One of the primary goals that US medical billing companies should set and work towards it in 2019 is improving the efficiency of revenue cycle management. It is estimated that more than $100 billion dollars of revenue is left uncollected due to various factors like medical billing and coding errors, introduction of new medical reforms, and AR pileup. To avoid this situation and maximize revenue, it is necessary that US medical billing companies analyze the source problem and come up with new plans. This article discusses 5 important medical billing strategies that will help improve your revenue cycle management:
Enhance Front-office Operations:
The first and the foremost strategy that medical billing companies should implement is improve their front-end operations. By carrying out all front-end services properly, billing companies can avoid the errors happening in the back-end operations. It is found that 90% of the claim denials are preventable as they are a result of improper front-end operations such as incorrect patient demographics, insurance, and eligibility verification. If Providers streamline these operations, then most of the claim denials can be avoided thereby improving the revenue cycle management.
Eradicate Medical Billing and Coding Errors:
The next best thing that medical billing companies can do is streamline their medical billing functions. It can improve the revenue cycle management to manifolds. Since the migration from ICD-9 to ICD-10-CM classification system happened, there has been an increase in medical billing and coding errors. The in-house billing staff needs ample training on the new coding set. If not, so many claim denials might occur due to incorrect modifiers, missing diagnostic codes, and erroneous codes.
Invest in Automation:
Investing in automated systems is the next best strategy to enhance the revenue cycle management of medical billing companies. These advanced technological and software systems can save on labor costs as well as decrease human errors. Investing on the right techno solutions is also important. Therefore, choose wisely!
Prompt Handling of Denied Claims:
Most medical billing companies neglect the denied claims and focus more on processing new claims, which is wrong. Once a claim is denied, the staff must immediately analyze the reason for denial, correct the errors and re-submit it. This strategy is called quick handling of denied claims. It can avoid AR pile-ups thus enhancing the revenue cycle management process.
Analyze Areas of Improvement:
Learning from the mistakes is the best way to improve the efficiency of an organization and its revenue cycle management. Therefore, it is a good practice to track the performance of all the in-house operations and analyze the areas of improvement. Conducting audits can help track performance. This way, medical billing companies can identify problem-occurring areas, see if there are any specific patterns forming and work towards the improvement.
About e-care India:
Following these five strategies can help medical billing companies to improve their revenue cycle management. However, it involves a huge dedication, man power and investment. Instead, they can choose to outsource some of their billing functions to an offshore vendor who follows these strategies. E-care India is the most desirable offshore medical billing company that works extremely to improve its clients’ revenue cycle management. The Disaster Recovery Center in e-care will make sure that business continues even during emergency times. Acting like a virtual back office from India, e-care will continue to provide its endless support 24/7. To know more about e-care and its services, log on to www.ecareindia.com.
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