In order to tackle missed revenue opportunities, medical practices will have to bridge gaps in medical billing, integrate clinical and billing processes and focus on enhancing their revenue cycle management. With annual payment cuts, rising costs and ICD-10 looming on the horizon, providers cannot afford to lose more money..

Industry Standards

As per the final rule, SGR pay cut for 2014 will be approximately 24% which will affect the financial health of medical practices
Implementation of ICD-10 in 2014 will not only lead to system re-designing but also result in disrupted cash flow
Fee-for-service contracts have been negotiated with physicians by third party payers. This has resulted in reimbursement at less than 100% of charges

Why does a practice lose money?

  • Inefficiency in the medical billing process is the main reason due to which practices are missing opportunities to maximize revenue and minimize claim denials
  • Providers who fail to tackle same-day collections, clean claims, underpayments and preventable denials are facing annual revenue losses
  • Bad debt recovery, coding errors, time-of-service collections, managed care contracts, work flow, adjusted collections are some of the areas where providers should look for missed revenue opportunities
  • Lack of internal control and missed charges that not only present missed opportunity for revenue collection but also missed tracking of resources and supplies
  • Inefficiency in collection of upfront payments also needs to be addressed in order to tackle missed revenue opportunities

Don’t miss opportunities to collect revenue at your practice:

Providers can improve the financial standing of their practice by handling the below-mentioned opportunities in the right manner-

  • Hire experienced coders to reduce the chances of inaccurate and incomplete coding
  • Improve patient schedule system, send reminder calls to patients 24-48 hours before their appointment and bill them a no show fee for missing that appointment
  • Ensuring that unauthorized patient procedures or services don’t lead to denied claims
  • Getting rid of outdated fee schedule
  • Timely appeal for denied claims
  • Reduce the occurrence of missed charges on patient accounts
  • Collecting upfront payments, deductibles, co-insurance and co-payments

Tackling missed revenue opportunities with MBC!

Practices can tackle missed revenue opportunities by choosing a medical billing company like that will not only optimize billing processes but also offer effective revenue cycle management.

Use of latest technology: you don’t need to worry about investing in latest software and systems. MBC makes use of all the necessary resources and processes to enhance collection rate and minimize claim denials
Error-free claim submission: MBC has the largest consortium of billers and coders who can help your practice collect maximum revenue through error-free coding and billing
Customized services: MBC offers specialized billing services customized as per your management needs. You can either take the entire suite of services from MBC or choose certain services as per your practice requirements
Effective solutions for revenue generation: MBC not only helps practices identify areas that need improvement for better collection rate but also offers effective solutions to overcome challenges, if any

The expert team of coders and billers at MBC have been successfully helping practices identify missed revenue opportunities.

MBC = Optimize Billing Processes + Increased Revenues

Published By - Medical Billers and Coders
Published Date - Apr-16-2014 Back

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