Medicare payment is scheduled for a 2% cut in 2023. Inflation is running at 7+ percent, with practice costs creeping up. According to AMA, medicare physician pay has lagged inflation by 21% over the last 20 years. It is worthwhile to revisit the payor mix for your practice and re-negotiate contract rates with private carriers.
CPT and ICDM codes have been revised. Several E&M codes have been removed and consolidated. https://www.healthcatalyst.com/insights/new-cpt-codes-2023-need-know-updates has a detailed summary of changes.
Telehealth coverage has been extended to cover 2023. Other policy decisions may change future regulations affecting telehealth coverage.
Deductibles are higher, and it is essential to focus on patient balance collections. Consider accepting credit card payments (you may charge a convenience fee to cover credit card fees) to improve patient balance collections. Glenwood is rolling out features to support text messaging for patient balances with a link to the payment gateway of your choice.
Glenwood has completed ONC-ACB EHR 2015 Cures Update certification for GlaceEMR. More details to follow soon in a technical update.
It is worthwhile to consider outsourcing your revenue cycle management if you are not already doing so to hedge against inflation. Glenwood's premium service includes GlaceEMR, and the fee is a percentage of net collections, which is inflation neutral.