Revenue Cycle Management Archives - InfoHub https://infohubservices.com/blog/category/revenue-cycle-management/ Tue, 01 Nov 2022 13:11:47 +0000 en-US hourly 1 https://wordpress.org/?v=6.1.1 https://infohubservices.com/wp-content/uploads/2019/10/cropped-INFO-HUB--32x32.png Revenue Cycle Management Archives - InfoHub https://infohubservices.com/blog/category/revenue-cycle-management/ 32 32 5 Tips for Physician Financial Management https://infohubservices.com/blog/5-tips-for-physician-financial-management/ Tue, 01 Nov 2022 13:06:27 +0000 https://infohubservices.com/?p=47408 Every physician has a demanding career where patient care is their utmost priority. This directs the doctor to get engrossed in their core work – caring for their patients. Often this converts the financial management for every physician to become their last priority. However, financial management should be as vital as taking care of the patient for any physician, as it will improve the overall outcome by making the business aspect of the practice healthier. Therefore, developing robust financial management will improve your patient satisfaction by improving your practice’s revenue.

A physician can undertake a few ways (especially with the help of technology) to improve financial management. Let’s discuss the top five tips for it:

Tip 1. Speed Up the Collection Process

Did you know? Technology can help your practice in several ways, making it more efficient. There are several HIPAA-compliant software in the market that can be used to improve your collection process. Instead of staying the legacy way, it’s time to upgrade and streamline your collection process with the help of revenue cycle management software.

Establishing a Practice Management System (PMS) is essential before implementing a new process. It will ensure that the new system will work effectively for everyone, including physicians, healthcare providers, and other admin staff. The PMS you select will define how your practice will be reaping the benefits of the electronic process and the software. Also, it is essential that the PMS you choose aligns with your practice and requirements and works with the EHR.

Tip 2. Improve Patient Collection 

The other strategy that should be implemented to ensure better financial management for your practice is to improve your patient collection. Patient collection is a never-ending headache for most physicians. In fact, the collection becomes more challenging with more patients opting for higher deductible insurance plans.

It has been seen that physicians can collect only 60 percent of their dues from the 20 percent of the revenue that co-paying patients provide. Overcoming this revenue collection can be quite a hurdle when it starts to pile up; your practice will surely spiral down. You should either work with a collection agency or re-evaluate the collection strategies for better financial management. It would also require changing and updating your billing and coding practices.

Tip 3. Electronic Claim Submissions

Manual submission time is an old tradition; one must use the updated software to generate an electronic claim. Before submitting the claim, you should conduct a pre-audit to ensure it has no incorrect or missing information. In most cases, claim rejections and denials can be reduced with in-built checks of the latest software. It allows one to address potential issues before sending them to the health insurance company.

You should also check your electronic claim status to confirm the receipt of the claim in real-time. When an electronic submission is used, the insurance company must respond to the claim’s status in the next business day. Hence, instead of waiting weeks to know your status, immediate action can be taken to rectify any issues with your claim. This eventually ensures better financial management of your practice. 

Tip 4. Verification of Insurance Eligibility

Start saving time and dollars with electronic eligibility verification before your patient visits. Although the patient’s eligibility can be verified via the web portal or phone, these methods fail to provide vital information and prove inefficient. When a patient’s eligibility verification is done electronically, all the necessary details can be gathered practically in no tie.

All staff who schedule the appointment must collect your patient’s insurance information and submit it online for electronic eligibility by entering your patient’s data. As per federal regulation, the health plan must respond within twenty seconds. Thus, it will give your practice enough time to make your patient aware of their financial responsibility when they visit your practice.

Tip 5. Outsourcing The Medical Billing Practice

Though you have an entire team of nurses, assistants, and other staff, you need to operate with top skill sets (irrespective of the size of your practice) to handle your patients, their requests, insurance claims, billing, and coding on an urgent and regular basis. Staying on top of all these can be challenging.

The best way to stay ahead with the financial management in such a case is to outsource your medical billing and coding. The experts of the outsourced company will take care of your revenue management cycle. At the same time, you and your nurses, assistants, and staff can look after the patient and improve your services.

Where To Find the Financial Management Partner?

