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 Medical Billing Insights
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Wednesday April 24, 2013
An efficient medical billing system can avert 90% and also recover 67% of your denials!
Denials make up an important part of the cost of running a practice as services provided but not paid can significantly affect the profitability of a practice.
Industry Averages
Preventable Denials = 90% Denials that are Recoverable = 67%
This is manageable but with an efficient billing system, and also essential considering-
Claims Rejected on 1st Submission = 30 % Underpaid Claims = 20%
Gross Collection Rate < 60% Cost per claim = $5-$7
  • Cost to practice of managing the average denial is anywhere between $25 to $30, hence denial rate over 10% should be evaluated closely
  • High performing practices denial rates are below 5%; while other practices denial rates are between 10% - 20% or in the extreme even at 30%!
Preventing denials requires a comprehensive billing system including -Proper insurance verification process, complete documentation, regular reports, tracking of underpayments
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Take control of your denial management with MBC’s billing solutions…..
  • Reduced bad debts and write-offs, lost transactions, duplicate batches & unnecessary redundancies
  • Cleaner and comprehensive claims and significantly eliminates the need for claims
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Get The Best Solutions In RCM Consultancy
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888 357 3226
MBC billing services help reduce denials by more than 70% overall increasing collections by 15-20%!
 
 
Improving Your Revenue Cycle Management with Patient Engagement
Increased patient engagement has been proved to reduce costs eventually benefitting the practice’s healthcare revenue cycle in the long- term. Patients who are indifferent and not updated to the entire process will most likely not stick to their complete healthcare plan with a high possibility of the patient’s returning,. eventually this will increase practice costs as the additional care administered may not be covered by the patient’s insurance, resulting in delayed payment delays .
Industry research
  • Patients are interested in increased involvement about their health care; but inadequate attention has been given to acquire required skills to optimize patient engagement
  • Affordable Care Act and ensuing regulations encourage shared decision making and increased patient education
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Efficient practice management equals to higher revenues!
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