Accounts Receivable in Medical Billing Accounts Receivable in medical billing is retrieving of payments due by the insurance and patients to the physician for the delivered services. For the long-term financial sustainability of your practice, it’s crucial to keep accounts receivable under check. Accounts receivable are categorized as the number of days the payment hasn’t been […]
Benefits of Outsourcing Accounts Receivable in Medical Billing
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7 Ways to Reduce Revenue Leakage in Medical Billing
Revenue Leakage in Medical Billing ‘Revenue leakage’ refers to situations where a healthcare provider doesn’t receive insurance reimbursement for delivered services. In such billing situations, accounts receivable remain unpaid for too long and eliminates the chances of payment recovery, even partially. Healthcare practices cannot afford to ignore their revenue leakage as it’s directly affecting their […]
Avoiding Prior Authorization Denials
The burden of Prior Authorization According to a recent survey from the American Medical Association (AMA), prior authorization creates an administrative burden for healthcare practices, negatively impacting providers and delaying patient care. The survey also found that providers complete an average of 41 prior authorizations each week and spend an average of two business days […]
Making a Stronger RCM Team in 2022
A recent survey of U.S. healthcare organizations highlighted declining reimbursements as a top industry challenge. The COVID-19 pandemic changed payer billing guidelines, and reimbursement policies made receiving accurate reimbursement tougher. Reimbursement complications often lead to documentation and coding inaccuracies leading to increased claim denials. The healthcare reimbursement process requires complicated steps and, at each turn, […]
Role of Medical Billers and Coders in RCM
Medical billing and coding translate a patient encounter into the form healthcare facilities use for claims submission and reimbursement. Medical billing and coding are separate processes, but both are necessary for providers to receive reimbursement for healthcare services. Medical billers and coders play a crucial role in revenue cycle management as their work starts from […]
RCM Strategies to Improve Practice Revenue
Your medical practice revenue is driven, impacted, and influenced by Revenue Cycle Management (RCM) strategies. It includes claims management, patient payments, and your in-house billing workflow. Without implementing these strategies, providers might find it difficult to maintain high levels of clean claims, adjust to an increasing dependence on patient payments, or manage their billing effectively. […]
Effective RCM Strategies to Collect Maximum Patient Responsibility
Patients’ financial responsibility is on the rise as more patients are choosing high-deductible health plans (HDHP). Increasing patient responsibility is an ongoing trend that does not seem to be slowing down in the near future. Providers report many challenges with responding to growing patient financial responsibility. Given the increased payment responsibility, being able to determine […]
Highly Neglected Revenue Cycle Processes
For most providers, the revenue cycle process means submitting claims and wait for payer reimbursements. These providers are under the impression that if they submit the claim, it will get paid but that’s not the case. Revenue cycle management includes really crucial processes like provider credentialing and contracting, Benefits verifications, prior authorizations, and out-of-network billing […]
Effective RCM Strategy to Increase Reimbursements
The Healthcare Financial Management Association (HFMA) defines Revenue Cycle Management (RCM) as all administrative and clinical functions that contribute to the capture, management, and collection of patient service revenue. Revenue cycle management (RCM) is the financial process related to a patient’s clinical encounter. According to HFMA, a basic role of RCM is to measure how […]
Revised Accounts Receivable Strategy during COVID-19 Pandemic
Almost every medical practice is facing financial uncertainty as a result of the COVID-19 pandemic. A recent report from Practice Pulse states that while any practice’s primary focus is on caring for patients and keeping their staff safe and healthy, providers have expressed growing concern over reduced practice collections and increased accounts receivables. In this […]