Now that you have a good idea of the five tips on how you can improve the financial management of your practice, the question remains who can help? Info Hub is a medical billing and coding company with a team of experts who can help you to build a sustainable financial management plan for your medical practice. They use the latest HIPAA-compliant software to help establish a beneficial revenue cycle management while ensuring every claim is passed without any hitches. They also provide reduced A/R time to enjoy uninterrupted revenue flows.

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3 Major Impacts on your RCM with Outsourcing Medical Billing Services https://infohubservices.com/blog/3-major-impacts-on-your-rcm-with-outsourcing-medical-billing-services/ Wed, 12 Oct 2022 10:59:08 +0000 https://infohubservices.com/?p=47364 According to the trends, the medical billing outsourcing market will exceed $16.9 billion. As a result, an increasing number of healthcare organizations are opting to outsource their rcm.

Based on the trends, what do you think?

Should you outsource all of your revenue cycle management tasks, including medical billing and coding?

What exactly is the purpose of outsourcing?

There are significant issues that many practices are dealing with today. Running the business side of medicine can be difficult for physicians at times. Even if you have an excellent medical staff, inefficiencies in revenue cycle management (RCM) are common, resulting in financial losses.

Your bottom line is heavily influenced by revenue cycle management. If you don’t do it well, you might have a hard time staying in medical business. Undoubtedly, each practice has its own unique situation, including specialty, overall financial health, and experienced billing staff. But one thing that applies commonly to all is the direct impact of outsourcing medical billing and coding on the Revenue Cycle Management. Let’s see what impact it can have on RCM:

1. Improve Concentration on Medical Treatments

You can focus on improving medical services when you outsource your healthcare organization’s RCM. You can invest more time understanding the areas of improvement in your medical facilities as an outsourcing medical billing company can handle the other administrative processes.

As a result, you can channelize your doctors and other medical staff to focus on their medical service efficiency. It entails improved diagnosis, treatment, examination, research, and patient care.

Therefore, you can enhance your overall patients experience by sparing the time for developing better strategies. It will result in satisfied patients and higher revenues for your hospitals or clinics.

2. Better Clean Claims Rate

Every practitioner must target at clean claims as they are near-perfect medical claims with a low denial rate that don’t demand any extra information. It’s because there are no billing errors. As a result, these assist in covering the medical expenses of patients without difficulty. Outsourcing RCM increases the likelihood of such clean claims.

When you outsource your RCM to an outsourcing medical billing partner, the insurance claims are handled by experienced professionals. Their knowledge of medical claim settlements and calculating expenses allows them to approve claims quickly.

Thereby, you can easily avoid insurance claim denials and resubmissions for your patients. It will ultimately enhance the cash flows to your hospitals.

3. Avoid Billing Errors

Every medical or healthcare organization does not necessarily have the best IT and finance teams. It results in billing and coding errors, as well as more claim denials. However, when you outsource these tasks, skilled professionals will handle everything with ease!

You can avoid complications such as –

  1. Incorrect patient and medical data
  2. Billing errors
  3. Unbundling
  4. Incorrect diagnosis codes

Apart from that, you won’t have to recruit and train any additional finance or IT professionals. Thereby, you’ll save thousands of bucks and a lot of time..

Important RCM Metrics

Proper Revenue Cycle Management entails exceeding the baseline in several key RCM metrics. Among the metrics that medical billers should be concerned with are:

  1. Total medical claims reimbursement per week
  2. Average payment days
  3. Denial rate, and
  4. Accounts Receivable (AR) from Insurance and Patients over 60 Days

Outsource your RCM Process!

Undoubtedly, you may be perfecting an in-house Revenue Cycle Management Strategy as a healthcare provider. But simultaneously, it should be clear by now that a successful Revenue Cycle Strategy is one that is constantly evolving to meet the needs of a rapidly changing healthcare environment. Outsourcing the RCM process has the potential to transform your business and improve your financial health. It will also give you more time to focus on your core business of providing quality healthcare.

Info Hub Services is a pioneer in the transformation of RCM services.

Trusting a reputable medical billing service provider such as Info Hub Services who follows the proper procedure may appear costly. But it is what efficiently streamlines your RCM process via complex medical billing and coding process. These service providers offer complete claim processing services, including reviewing patient eligibility and payments, recording, coding, reviewing, and final submission.

With an effective RCM partner on your side, you never have to worry about incurring unnecessary financial losses as a result of errors in the medical billing process. Furthermore, you can rely on an expert to guide you through the system and resolve any technological billing and coding glitches with 24×7 back end support.

