Getting due payment or reimbursement without any shortfalls is a primary focus for any Physician or Medical Practice. However real-time scenarios can give a different picture with reasons such as low paid, rejections, denials and payment delays. While getting 100% timely payment for all claims processed might seem impractical, working towards achieving maximum reimbursement within the turnaround time (TAT) and assuring internal quality standards are getting affected should help keep your practice financially evergreen. Discussed below are few points to Improve and standardize Medical Billing Collection.
Revenue Cycle Management Services
Attention to complete Revenue Cycle Management right from Patient registration to payment collections focusing on areas pulling down the process quality for improvement and engaging in strategical methodology to gain payable collections can help achieve financial goals. Listed below are the benefits for effective RCM Service:
- Quality Billing and Coding
- Reduced Denials and Maximize Collections
- Faster claims processing and regular cash flow
- Effective AR follow up and Denial management to ensure payment dues are collected with TAT
- Software and specialty-based expertise enhancing business growth
- Support with non billing-related functions such as Physician Credentialing, Practice Management, Healthcare Contract Management, Practice Analysis and Audit
- Standardization of complete process and set up resulting in maximum ROI
- Streamline process approach fetching Quality and seamless billing functions across all scopes.
Effective RCM can be the first step towards improving Medical Billing Collections. Understanding RCM services to the fullest and focusing on areas lagging and suspending the process flow or revenue are crucial steps. Check out the below mandatory process in Medical Billing to ensure cleaner claim submission
Insurance Eligibility Verification
This process helps eradicate maximum errors causing denials as it does complete verification of the patient personal and insurance information checking out for accuracy and completeness and correcting them. Insurance Eligibility Verification should essentially be the first step for effective RCM and maximum Collection.
Billing and Coding Audit
Internal audits help maintain the quality percentage and standardization. Auditing Medical Billing and Coding files consistently tracks recurrent denials reasons, and aid curbs them at once. Claim audit is the best solution to fix claim denials.
AR Follow-up and Denial Management
Tracking claim denials and focusing on immediate steps to check out denial reasons, corrections and re-appeal within the timely filing limit are mandatory to ensure payment due is collected on time.
Experienced Billing and Coding Staff
Having an experienced and efficient billing and coding team indirectly reflects in increased quality and reduced denials. Billers and coders who are well versed with related guidelines and client-specific protocols can produce cleaner claims and quality billing. Therefore have a strong and established team is essential for any practice and billing process.
Outsourcing RCM Process
Current trend of increase in Outsourcing Billing is proof that Outsourced Billing Services are comparatively more productive and profitable. Benefits of Outsourcing your Medical Billing and Coding to a Billing expert can fetch better financial performance under control operational cost.
About MGSI
MGSI – National Medical Billing Company located in Tampa, FL has been providing complete Revenue Cycle Management Solutions for more than 25 years. MGSI is a multi-specialty Medical Billing Company providing ceaseless Billing Services to Physicians, Practices and Medical Groups. Partnering with MGSI guarantees a 95% first-pass rate with 96% claims paid within 30 days. To keep your denials under control and increase collections reach out to MGSI at 1-877-896-6474 or log on to www.mgsionline.com