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Wednesday July 24, 2013
Are You too Losing 3-5% of Your Revenue Due to Outdated Processes?
With decrease in medical claim reimbursements and substantial increase in payer regulations, it has become mandatory for every physician to manage their revenue cycle.
Industry Averages State
  • Average revenue lost due to below average/outdated processes – 3-5% of total collection
  • Percentage of total claims filed which are denied – 30%
Industry experts state that most of the successful practices display denial rates below 5%, while any rate over 10% should be reviewed closely. Hence it has become mandatory for physicians to not rely on outdated processes and as quickly as possible adopt new techniques to help reduce their denial rates.
Eliminating outdated processes can help reduce denials in 3 simple steps-
  1. Helps in measuring the total numbers of claims denied more accurately
  2. Identifying the major reasons for denial
  3. Creating a tracking/reporting process to measure overall performance
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Increase your overall revenue with MBC's complete billing solution!

Track & report your denials with adequate knowledge of practice management system

Calculate denied percentages by payer, reason, provider, specialty, and location

Identify the root cause of most frequent denial reasons

Provide customized denial report to help track performance over time
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MBC uses all the necessary resources & updated processes to reduce denials & increase collections!

MBC = Reduced denials by more than 70% + increase in overall collections by 15- 20%!
 
 
How can Customer Service Management Increase Patient Satisfaction?

The number of patients requiring medical services has been increasing and with this influx in demand, it is becoming increasingly complex to manage performance consistency. Hence, when medical practice staff is not trained well, it can result in inefficient performance and reduced patient satisfaction. The practicable solution for this is good quality training on a regular basis.

Earlier, customer service training was limited to hospitality and BPO sector. However, with the increase in competition, even medical centres need to offer regular customer service training to the staff on a routine basis in order to keep their patients satisfied.

  • Frequency of training need to depends upon the scale of the medical practice
  • Easiest method would be to segregate the areas of the training and focus on each one of them every month
However, it should be kept in mind that training is not just a onetime affair but a continuous thing to achieve great and consistent results...  
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Efficient practice management equals to higher revenues!
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