In this hyperconnected age, it makes financial sense for a medical care practitioner like you to invest in either efficient RCM software or outsource the process to a medical billing services provider as soon as possible.

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Effective RCM strategies for Pharmacy Billing https://infohubservices.com/blog/effective-rcm-strategies-for-pharmacy-billing/ Mon, 01 Aug 2022 12:18:39 +0000 https://infohubservices.com/?p=46777 The importance of pharmacy billing services in healthcare cannot be overstated. Pharmaceutical companies have several billing issues that are common to other healthcare billing specialties. The fact that some medications and inoculations are not covered by insurance makes pharmacy billing even more complicated. Therefore, in order to determine whether incorporating or removing the pharmaceuticals from the pharmacy billing procedure is most effective, in-depth professional knowledge is required. Therefore, pharmacy billing services are essential to providing patients with quality care. To ensure smooth and continuous invoicing, charging for pharmacy services also requires numerous tiers of data management and follow-ups. It can be a different set of medical services offered by a different hospital.

However, because the claims are frequently interwoven with treatment services, hospitals and other medical service providers still submit them. These complications cause problems managing data, which could lead to claims being rejected. Additionally, the combined claim preparation is occasionally ineffective in assisting hospitals in achieving their goals. It is crucial to realize that drugstore claims are different from claims from hospitals. They might yet be bound by the same HIPAA regulations.

Here are some RCM strategies to streamline your Pharmacy billing, and aid in increasing revenue.

Timely Filing

Due to ineffective or unmonitored processes, many healthcare organizations miss filing deadlines for either the initial filing date or the appeal filing deadline. This results in missed filing deadlines for both, initial filing and appeal filing. It is critical to have procedures in place to guarantee that claims are filed on time and that claims that have been placed on hold are regularly monitored.

Improved Charge Capture

It’s critical that hospitals and medical offices create and put into place procedures for effectively collecting payments for the services they provide. Due to improper nursing documentation, common areas that face lost revenue include outpatient nursing operations including IV therapy and injections. Missing charges or inaccuracies in reporting of units result in lost pharmacy income.

Teams from nursing and pharmacy departments should check charts and claims for any missed charges, submit accurate nursing documentation that includes start and stop times, sites, and medications, and routinely evaluate pharmacy charges to ascertain how many pharmacy dispensing units should be reported.

Billing and Collection

Hospitals and providers can anticipate receiving money in as little as 15 days (government payers), depending on the billing method. The business office must create a procedure for claim follow-up if insurance payments often take more than 30 days to process from the time claims are submitted to the time payment is made. It has been demonstrated that a structured procedure for checking on the status of claims can cut down on the number of days those claims remain unpaid. Billers are supposed to be aware of the claims that each payer accepts and denies. Rejections happen when an edit misses an error on an outgoing claim, which the payers send back right away without entering it into their management system.

As a recommended practice, billers should work these claims while concentrating on the reason for the rejection from happening again. By lowering the overall number of claim denials, this can contribute to improving the revenue cycle’s efficiency.

Denial Management

Any hospital or medical practice must monitor and track denials in order to spot trends and determine their underlying causes. The entire staff should participate in a denial’s prevention program that emphasizes standardized procedures to reduce the chance of denials. Best practice denial management solutions can minimize accounts receivable, boost cash flow, reduce the amount of rejections, and cut the cost of collection.

A skilled and knowledgeable team of pharmacy billing specialists at Info Hub collects the smallest details and offers complete pharmacy billing services to assist healthcare providers in more precisely managing revenue. With extensive experience, Info Hub, a medical billing service has a team of pharmacy billing specialists who qualified to manage the full range of pharmacy billing, including verification, submission, and follow-ups. We offer complete pharmacy billing outsourcing services that guarantee a smooth workflow, steady revenue flow, and a smaller number of claims denials.

Our team of professionals goes above and beyond to ensure that there are no mistakes or late submissions when you opt to outsource pharmaceutical billing services to Info Hub. Precision-driven pharmacy billing systems are used to handle data precisely so that pharmacies can improve their revenue cycle.

