#ASC Billing in Pennsylvania

[jennyvergeese]

Accumulated AR- Reasons & Solutions?

An important question that several practices across the US don’t have a clear answer to is- “Why aren’t we collecting more of our A/R?” Lack of efficient revenue cycle and a process for monitoring A/R days are two main reasons why they fail to maintain good finances.  

Where practices lack?

•     Most A/R managers fail at monitoring the performance of their A/R efforts and solving potential collection problems.

•     Most practices struggling with A/R lack a robust process for analysing denials. They don’t have denial managers who can look at denial reasons, fix them and make necessary changes to the process.

•     A/R days increase if there is less or no team effort. Practices need to work on a team approach because every staff has an impact on the ability to collect on a claim.    

•     The optimal range of days outstanding should be 45-60 days. This isn’t achieved easily by most practices because accepting payment at the time of service isn’t commonplace.  

 What is the solution?

In order to improve medical billing and coding processes and boost year-end collections, it is very important to clean up the A/R. This will help your practice refresh records for the coming year and maintain a steady cash flow.

 Here are some of the ways in which your practice can avoid accumulation of A/R days and get timely payments:

•     Regular A/R analysis is extremely important if you want to decide whether you want your billers to chase old claims or just make necessary changes and move on. This analysis will also help in resolving errors in claims.

•     It will be necessary to make the revenue cycle more front-end driven so that clinical setting and administrative work can remain separate. You will need expert front-desk staff for error-free insurance verification and obtaining pre-authorisation upfront. These things will help in preventing claim rejection and keep A/R days in control.

•     You can have an experienced A/R manager on board to analyse denials and implement the right solutions in problem areas. Even hiring a reliable medical billing partner can help manage claims processing and payments effectively.

•     As a practice owner, you will have to work on factors that can affect A/R negatively, such as IT problems, lack of trained personnel, less or no communication between revenue cycle departments and so on.

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow doctors to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[health28]

PA Health Care Facilities Act Amended to Permit More Procedures at Ambulatory Surgery Centers (ASCs) and Align with CMS Covered Procedures List

PA Health Care Facilities Act Amended to Permit More Procedures at Ambulatory Surgery Centers (ASCs) and Align with CMS Covered Procedures List

Irwan iwe, Unsplash On July 11, Pennsylvania Governor Tom Wolf signed Senate Bill 818 (“SB 818”) into law, which amends the Health Care Facilities Act to expand the number of procedures that may be performed in an ambulatory surgery center (“ASC”) and to establish shorter timeframes for Department of Health responses to requests for exceptions and waivers. The new law expands the list of…

[itsworn]

Brilliant in Blue Deuce Roadster Is Packed with Traditional Vibe

Vision; it’s what drives hot rodders to create something from scratch, often starting with a blank canvas. The imaginative part of the equation often rises from a pile of parts, many times assembled by canvassing an endless string of swap meets to locate just the right combination of bits to bring something to life. Regardless of whether you have designs on building a traditional-styled car, one with contemporary flair, of something in between, one thing for sure is that something or someone inspired you to do so.

Many times once a project gets started it gains momentum and continues onto completion, however on occasion there are times when they sometimes get stalled, needing someone else to bring them to completion. For Bill Towers of Milford, Delaware, hot rodding runs deep in his blood—ever since being introduced to hop-ups over 50 years ago by his dad. As early as 1958 his memories revolve around regular family trips to Georgetown Speedway to watch stock car racing at its finest while also building scale kit models of his hero’s rides at the kitchen table. By the age of 16 he began a racing career spanning 20 years where he raced everything from stock cars to Sprint Cars at numerous tracks. The other side of the coin was a deep fascination of traditional hot rods that ruled the local streets as he was growing up.

It was this attraction that eventually led him down a path to start the search for a 1932 Ford roadster project. The car would have to have plenty of traditional vibe and classic style already infused into the build. Many times all you have to do is let friends know what you are looking for if you are in the right circle. For Bill, it didn’t take long till he received a phone call telling him about an extraordinary car that had just been offered up for sale. A trip to West Springfield, Massachusetts brought him face to face with a postwar-styled Deuce roadster project that was being built by the late Gary Philbrick. The car embodied many of the values Bill was looking for and it was a full roller loaded with a vintage driveline and fresh body from Brookville Roadster. He immediately felt a connection with the car, so a deal was made with the family and the project was shipped home to be completed.

