Medical Billing process being no simple task entails accuracy in each of the steps involved in the final claims filing. Proficiency in enabling a smooth billing and coding is mandatory to ensure no errors which give rise to dwindling revenue. Understanding and analyzing the required workflow for your practice is essential to avoid future blunders owing to inaccuracies. An efficient revenue cycle management requires every area of the medical billing process to be looked after by adept individuals.
Industry Facts-
| Lack of follow up on unpaid claims makes you lose almost 25% of your revenue |
| Medical billing services can bring down your AR days to a minimum average of 21 days |
| With stringent regulations, there is an increase in number of denied claims by payers |
Claims follow up- A process taken too lightly!
Most practices do everything it takes to ensure preciseness in billing and coding of the services rendered, however, there always exist minuscule chances of claims to get denied or remain unpaid. What rarely is taken into consideration is following up on claims that have not been paid by the insurance companies. This happens largely due to paucity of time to invest in following up on these claims. An in house staff generally consists of one to three members based on how big or small the practice is. No matter how many staff members are present, a dedicated individual or team for follow up is seldom present. This creates the increase in AR days after which most practices, eventually end up leaving a lot of revenue on the table.
Being able to file every claim accurately with no errors calls for alertness from the first step itself. Entering the correct patient details with agility include- insurance verification, patient eligibility, demographics, service rendered with the specific codes etc. After which follows the payment posting and accounts receivables. It is important to ensure proficiency in every level of the process. A completely separate team devoted to follow up on claims denied or pending can be of significant help. Increased AR days affect the financial health of a practice to a greater extent than you can imagine!
Outsourcing as an effective option-
Perks of outsourcing are plenty. It is not confined to only more number of staff for the billing process but also guaranteed proficiency that can bring increased revenue for your practice. An outsourced billing service has distinct teams for every process and this is something that certainly helps every practice as lack of individuals will not be a reason for losing out on revenue that your practice deserves for all the services rendered. With all the required resources at disposal, such milling companies come with an assurance of no dip in revenue but definitely a dip in your AR days.