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Reduce Your Overhead Expenses with Offshore Medical Billing Companies https://infohubservices.com/blog/reduce-your-overhead-expenses-with-offshore-medical-billing-companies/ Fri, 22 Jul 2022 11:47:58 +0000 https://infohubservices.com/?p=46698 The healthcare industry is constantly advancing, posing a challenge to many medical billing companies in the United States to serve their clients using solely internal. Many hospitals and physicians are struggling to keep up with the increasing expenditures of maintaining employees, setting up software, and assuring prompt insurance company reimbursements. Offshore medical billing companies come as a savior, who can efficiently handle the duties. Medical offices that experience high staff turnover or a dearth of qualified personnel locally often find that offshore medical billing is a viable solution.

Many clinics lack the extra funds or time necessary to maintain a full-time billing team. You can count on your medical billing company to provide a better managed and long-lasting strategy for revenue cycle management as a result of outsourcing this area of work.

Medical providers and revenue cycle management businesses can both benefit greatly from offshoring revenue cycle processes. When medical billing services are offshored, many fixed costs, including overhead and technology installation costs, can be significantly reduced, if not completely eliminated. These costs include training, perks, insurance, and payroll. Is your practice affected by high overhead costs?

How Offshore Medical Billing Can Reduce Overhead Expenses?

By outsourcing your medical billing, you’ll save money on office overheads in addition to lowered administrative costs. Modern IT hardware, up-to-date software, and the right knowledgeable staff are necessary. All of this is on top of the increased liability that comes with handling your own internal medical bills. The necessary billing software will be set up for clients using tax ID and NPI data from providers by qualified billers. You can avoid the extra expenses associated with hiring and training an internal billing team by hiring an offshore medical billing company.

Your practice will experience much lower costs and liabilities compared to maintaining your billing in-house. Here are few ways how offshore medical billing services can effectively help reduce expenses for your practice.

Technology

In-house billing calls for the procurement of suitable and updated technology and software, both of which can be very expensive. By supplying or building appropriate technologies that could be coupled with current ERM software, offshore medical billing lowers total IT costs. Whether you work for a medical billing company or a healthcare organization, customized reporting is essential. End-to-end process automation offers a real-time view of process performance. Possibilities include stock control reporting, digital collaboration tools, and collection efficiency.

Extra-Curricular Costs

Your medical practice’s expenditures may increase in addition to the potential for financial loss as a result of errors and the price of developing resources, staff training, and infrastructure. The administrative cycle is taken care of for you when you offshore your medical billing, cutting the overall cost in half. In addition to cost reductions related to wage arbitrage, there are also sizable cost savings in the form of decreased overhead expenditures. Additionally, there are significant savings due to lower hiring and training expenses.

Operations

Dealing with the entire medical billing procedure can be tiresome and time-consuming. The right individuals must be hired and trained, owing to the process’ complexity. You can be sure of the utmost level of privacy with offshore medical billing companies because they have a well-trained workforce with the required certifications and are HIPAA compliant. When you outsource your medical billing services, you have access to a larger pool of skilled workers who can complete the work, saving you time and money on hiring and training.

Decision-makers at offshore firms are turning to offshore medical billing and coding services as a way to enhance their financial outcomes as healthcare expenses continue to rise and reimbursements continue to decline. Medical coding and other knowledge-based services are becoming more widely used. Access to top-notch medical coding expertise is expanding because of a greater emphasis on certifying resources and availability of certifying organizations like AHIMA and AAPC in important offshore locations like India.

By emphasizing claims submission processes, lowering revenue leakage due to denials, and enhancing the quality and efficiency of the entire process, the ideal offshore medical billing partner can aid in boosting your revenue cycle performance. The outcome includes greater profitability, reduced denials, and higher quality.

Info Hub is an offshore medical billing company located in India, and we understand the need of working with onshore revenue cycle teams and cooperating with physicians to reduce revenue leakage, enhance reimbursements, and increase processing quality. We also understand the impact of each step, from credentialing and enrollment to billing and collections, thus making sure we are adept with all nuances of the medical billing process.

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Physicians – Do you Lack Understanding Revenue Leakages? https://infohubservices.com/blog/physicians-do-you-lack-understanding-revenue-leakages/ Mon, 06 Jun 2022 09:45:18 +0000 https://infohubservices.com/?p=46050 The term “revenue leakage” refers to a missed chance to collect income from your practise. Denied claims, piling accounts receivable claims, unbilled procedures, credentialing-related denials, underpayments, unbilled claims and unpaid patient balances can all cause revenue leakage. Medical billing and revenue leakages can result in considerable losses for any healthcare practise due to extended payment cycles. There are a few significant flaws in the entire medical billing process that should be closely observed in order to ensure a consistent revenue flow and financial stability for your clinic.

In today’s healthcare system, medical reimbursement prioritises quality care and patient outcomes. As a result, it’s critical for medical practise leaders to take a new look at their operations to ensure that prospective collections don’t get lost in the process.

Here are some questions to physicians must ask themselves in order to identify, and steer clear of revenue leakage in your practice.

Are we collecting to our full potential?

The payers with whom you sign contracts limit your reimbursement possibilities in several respects. For practises that rely significantly on government payers, this can be difficult. Medicare and Medicaid beneficiaries often receive reduced compensation under these contracts, which cannot be changed to achieve more profitable conditions. However, the payment your practise receives is ultimately influenced by the quality of the contracts, not the insurers themselves. That’s where a medical billing partner may help by ensuring that all contracts are arranged on terms that assure your practice’s profitability.

Are the RCM resources robust enough?

Medical billing and collections in the revenue cycle management is an area where more help is required. Your organisation is at jeopardy if you don’t have a good billing system in place:

• Incorrect claim coding

• Inadequate account collection management

• Significant income loss, reducing the profitability of your practise

If you’re lacking in these areas, your practise is likely to be experiencing revenue loss. Using the services of an experienced medical billing business allows your staff to focus on treatment while leaving these hassles to the professionals.

Are we well versed with data?

Data is used by successful practises to influence business choices and support strategic planning. It’s impossible to comprehend revenue leakage in your practise if you don’t know what’s going on with accounts receivable. Every practise should have access to this information.

• What is the acceptable collection percentage?

• How successfully do they collect from government payers? 

• How well do they collect from commercial payers and private insurance companies?

Now that we have helped with where to begin in order to understand revenue leakages, here are common causes for the same.

Inaccurate Enrolment Date

One of the most significant assets in the delivery of patient care is provider data. All IT systems (EMR, credentialing, marketing), patients, and payers are consumers of provider data. Poorly handled provider data causes revenue cycles to be delayed, has an impact on clinical quality, poses a compliance risk, and has a poor marketing impact (referral and patient). Filling out provider enrolment forms completely and accurately is a crucial step for medical clinics. When claims are filed without complete and/or accurate information, Medicare, other commercial payers will deny them. In that instance, your billing team will have to work even harder to collect what the practise is owed.

Lack of Real-Time Data

If hospital management does not have access to real-time data, they risk making decisions that are not well supported by data. Administrators can have access to real-time data via PARAS. This enables them to prevent income leakage in the healthcare industry before it occurs. The ability to view all data in real time cuts discharge time in half and improves the patient experience at the hospital.

Inadequately Trained Coders

 A practice’s lifeblood is medical coding. That is how billable income is generated from the services you supply. Payments may be delayed, refused, or limited if incorrect code is not provided. At a bare minimum, your coding process should involve qualified coders who are well-trained and experienced and who keep up with the various updates issued by the Centres for Medicare & Medicaid Services on a regular basis. A practice’s lifeblood is medical coding. That is how billable income is generated from the services you supply. Payments may be delayed, refused, or limited if incorrect code is not provided. At a bare minimum, your coding process should include trained and seasoned coders who keep up with the various modifications made by the Centres for Medicare and Medicaid Services on a regular basis.

Unbilled Claims

Errors can cause claims to go unpaid or become trapped in medical billing software. Scrubbing functions are available in various medical billing software packages, which indicate problems in claims before they are submitted. Claims that are stalled owing to a scrubbing issue never make it to the clearinghouse and may go unbilled. By evaluating reports of patient appointments, treatments completed, and the quantity of claims submitted, unbilled claims can be detected.

Underpayment

The majority of doctors are unaware of a cost structure for different operations. Depending on your contracting agreement, various payers may pay you differently for the same procedure. Planning and updating your charge schedule with diverse payers will help you minimise underpayments. Seek professional help when it comes to negotiating with payers and determining your charge schedules.

While these are some of the reasons for revenue leakages, it is important to ensure a robust in-house team who can help salvage situations. Are you dealing with incompetent billers and coders? Info Hub, an offshore outsourcing medical billing company can assist you with its expertise of AR callers, highly trained coders. Our team comes with immense experience in making sure your practice does not experience revenue leakages owing to any of the potential causes.