In creating the car, Gary had invested quite a lot of time dialing in many of the fine details that would all be retained as it moved onto completion. Starting with the chassis, Gary had Fred Rosner of Gill, Massachusetts, build the spine, starting with a fresh set of ASC ’rails to which he added an original Deuce center crossmember as well as Model A front and rear members. It was boxed for additional strength and treated to a vintage Halibrand Engineering Culver City V-8 quick-change rear packed with 3.78:1 gears and suspended in place by 1940 Ford ’bones combined with a Model A spring and Monroe tube shocks. To add tradition up front a Super Bell 4-inch dropped axle was deftly matched to 1940 Ford spindles linked to a stock Deuce wishbone that soaks up the bumps through a Posies leaf spring and Monroe tube shocks. For plenty of stopping power a dual master pushes juice through steel lines to 1946 Ford binders at each corner capped with 1958 Buick finned aluminum drums. To link it all to the street nothing looks better than a set of gennie 16-inch Ford steelies wrapped in Coker/Firestone wide whites sporting Mercury caps ’n’ rings.

A main focal point of any classic hot rod is in its mill so it was an easy decision for Gary to want to set a Hemi between the ’rails. To handle this he went right to Barry Kuhnel of West Springfield to build a fire-breathing V-8 packed with a speed shop full of go-fast goods. Starting with a 1956 Chrysler 331ci V-8, it was machined to perfection and packed with a stock crank and rods linked to Keith Black pistons while an Isky stick sets the beat. The stock heads were warmed-over yielding plenty of seamless power while up top an Offenhauser log intake gets fed through a squadron of Rochester 2GC carbs wearing crowns from Stelling & Hellings. It all sparks to life through a Vertex magneto with spent gases dumping through custom headers and exhaust by Bad Donkee Hot Rods, of Hanover, Pennsylvania. Power moves through a classic 1939 Ford trans refreshed by Kuhnel to a torque tube and onto the rearend.

There’s nothing like starting with fresh steel so Gary added a newly struck Deuce roadster body from Brookville Roadster, accented by a 2-inch chopped windshield, vintage BLC headlights, and cool 1936 Chrysler Airflow taillights to the mix. To bring the primed shell completion Bill had the team at Bad Donkee Hot Rods work the body to perfection, setting all the gaps and getting it ready for plenty of glamour. Staying true to the car’s original vision, Bill had Richard and Brandon Glymph of Maryland lay down a decadent coating of Axalta Peacock Blue gloss to complete the vibe. Paul Quinn added just the right amount of brush strokes for the final bit of custom details to the body.

To give the interior just the right bit of allure, Gary visited the L.A. Roadsters Show swap meet years ago and located a pristine 1932 Ford dash packed with an original Auburn gauge cluster and tachometer to monitor the car’s vitals. A Ford Crestliner steering wheel plots the course while an original Ford shifter pulls gears. To complete the interior in grand style the car was sent off to Sholley’s Trim Shop in Dillsburg, Pennsylvania, to stitch up a winning combination of traditional-pleated white vinyl with accenting door and kick panels and medium blue loop-style carpeting. The Bad Donkee team then finalized everything with a custom wiring harness and detailing.

Bill tells us that his finest moment with the car was being able to show it to Gary’s mom so she could see his design elements and vision reach completion. The roadster is accumulating plenty of miles now, and to us that’s just plain cool.

The post Brilliant in Blue Deuce Roadster Is Packed with Traditional Vibe appeared first on Hot Rod Network.

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[jennyvergeese]

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Almost every medical practice starts the day with the intention of managing schedules efficiently. But many end up taking in extra patients into their already busy schedules, resulting in inefficiency, bottlenecks and frustration among patients. Therefore, resolving scheduling issue becomes necessary for practices if efficiency needs to be improved.

[jennyvergeese]

Outsourcing Medical Billing Services Saves Your Practice Time and Money

As per Medliminal Healthcare Solutions (MHS), at least four in five medical bills have mistaken, which cost USD 68 billion annually in unnecessary healthcare expenditure by doctors and patients alike. A lot of medical practitioners are thus choosing to outsource their billing needs to a medical billing company rather than going for an in-house team. However, both in-house and outsourcing have their benefits and complications.

There are a few challenges involved in outsourcing billing services rather than keeping it in-house. One of the major concerns is patient's data security. There have been cases of data breach where personal medical data has been made public. However, a good medical billing company understands its significance and invests a considerable amount in maintaining strict data security. Another common problem with outsourcing is the lack of accessibility as compared to getting billing errors rectified with an in-house team. Third most common challenge medical practitioners’ face is of hidden costs. Medical billing agencies often charge extra fees for some additional services. However, in dealing with a reputed billing service provider, there is no need to worry about hidden charges because everything is mentioned beforehand in the contract.

Why should practices choose to outsource?

