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%.