Timely retrieval of Medical Records is fundamental to successful Revenue Cycle Management (RCM) and also to plan patient procedures based on the previous health history. The availability of proper Medical Reports or documents is crucial to perform effective Medical Billing and Coding. Being negligent in Medical Records Management not only impede in patient treatment but also affects claim reimbursement and Providers revenue. Therefore Medical Records Management is indispensable and as essential as any other scope of RCM Services.
Understanding the importance of Medical Records with its significance in providing right treatment and patient care and the major impacts in Medical Billing and RCM is crucial to ensure safe and secure management of Medical Records. This explains why the U.S. Federal government has made it a compulsion to retain the Medical Record of every patient for minimum of 7-10 years. See below the how medical records management plays a vital role in patient care and medical billing:
- Medical Records are primary requirement to ensure quality treatment and Accurate Medical Billing.
- Improper or insufficient Medical records can hold back a physician from understanding the Patients health history thereby affecting the quality of Medical Procedures and treatment rendered.
- Complete and Accurate medical records is also mandatory for Medical Billing and quality claims processing for increased first pass ratio and higher reimbursement.
- Incomplete documentation of lack of proper medical reports can lead to claim denials resulting in loss of payment for the physician.
- Well-organized Medical Reports does not only result in Quality Patient care and Enhanced RCM services but also helps in easy retrieval of age old reports as and when required, thereby smoothening day to day works in the medical Practices.
Benefits of Medical Records Management
Many practices have shifted to Electronic Medical Records (EMR) or Electronic Health Records – EHR, which further more simplifies the process of Medical Records Management.
Medical Billing and EMR are highly cohesive to the extent that without proper EMR or EHR efficiency in Medical Billing can mean impractical. Upgrading the billing system with a suitable EMR can help in improved indexing of Medical Records. Listed below are few benefits of Medical Records Management.
- Saving medical reports or related documents from getting missed or lost
- Easy Retrieval of Medical Report as and when required
- Proper indexing and management of Medical Records in Chronological order
- Centralization of Medical Records along with all supporting documents like test results, billing summaries, Prescriptions, patients details and insurance related information available at one location.
Outsourcing Medical Records Management
Given the complexities involved in managing the huge backup of patient records maintained over ten years can be challenging for any practice and physician which makes them turn towards outsourcing Medical Records Management Services. Moreover, researches have proved that outsourcing Medical Records management guarantees the best results in comparison to handling it in-house.
About MGSI
MGSI is a 25+ year old Medical Billing Company in Tampa, Florida. MGSI has excellent client retention records with over 100+ clients and guarantees maximum ROI and quality claims processing. To know more about MGSI and Medical Records Management Services call – 1-877-896-6474 or log on to MGSI.