December 25, 2014
According to a recent Medical Economics poll, four out of five physicians said that it is a challenging task to balance the role of a doctor and business person simultaneously. Around 36% respondents considered accounts receivables as a huge challenge for their medical practice.
Are you collecting everything you have earned at your cardiology practice? Is your practice being paid in full according to the payer contracts?
According to a research conducted by the CMS, only 70% claims are paid the first time they are submitted. The remaining 30% are either denied or lost and ignored
About 60% of the denied claims are never resubmitted to payers which means, medical practices never get to collect almost 18% of their claims
It has been estimated by the Medical Group Management Association (MGMA) that practices in the US are underpaid by the payers at an average of seven to eleven percent
Timely Filing and Error-free Submissions
The most effective way of turning your AR balance into your bank balance is to process the cardiology claims timely for an early settlement. It is important to have an efficient billing team that monitors ARs on a daily basis to ensure that the claims are settled at least within 45 days from the date of submission.
Analyzing and Following up
The team needs to be active in analyzing aged AR days and following-up with the insurance companies to get quick reimbursements. New ARs should be pursued vigorously so that they are settled quickly. This is possible only when the cardiology practice has a management strategy for old ARs.
Automating Revenue Cycle Management
Automating and simplifying the revenue cycle management technology can be an effective way to reclaim the missing funds. However, new technologies have also introduced new challenges that are difficult to handle while treating patients and complying with the healthcare reforms.
Does your in-house billing team ensure a success rate of at least 98% in collections? If the answer is no, you can consider outsourcing your AR management to a third party, i.e. a billing company. Reputed companies have a proven and customized practice management system in place to manage account receivables.
By choosing to outsource cardiology billing services, providers can reap the following benefits:
Claims will get processed and submitted on time ensuring a smooth cash flow. Follow-ups with the insurance companies will also be done diligently, ensuring quick revenue
Since vital tasks such as billing will be handled by an expert team, cardiologists can divert their attention towards increasing their patient base and will also get more time for offering quality patient care and building their practice
Reliable medical billing companies such as MedicalBillersandCoders.com take care of all the issues related to medical billing and reimbursements, freeing up the medical staff to concentrate on other vital tasks. An expert team of certified and experienced billers and coders implement stringent quality checks to ensure 98% accuracy in claims processing.
By choosing to outsource cardiology billing services, providers can bring down the costs associated with office infrastructure and staff resources. It will also help reduce the downtime caused by staff illness and vacation.
Outsource Medical Billing