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3 Best Practices to Recover Revenue in Account Receivables https://infohubservices.com/blog/top-3-best-practices-to-recover-revenue-in-account-receivables/ Fri, 08 Apr 2022 07:42:13 +0000 https://infohubservices.com/?p=45630 Setting up a strong account receivables (AR) management strategy is important for a successful practice. Is the number of denials and write-offs escalating out of control? It’s possible that your accounts receivable plan has to be re-evaluated. An efficient healthcare AR strategy can result in speedier payments and improved financial performance, but where do you begin with such a complicated procedure as AR?

What is Account Receivables?

The sum due by healthcare providers for services performed to patients is billed to insurance companies. This is referred to as the accounts receivable procedure. In most cases, AR days are derived by dividing cumulative account receivable days by daily charges. If account receivable days exceed 30 days, payments to healthcare professionals will be postponed for at least 30 days. In fact, AR is divided into age groups – the time it takes for healthcare practitioners to bill their claims to insurance carriers and for the outstanding amount to be reflected.

Common Challenges in Optimizing Account Receivables

When healthcare providers do not get revenue reimbursements on time, their account receivables rise. Recovering money from individual patients puts a greater strain on medical providers’ accounts receivable operations. Missed collections during visits, individuals deferring payments owing to financial difficulty, the unpredictability of AR length, and other issues must be dealt with by providers. If accounts receivable ageing surpasses 90 days, revenue cycle management organizations and healthcare providers are likely to lose money and their claims will not be paid. The following are the most prevalent issues with significant account receivables:

1. Claim Denials

2. Unjustified write-offs

3. Debts that aren’t up to par

4. Collections

Many medical providers find that evaluating their systems is one of the simplest ways to enhance their accounts receivable. ARs gather, age, and turn into revenue loss when process errors and blunders go unchecked. A few pointers can help revenue cycle management organizations overcome some of the most prevalent account receivable issues and recover payments without incurring any revenue loss.

A/R Tracking

Keeping track of your accounts receivables on a monthly basis provides suppliers with the data they need to identify customers who are at risk of losing revenue and adding to bad debt. Providers can evaluate ARs over time to spot potentially dangerous trends, and identify any remaining reimbursements that are relatively simple to resolve.

Providers should examine their AR data to identify how old their borrowers are and what their collection rates are. These two measures give you an overview of your provider’s AR cycles and whether they’re on the correct track. The number of ARs in each age group is revealed via aged debtor reports. The success of providers in turning ARs to payments in a fiscal period is measured by collection rates.

Providers must conduct reports to identify their average AR cycles while tracking accounts receivable. Is there a lapse between giving treatment and billing patients? Because longer ARs are more likely to be forgotten by patients and may go unpaid, getting the cycle started as soon as possible can prevent them from ageing past collection. Identifying the period of various steps of the AR cycle can assist providers in determining where improvements might be made.

Identifying Root Cause of Denials

The second AR recovery approach is to figure out what’s causing your denial patterns. When dealing with insurance claim denials, it’s critical to discover payer trends as well as the fundamental cause of denial trends so that action plans may be put in place to prevent future denials. Although all payers utilize the same CAS Codes, not all payers use them in the same manner. Assess CAS Codes by payer group and link CAS Codes depending on your understanding of the payer. You can fix several rejections quickly if you recognize payer patterns, and start investigating the fundamental cause of the denial.

Making it Right in First Attempt

It’s vital that clinicians obtain accurate patient data and submit the right claims in the first time itself. From the start, inconsistencies and errors set physicians up for insurance claim denials and longer AR cycles. The most significant challenge to medical claim payment is unverified insurance. From a revenue cycle standpoint, collecting the most accurate information up front begins with patient scheduling and registration, which lays the foundation for claims to be paid and received in the most efficient and productive way possible.

Optimizing your accounts receivable in healthcare necessitates proactive revenue cycle management and the elimination of any process inefficiencies. Investing time and effort into improving administration, running AR reports, and tracking claims can help healthcare providers recover revenue that would otherwise be wasted.

