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?
How some practices manage to collect more?
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
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.