments solution could be costing your practice more than you realize. In one section of that article, we touched briefly on the costs associated with point of sale (POS) hardware. And cost certainly remains an important factor. These terminals are not cheap, after all, and are commonly priced anywhere from $150 to $1000 dollars. However, when it comes to payment terminals, there is more at stake than simply just the up-front costs of purchasing the hardware.
Healthcare Technology | Financial Management
By:
Chuck Danner
September 2nd, 2021
While obviously providing exceptional patient care is an important goal for your practice, you are also trying to run a successful business. To accomplish this, your practice needs to be able to do what all successful businesses do—MAKE MONEY. These days, the ability to efficiently bring in revenue means having a digital payments solution. Unfortunately, when it comes to certain payment processing solutions, many practices are not getting much when you consider what they are paying.
Financial Management | Front & Back Office Performance
By:
Magen Parker
July 8th, 2021
Poor management of a practice’s collections can have a number of negative effects, including reduced or delayed revenue as well as owed balances spending too much time in Accounts Receivable. By implementing some simple training methods and best practices, however, your practice can improve collections management.