·         Outsourcing is lighter on your pocket. Maintaining an in-house medical billing department will cost you around 10-12% of your annual income. Whereas, medical billing service providers charge you around 4-8%. It saves you from additional expenditure involved in the set up of in-house department, and hiring and training of staff.

·         Coding errors are one of the common causes of claim denials. Codes increased from 13000 in ICD-9 to almost 68000 in ICD-10. This significantly increased the chances of error, especially with newly trained staff. Outsourcing gives you access to professional coders who are constantly updated with coding changes and requirements.

·         In-house billing requires regular monitoring. You will have to dedicate considerable amount of time for its proper functioning. This robs you of valuable time that can be invested in patient care, and other vital administrative tasks. Outsourcing lets you focus on your core responsibilities, which in turn improves engagement with patients, and increases their satisfaction level.

·         Working with a reputed medical billing firm can boost your cash flow. With their latest technology, and automated claim submission software, claims are reimbursed faster. Quick and error-free claims submission means quick payments.

About 24/7 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact:  24/7 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

To Find Efficient Outsource Medical Billing Partner in US- 247MBS

There are several billing companies doing credible and good quality work across the US. To a great extent, choice of a Medical Billing partner can depend on the requirements of the practice.

Our team at 24/7 Medical Billing Services understands how doctors are short pressed for time during the weekdays, and so are the patients with their daily routine. With this understanding we make ourselves available 24/7 all through the year to solve coding and billing issues, and you get your payments on time.

However, irrespective of what the practice needs are, it is recommended to hire a billing company that offers customized solutions.

For instance, billing companies like 247MBS offer top-notch, customized solutions to practices of all sizes.

They have a team of experienced billers and coders who are well-trained and certified. It is very important to hire a billing company that has experienced billers who can deliver results.

 To Know More About@ http://bit.ly/2AVS8rJ

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Want to Run a Profitable Practice?

In order to boost collections, there are some physicians out there making drastic changes to non-traditional payment programs.

Then make sure you are doing something to improve patient collections. According to a survey by the ACA International, approximately 29% of adults have medical debts or difficulty in paying medical bills. It is apparent from this number that timely patient collection is vital if practices don’t want to leave money on the table.

However, there are several other low-tech ideas that can be implemented for improving billing and collections:

1.       It is very important that medical billing are simple and less confusing for the patients. According to the experts, every patient wants to make sense of their medical bills. Regardless of how the bills are being delivered, patients want to understand what all services they have been charged for. If the bills are confusing and overwhelming, there are chances they will put it aside to deal with later. Therefore, it is necessary for practices to make little tweaks to the bills and strip down the invoice to basics - date of service, balance, due date for payment, number for calling with questions and so on. If the bill is easy to understand, patients are more likely to pay promptly.

2.       Another effective method of bringing in more payments is to have skilled and experienced front-desk and back-office staff. If the staff is well-trained in collection practices, then it will be easier for them to explain the bills to patients along with payment policy details.

3.       There is no doubt that automated calls made to patients, reminding them for payments is time saving but experts recommended calls made by staff themselves. Automated reminders save time but they can also cost practices. When a staff calls, it gives a human touch to the call and there are less chances of the call being ignored. Also, in a live call, patients can ask questions in advance to ensure that prior authorizations are complete and information is also updated.

Undoubtedly, Medical Billing and collections have become easier and more effective with technology but at times, even simple and traditional methods can also work wonders for practices. It is important for providers to hire well-trained and professional staff and invest in good collection practices so that patient experiences can be improved further.

 To Know More About@ http://bit.ly/2AVS8rJ

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Reduce Overhead Expenses: Outsource Medical Billing & Coding Services

As per a survey conducted by Black Book Market Research, outsourcing of complex claims to a specialised medical billing company increased from 20.4% in 2013 to 39.8% in 2016 for almost all US hospitals. Why is there a steep rise in outsourcing medical billing? In the following paragraphs, we will try to understand why most of the medical practitioners are choosing outsourcing over having an in-house billing team.

Understanding In-house billing Setup and Running Costs

There is a lot of overhead charge involved in setting up an in-house billing team. For instance, hiring of experienced staff takes a considerable amount of time and resources. Providers also need to spend on employee salaries and benefits such as  bonuses, sick pays, vacations, insurances and training costs. Purchase and maintenance of latest billing software and cost of office equipments and supplies also demand significant investment.

It is evident from the aforementioned points that maintaining an efficient billing team is not only cumbersome but also expensive. From salaries of medical billing staff to the overall setup and running costs, there are various additional costs that need to be considered. Regular monitoring and supervision of billing staff also takes a considerable amount of time that could have been used to provide medical care instead. 