Medical billing and A/R outsourcing companies like Info Hub can use their knowledge and big data analytics to pinpoint where providers are having the most trouble with their accounts receivable. Integrations with your electronic health records to capture all charges, ensure code accuracy, and automatically resubmit rejected claims, eliminate many of the administrative problems that might occur during the revenue and accounts receivable cycles. Contact us to partner with our professional team of A/R specialists from Info Hub.

Read More Blogs: Importance Of A/R Follow-Up And Denial Management

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Proven Strategies to Boost Billing Efficiency https://infohubservices.com/blog/proven-strategies-to-boost-billing-efficiency/ Tue, 10 Aug 2021 05:07:18 +0000 https://infohubservices.com/?p=1294 It is a weird paradox. As the healthcare sector is transiting towards integrated and cost-effective business models, the revenue cycle of the practices is becoming more fragmented and expensive.

Drastic cuts in payer reimbursements increase patient payments, and ever-changing regulations are complex, traditional, and outdated approaches to RCM. Thereby, according to a PwC survey, 50% of Americans rate the hospital services as poor simply because of affordability and the non-transparency of the pricing policy.

To survive in this new economy, health care providers should drive their focus towards patient care. But simultaneously, there are medical bills to be paid to keep the lights on! Fortunately, exemplary patient care and a healthy revenue cycle are no longer mutually exclusive terms. There are well-proven ways of building a sustainable and strong revenue cycle while still paying attention to patient care.

Here are the five proven strategies by which you can stay successful in your practice amidst the patient-directed healthcare environment.

1. Automate your Healthcare Billing for Efficiency

You can turn your healthcare billing into more efficient processes by adding automation software to your medical certain crucial tasks. You can get the most out of your EHR software and medical billing by automating few tasks such as coding updates, payment reminders, individual claims filing, and alike. Adopting such automation for time-consuming and smaller tasks can give your employees ample time to focus on other crucial and bigger administrative tasks, thereby benefiting your revenue cycle.

2. Stick to a Clear Collections Policy

Without a clear collections policy, there is no way to streamline your medical processes as there is no map to follow. To get the payments faster, the best way is to make the collection process easier. If your patient is paying out of their pockets, make sure to collect the amount at the time of service instead of billing them later.  On the contrary, if they have co-pay, ensure to collect that before the patient sees the doctor.

Regardless of the collection policy, make sure to be consistent and transparent while enforcing it. But simultaneously, you should also focus on maintaining a positive relationship with your patients. Any aggressive collection policy can create frustration or distrust amongst your patients, thereby damaging the patient-provider relationship.

3. Keep your Patient Records Updated

To maintain the healthcare billing efficiencies, you need to keep all your patient records accurately updated. The key for efficient billing includes having the patient’s full name, current address, date of birth, phone numbers, email address, and work-related information. All this information is obligatory for you to submit the claims to the insurance payers and collect the payments. As long as you use secure systems, do a standard practice to collect frequent patient data and ask about any amendments in the already collected information or insurance coverage when they check-in for an appointment.

4. Identify Problem Areas by Tracking the Denials

A smart move to make billing more efficient is to invest in a system that can track the denials in your submitted claims. Whenever you get a denial, make sure to note down the reason why that claim has been denied. Moreover, you should note which payer has denied the claim as every payer has a slightly different way of processing the claims. Keeping track of all these denials will help you identify the most common causes and errors to improve your further processes. Some of the most common reasons for claims denials are:

  • Lack of sufficient supporting documentation.
  • Improper coding for equipment or services used.
  • Lack of proper credentialing.

5. Dealing with No Shows

One of the biggest challenges for medical center RCM is dealing with no-shows by the patients after booking the appointments.  As per the statistics, approx. 10% of such patients don’t show up for their booked appointments every year. Thereby, this can cost you thousands of dollars every year, demanding certain steps to address this teething issue. This can be dealt with by setting up a reminder call with the patients before their appointments or sending personal emails to the patients by the doctors.

Bonus Tip

The best way to boost the billing efficiency is to outsource the billing process to Info Hub – an offshore medical billing company in India. In fact, it is the most cost-effective solution for your practice as around 60% of the operational costs are usually spent on paying the in-house medical billing team. Partnering with the Info Hub as one of the best medical billing companies in India is an investment that can bring a marked change to the revenue cycle process of your practice. Our team has the necessary expertise to optimize your billing procedures. Moreover, we opt for an intuitive approach to ensure the best solution to any medical billing issues.

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