Physicians today are facing a multitude of challenges as they struggle with payers and other challenges invariably leading to reduced quality of healthcare and informal processes resulting in loss of revenue.

Industry Standards State

Majority of physicians leave over 24% of their revenue uncollected
Various medical practices report a gross collection rate of 60% or less

Uncollected revenue can adversely affect medical practice especially as experts state that-

“Better performing” medical practices collect more than 15% above practices in similar specialty

Many of the high performing practices profit margins are at least 30% higher than their peers

Why most practices are unable to collect maximized revenue?

  • Time constraints to regularly track - 1st time claims, denied claims and underpayments
  • Time restraints to manage a varied payer mix
  • Increased administrative burdens, staff challenges and poor revenue visibility
  • Healthcare reforms, industry changes and regulations
  • Increased patient demands results in less time to manage the billing process optimally

How some practices manage to collect more?

  • Increased staff costs which helps increase profitability
  • Investment in Technology and Facilities

These measures though costly help generate reports to identify the primary reason for denial and rejection of claims while the front office staff has enough time to sort issues such as verifying and obtaining correct patient demographics information. These practices hence procure higher patient satisfaction and revenues.

According to a MGMA survey 82% of successful practices conduct patient satisfaction survey and use the results to structure improved services, focusing on patient care and maximizing profitability.

Most practices bound by time & financial constraints prefer outsourcing to a medical billing specialist.

Improving your collections with MBC

MBC the largest consortium across all 50 US States serving various specialties has helped it clients increase their revenue collections with the right medical billing management and support.

MBC’s billing model

People — Process — Technology — Work flow — Expertise

End to end Medical Billing Claims Management Denial Management services Technology Optimization Strategies ICD 10 Transition Support Regular Industry Updates Consultancy services.

According to MGMA over 30% of claims are rejected on the first submission, 50% of which are never re-submitted.

MBC’s claim management includes time consuming follow ups, rejected claims are recognized right away and the team works diligently to address the cause of rejection and quickly resubmits the claim. We also follow up on disputed or unpaid claim to help get paid for every submission.

Benefit with MBC’s billing model

  • Better visibility of the revenue cycle & better financial control
  • Significantly reduced overhead costs for every claim
  • Lower A/R days & improved cash flow
  • Dedicated billing consultant for revenue tracking & improved payer management
  • Reduced technology costs & Increased resources for other strategic functions
  • Improved compliance & adaptability to new regulations &  industry changes

The above processes and benefits help increase our clients’ collections by as much as 15-20%!

MBC has been providing revenue management services for over a decade now to healthcare organizations, small to large physician practices, hospitals and groups of all sizes.

Published By - Medical Billers and Coders
Published Date - Apr-10-2013 Back

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