Tag Archives: Revenue Cycle Management

Are You Avoiding These Patient Collection Mistakes?

Is A/R soaring and becoming unmanageable for your practice?

If the answer is yes, then you need to stop making accounts receivable mistakes and start managing practice collections in a smart manner. According to a survey conducted by the MGMA (Medical Group Management Association), practices generate approximately 25% of their revenue from patient payments. So if your practice is failing to collect these payments on time, you might end up experiencing a significant loss of revenue.

When it comes to the collection of patient co pays and deductibles, medical practices are always caught in the crosshairs. Therefore, it becomes necessary to have an effective patient payment strategy in place so that the workflow of the practice is streamlined.

How can DME Providers Survive in 2018 with Accurate Medical Billing Services?

DME billing is complex in nature- this is something that almost all practices dealing with durable medical equipment will agree with. Quite often, providers get substantial orders for supplies but they fail to recover the expected revenue due to inexperienced billing staff and their inability to work around an effective DME revenue process.

Error-free billing for durable medical equipment is critical because even if one medical device is billed incorrectly, it will result in a loss of thousands of dollars. Also, unlike most clinical procedures, DME billing suffers from various challenges. For instance, DMEs are mostly ancillary services and are often deemed as medically unnecessary. Also, at times, prescribed DME doesn’t meet the permitted reimbursement level and if there is a lack of HCPCS (Healthcare Common Procedure Coding System), then also timely payments become a challenge.

Why Should You Outsource Your RCM Needs?

The process of medical billing and collections is becoming daunting for medical practices with various coding and regulatory changes taking place. With the billing scene changing so fast, many providers are choosing to outsource their RCM needs to a third party also because managing it profitably in-house is getting difficult with every passing day.

Outsourcing has become quite an appealing trend that is showing no signs of waning soon. Since it is hard for physicians to stay aware of what’s going on in the billing side of things, it is better to let an expert team handle the task.

How Can Your Back Office Staff Help In Billing?

When it comes to collecting co-pays, checking in patients and verifying insurance, the front desk staff has a vital role to play. The front desk also has a role to play in medical billing and collections for the practice. But even the back office does a lot of heavy lifting for billing and collections. So not just front-desk but back office staff also need to be experienced and well-trained.

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Here are some of the ways in which providers can get their back office team to bring their best game of collections and medical billing efforts:

Say Goodbye to Mental Health Billing Woes With 247MBS

As one of the leading providers of medical billing services, 247MBS has been helping mental health experts improve their collection rates and streamline their revenue cycles.

From handling insurance claims processing and payment posting to conducting unpaid claims follow-ups and verification of benefits, the expert team of coders and billers at 247MBS has been providing comprehensive services to clients across the US.

The team at 247MBS has expert knowledge of the latest insurance rules, coding requirements and government regulations that helps ensure the financial health of medical practices in a fast and efficient manner.

Avail 1-Month Free Mental Health Billing with 247MBS

In an effort to provide top-notch billing solutions and to help mental health experts get paid on time, 247MBS, a leading medical billing company has announced its 1-month free billing offer. With this exclusive offer, 247MBS intends on helping providers survive complex billing challenges and get paid on time.

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Healthcare expert at 247MBS- “Due to the recent changes in procedure and diagnostic codes, several challenges have cropped up for mental health billing. Even variability in requirements across public and private insurers has posed issues for providers. This is one of the main reasons why managing medical collections has turned into a burden for practice owners. To help providers overcome this challenge, we have come up with this offer. For an entire month, a dedicated team will be assigned to our clients and they won’t be charged for the services.”

How Do The Medical Billing Cycles Work?

For healthcare providers, the medical billing cycle is based on code sets, especially the ICD-10 code set.

There are several steps involved in the billing cycle, registration of patients, conformation of financial responsibilities, patient check-in and check-out, preparation of claims, checking compliance, transmission of claims, monitoring adjudication, generation of patient statements and follow-up on patient payments.

To get paid on time, it is necessary for practices to hire a reliable billing company such as 247MBS that follows a streamlined method of billing. Reputed billing companies work with well-trained billers who complete every step of the billing cycle with precision.

Who Creates And Maintains Medical Billing Codes?

When it comes to creation and maintenance of medical billing codes, then the AMA (American Medical Association) handles the same. The ICD Codes are maintained by the WHO (World Health Organisation).

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The advisor panel at the AMA reviews and updates the codes on a yearly basis. CPT or Current Procedural Terminology is regulated by the AMA and Fee Schedule decides how much should be paid for each CPT or service. It is important for the medical billing companies to follow the trends that are set by the American Medical Association.

Who Are The Leading Providers Of Outsourced Medical Billing?

This is quite a tough question to answer because there are several billing companies doing credible and good quality work across the US. To a great extent, choice of a Medical Billing partner can depend on the requirements of the practice.

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However, irrespective of the what the practice needs are, it is recommended to hire a billing company that offers customised solutions.

For instance, billing companies like 247MBS offer top-notch, customised solutions to practices of all sizes. They have a team of experienced billers and coders who are well-trained and certified. It is very important to hire a billing company that has experienced billers who can deliver results.

What Are The Benefits of Outsourcing Medical Billing And Coding?

Many practices are skeptical of Outsourcing Medical Billing and coding services because they feel they won’t be in control of their revenue cycle.

What they fail to realize is that if they have partnered with a reputed company such as 247MBS, they cannot only get paid faster and boost revenue but also reduce overhead costs and get more time to focus on delivering quality care.

A good Medical Billing Company will help practices stay in complete control over their cash flow. From improving revenue and offering tangible results to identifying issues and working on them, there are several different ways in which medical billing outsourcing can benefit a medical practice.