Hi, I'm Dr. Bill Cushing and this video is the first, or an introduction, to a series of videos that I'm going to do on the medical billing process and coding processes. Now, medical costs are rising much faster than the US economy is growing. Therefore, more of everyone's dollar is being spent on healthcare. These rising costs increase the financial pressures on all healthcare practices. So, to remain viable and to continue to be able to practice medicine, all physicians have to pay more and more attention to the financial management of their practices. It doesn't matter if they are employees or in private practice, they have to pay particular attention to the concept of cash flow management. That's right, cash flow management, which is simply the movement of money into and out of the practice or business. If more money moves out than comes in, the practice will not survive. So, successful cash flow management ensures that more money flows into the practice then has to flow out in order to pay salaries and other operating costs. Again, you can't stay in business long if more funds go out than come in. That's common sense. Operating costs have increased significantly lately with the requirements of government-mandated automation, increased regulations, and more complex coding requirements needed for proper and timely reimbursement for delivered services. If you don't bill and code correctly, you're not going to get paid on a timely basis. Unless you understand the billing processes associated with the practice of medicine, you will be hard-pressed to survive in medicine. I know that when I started medical practice, I did not fully understand the complexities of the medical billing and coding processes. It was an expensive process learning it on the fly, and I'm not sure that medical schools...
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