The number of days a physician’s takes to collect their receivables is a good indicator of how well the physician’s clinic is collecting its accounts receivables.
Industry standards state that organizations which were considered as “better-performing medical practices” – excelled in four performance management categories, one of which were Accounts Receivable and Collections. Depicting that strong cash flow is crucial to the success of any practice; in the AR category high-performing groups reported collecting their receivables in lesser number of days than their peers:
High-performing mental health groups’–7 – 10% of their Total A/R collected in 120+ days
Other mental health groups- about 19 – 35% of their Total A/R collected in 120+ days
Modifiers key to reducing your AR days!
Getting the revenue your practice truly deserves requires using appropriate modifiers-
Usage of proper modifiers leads to:
- Improved Collections & Reduced Time in AR
- Enhances staff and practice productivity
- Decreases cost of revenue management
- Add accuracy and detail to the record of the encounter
On the other hand incorrect modifiers lead to:
- Denials, payer audits, investigations, refunds and fines
- Loss of revenue to the healthcare organization
- Delay in Account Receivable (AR) Collection days, pushing them up by 47- 60+ days
Getting your practice the right revenue…
A medical billing service whose main concern is the billing and coding transactions of a practice will assist and benefit your practice to achieve the revenue it deserves.
Track your modifier with MBC …
|Steps applied by MBC||Pertaining to modifiers application in the RCM process|
|List common procedures||Medicare & other major private insurance payer do not reimburse.|
|Quick reference & analysis||Collate payers’ write-off codes into the management system|
|Monthly reports||Denied/reduced claims due to a missing /incorrect modifier.|
|Modifiers information||Included in payer contract with clear definitions in contracts.|
|Track changes||How payers handle and reimburse modifiers.|
|Contract management software||Keeps a tab on payments & compares to contract- allowable.|
MBC’s expert Research & Billing team will keep track of the appropriate modifiers to be applied providing updates about new rules, changes for each specialty. Medicalbillersandcoders.com has been assisting in revenue maximization for healthcare organizations by billing and coding for:
- Over a decade now for physicians across the 50 US States and across varied specialties
- Our team is constantly training and updating themselves about industry requisites
- MBC also provides consultancy right from the best EHR– to data analytics
Additionally MBC’s customized reporting along with a dedicated account manager assures regular, accurate and detailed modifier checks. MBC is constantly striving to update and improve the RCM cycle in turn reducing AR to achieve the right revenue for your organization.