The ever-changing healthcare landscape means the billers also have to continuously keep update their skills and concepts to stay on top of the changes and 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 and every claim should be 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 re-worked resulting in 5-7 % loss of potential revenue. When you have too many denials your revenue can pretty easily get locked in the Accounts Receivable and that can have serious impact to your cash flow.
Topics: Effective AR Management, Accounts Receivable Management, Cosentus News, Medical Coding- Optimization, Contract Negotiation, Urgent Care Industry, Revenue Cycle Management, Medical Billing Services, Healthcare Revenue Cycle Management Services, Medical Billing Company in Orange County, Medical Billing Services Provider, Leading Medical Billing Company, Medical Billing and Coding, Medical Coding
The Urgent Care industry is going from strength to Strength. What’s been driving this growth is their ability to provide affordable, efficient and quick medical care. This trend is sure to continue and as per projections the industry will hit $21 billion by 2020.
On one hand the industry is booming and on the other hand a lot of clinics are complaining of shrinking profit margins. A lot of this has to do with the inefficiencies in their revenue cycle management processes. The challenges are many ranging from technological deficiencies to lack of billing & coding expertise. Urgent Care clinics must pay close attention to their revenue cycle performance for them to continue being profitable. Cosentus believes every Urgent Care clinic must pay close attention to these 4 areas for maximize their revenue.
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.
Documentation – Be extravagant with your Documentation!
What Cosentus recommends for a robust documentation Strategy
Workflow – When was the last time you restructured your Coding Workflow?
What Cosentus recommends for an improved workflow Strategy
Skilled and Certified Coders – Deploy learned and certified coders only!
What Cosentus recommends as the essentials for a truly learned and certified coder Strategy
Specificity – Key to success lies in the detail!
What Cosentus recommends for specificity coding Strategy
Compliance Program – Staying out of harm’s way!
What Cosentus recommends for a strong coding compliance Strategy
Optimizing the efficiency and effectiveness of your revenue cycle operations must be the words buzzing across the boardroom of your healthcare organization every time all the stakeholders converge there. Medical Coding optimization of course cannot be ignored in this consideration, as it lays foundation for performance of other revenue cycle optimization strategies in the constant pursuit of this core business goal. Sustained revenue recognition can be greatly contributed by accurate coding. So, if your coding is accurate, your cash flow is most likely to be consistent, right? But, it is simpler to put it like this, than accomplished. Attaining consistent best coding outcomes requires methodical attention to various parts of this game on a continuous basis.
Cosentus makes an attempt through this White Paper on explaining some of those Medical Coding Optimization strategies that if paid invariable heed to can always keep your healthcare organization’s cash cycle hale and hearty!
Topics: Medical Coding- Optimization