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?
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: