Topics: Effective AR Management, Accounts Receivable Management, Urgent Care Centers, Urgent Care Industry, Revenue Cycle Management, Medical Billing Services, Healthcare Revenue Cycle Management Services, Medical Billing Company in Orange County, Medical Billing Services Provider, Medical Billing and Coding
Topics: Accounts Receivable Management, Revenue Cycle Management, Medical Billing Services, Healthcare Revenue Cycle Management Services, Medical Billing Company in Orange County, Medical Billing and Coding, Medical Practice
At Cosentus, we often sign new clients who have a very messy accounts receivable. Sometimes these clients will tell us that they are barely able to stay afloat, as their medical billing company has not been billing their charges out or they do not refile claims or work denials. These troubled practices are only able to notice the lack of performance once their cash-flow has been negatively impacted. However, in our experience, there are predictable signs of an upcoming crisis thatoften start a good 6-8 months before your cash-flow is disrupted. In this day and age, you must outsource your billing, but alsoreview the performance of your medical billing company every now and then to make sure they are doing their expected job.
Often times, medical practices are not even aware of any problems in their revenue cycle management until they begin to lose money. Most times the practice administrators will want to ask questions or review the performance of their billing service, but do not know the right questions to ask and are not aware of how to investigate and ensure their revenue cycle is being managed efficiently. Cosentus has put together a list of 5 warning signs to watch out for, along with the right questions to ask your billing service.
The two most integral positions in the success of any healthcare practice are the physician and the medical biller. While the physicians work hard to provide the best care to the patient, it is expected of the biller to ensure optimal reimbursement for the physicians. We continuously speak toindependent physician practices and are often told that their practice is consistently losing money! Some would say too many claim denials are rocking their boat. Others would say the AR is so out of control. This is certainly not acceptable, but the real question is... Why does this happen?
Topics: Accounts Receivable Management, Urgent Care Industry, Healthcare Revenue Cycle Management Services, Medical Billing Company in Orange County, Medical Billing Services Provider, Leading Medical Billing Company, Medical Billing and Coding
Here at Cosentus, we bring you fresh perspectives, effective advice, and applicable tips for fully optimizing your revenue cycle and maximizing collections for your medical practice. By following these tips, you willsignificantly improve cashflow for your urgent care center, anesthesia practice, orthopedic clinic, or ASC.
Topics: Cosentus News
Cash flow is the lifeline of any business, and an independent medical practice is no different. As a practice owner or administrator, the best way you can ensure consistent and increasing cashflow is by preventing your revenue from being locked in denials. Management of denied claims is important and will remain so, but the main focus needs to shift from management to prevention. The benefits of this shift are immense but so are the challenges of eliminating the traditional retroactive approach.
According to industry sources, 90% of all claims denials can be prevented. However, for this preventive mechanism to work and deliver optimal results, all departments in the revenue cycle need to collaborate and work cohesively. Once you have seamless & effective practices implemented throughout processes such as patient access to claims submission, you will reduce your future denial rate by 50-60% and enjoy sustained cashflow.
In this article, you will learn the 4 critical steps required to implement preventive denial management.