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.   

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. 

The ever-changing healthcare landscape means coders and billers also must continuously update their skills and concepts to stay on top of the changes to make sure they are not leaving money on the table. With the introduction of EMR and advanced practice management software, the general belief is that the standards of billing and collection will be like never before - with every claim being billed out accurately and collected upon in a timely manner. Unfortunately, according to industry sources, independent medical practices are still leaving as much as 30% potential revenue on the table due to the inefficiencies in the billing and collection process. This happens because the rejection and denial rate is still too high and almost 50% of denials never get worked resulting in 5-7% loss of potential revenue. When you have too many denials your revenue can quickly get locked in Accounts Receivable creating a serious impact to your cash flow.

Cosentus is a leading medical billing service provider having optimized the billing and collection processes for numerous practices, enabling them to maximize their revenue and get rid of their cash flow issues. The purpose of this article is how you can implement these basic changes to your existing billing process and see your revenue grow by 25-30%.

As COVID-19 has been officially declared a pandemic, we have seen overwhelming reactions from the community - ranging from nonchalant to full on panic-mode to everything in between. Schools, business, and events have been canceled, the threat of a monetary downfall is real, and unfortunately this has opened the door to struggles with obtaining basic supplies while others stockpile and exploit their neighbors. Fear and anxiety can be very overwhelming for adults and children alike, and we seem to forget that everyone reacts to stressful situations in different ways. Remember - different does not mean wrong, it simply means different. By allowing people to process their emotions and work through the situation, we allow the emotional healing process to begin and we allow our community to heal from within.

According to a survey this year, independent medical practices leave 25-30% money on the table. Medical Billing has seen serious advancements in the past decade, with cutting edge technology now available to optimize each aspect of your medical billing and coding, however the results are far from satisfactory. One big reason for this disappointment is the failure on the part of the medical billing service providers to align focus with the financial goals of the healthcare practice. 

Cosentus is a leading provider of optimized medical billing services for independent medical practices. According to us a fully optimized healthcare revenue cycle management process, needs to have these 6 basic elements as an integral part.

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6 Tips to Optimize Medical Billing for Maximized Collections

The market is becoming more and more competitive and for an Urgent Care clinic to stay profitable and continue to maintain a positive cash flow, the revenue needs to be keep increasing. The scope and perception of urgent care clinics has changed and with this change, as a practice owner/ administrator you will need to invest in new technology, counter rising rent, hire qualified staff and all this can start adding up pretty quickly. So there has to be a continued focus on revenue generation. Cosentus has put together the following 5 tips for you to maximize your revenue.

Cash flow is the lifeline of any business and an independent medical practice is no different. As a practice owner/ administrator the best way you can ensure this, is by preventing your revenue from being locked in denials. Management of denied claims is still important and will remain so, however the focus needs to shift from management to prevention. The benefits of this shift are huge but so are the challenges of eliminating the traditional retroactive approach.

According to industry sources 90% of all claims denials could be prevented. However, for this preventive mechanism to work and deliver best results, all departments in the revenue cycle need to collaborate and work in cohesion. Once you have cream of the crop practices implemented throughout the processes from patient access to claims submission, you can reduce your future denial rate by 50-60% and enjoy sustained cash-flow.

Table of Content

                             Overview

                      Key#1 Code It Right

                      Key#2 Submit Clean Claims

                      Key#3 Correspondence Is For A Reason

                      Key#4 Effective Denial Management

                      Key#5 Payer Contract Enforcement

                      Key#6 Stick to the Follow up Promises

                      Key#7 Stay on top of your Credit Balances

Overview

Arguably the trickiest piece of the puzzle, Accounts Receivable Management is the holy grail of RCM business. With everything that can be done to send out the cleanest of claims in a timely manner, the insurance would still deny a whole bunch of them for a variety of reasons & it takes skills, understanding & expertise with a consistent ability to keep working on them to resolve such claims. The ever-so-changing healthcare landscape has more dynamic forces working right now, with the ICD-10 in place and several looming changes to the Medicare, Medicaid, and the CHIP plans .

As a result, the Accounts Receivable for an independent practice keeps growing but the reimbursements keep shrinking. According to industry sources most practices, unfortunately, leave as much as 30 % potential revenue on the table. The onus of providing the best care to the patient is demanding & on top of it the pressure of converting the AR into cash flow makes it far from ideal. Payer policies around coding, payer contracts, denials, correspondence coming from the payer they all need to be accounted for to make sure the AR is within the control and the cash flow is optimized.

Per some industry estimates, many leave an average of 25 to 30% money on the table. According to industry sources, this happens because almost 50 % of denials never get re-worked resulting in a 5-7% loss of potential revenue. The primary reason being the lack of time & knowledge to effectively dispute this. Not to mention the cost to collect on these claims & it can add up fast.  

In this white paper, you will learn how by incorporating some industry approved best practices you can stay on top of your accounts receivable and optimize your collections with the potential of up to 25-30 % additional revenue.

We bring you fresh advice and actionable tips for fully optimizing your revenue cycle and maximizing collections for your medical practice. By following these tips, you can significantly improve cash-flow for your practice while your focus still firmly remains on providing best medical care to your patients.  

We bring you fresh advice and actionable tips for fully optimizing your revenue cycle and maximizing collections for your medical practice. By following these tips, you can significantly improve cash-flow for your urgent care center, anesthesia practice, orthopedic clinic or ASC.