 Rise in Medical Billing Outsourcing Trend

According to the Market Research Engine, by 2024, the global medical billing service industry will eclipse $16 billion in total value. Reason behind this growth is the need to reduce labor in-house and boost revenue streams.  Also, the shift from ICD-10 to ICD-11 will push more providers to outsource billing services to a third party. With outsourcing, providers will be saving themselves from the unnecessary hassles of hiring and retaining billing staff. Not only overhead expenses will reduce but the need to invest in infrastructure and technology will also get eliminated. 

By hiring reliable medical billing companies, a growing number of practices are saving time and money. These companies are offering them better billing and claim collection rate due to which claim rejections have reduced to a great extent. Maintaining an in-house billing team costs 10-12% of your total revenue. Whereas, billing service providers charge somewhere between 4-8% of the net collection. It means, outsourcing is not only cost-effective, but also efficient in streamlining your revenue cycle management. 

 Summary

Running a successful medical practice or hospital is becoming expensive for providers with every passing year. Since they have various other challenges to deal with, outsourcing seems to be a lucrative option as it helps them save time and money. 

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Looking for Reliable Outsource Medical Billing In South Carolina

Our team at 24/7 Medical Billing Services understands how doctors are short pressed for time during the weekdays, and so are the patients with their daily routine. With this understanding we make ourselves available 24/7 all through the year to solve coding and billing issues, and you get your payments on time.

There are several billing companies doing credible and good quality work across the US. To a great extent, choice of a Medical Billing partner can depend on the requirements of the practice.

However, irrespective of what the practice needs are, it is recommended to hire a billing company that offers customized solutions.

For instance, billing companies like 247MBS offer top-notch, customized solutions to practices of all sizes.

They have a team of experienced billers and coders who are well-trained and certified. It is very important to hire a billing company that has experienced billers who can deliver results.

 To Know More About@ http://bit.ly/2AVS8rJ

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

How To Find Error-Free Medical Billing Outsourcing In California?

Striving for quality patient care and outcomes is always the first priority for medical practices. However, providers also need to juggle between getting paid and compliance with healthcare reforms. Since timely reimbursement is vital for surviving in the business, they need experienced billing staff to increase profitability and maintain cash flow.

Considering the growing complexities of medical practice billing and unrelenting economic pressures, many providers are choosing to outsource their billing functions. By partnering with a reliable billing company, they have been able to ensure faster and full payments for rendered services.

 From dealing with payers and tracking down unpaid patient accounts to reducing claim denials and complying with HIPAA and other reforms, there are several ways in which Medical Billing Service Providers are helping practices grow.

 ·         Practices are saving money because outsourcing eliminates the cost of running an in-house billing team. Experienced billers and coders demand a heavy pay package. Besides employee salaries, practices also need to spend on infrastructure and technology which adds to the expense. But outsourcing eliminates these expenditures and helps practices reduce overall expenses.

·         Providers don’t have to worry about claim denials because a good service provider has trained and experienced billers and coders who process clean claims for quick payments. They work without distractions and stay on top of the latest in billing and government or insurance industry regulations. They reduce A/R and rejection rates in order to strengthen the revenue cycle of the practice.

·         By choosing a dependable Medical Billing Company, practice gets more time to focus on quality care and other patient-oriented tasks. This helps improve patient satisfaction because patients get the time and attention they deserve.

·         In small practices, the office staff has to wear more than one hat. They not only handle reception and A/R but also have to submit claims and follow-up with payers. Overworked employees tend to make mistakes which leads to denials. But if practices hire a dedicated team to handle revenue-related hassles, their office workflow improves and staff can focus on attending patient needs.

·         A good service provider offers analysis of the practice’s claims management and also offers assistance in establishing a plan for improving billing, reducing errors and resubmissions. All these factors not only help increase the efficiency of the revenue-recovery process but also pave way for the better growth of the practice.

 To Know More About@ http://bit.ly/2AVS8rJ

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Looking For Accurate Medical Billing And Coding Services To Increase Practice Revenue

First and foremost, effective medical billing and coding services are required for timely and error-free claim submission. If claims have errors and are not being submitted on time, practices will face huge revenue loss. 

With the resources, manpower and infrastructure of reliable medical billing companies such as 247MBS, providers can not only boost revenue but also save time and deliver quality patient care.

When a practice outsources medical billing services, it get access to a dedicated team of revenue cycle experts who work 24/7 to get them paid on time for rendered services and also reduce claim denials.

To Know More About@ http://bit.ly/2AVS8rJ

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Interested In Error-Free Credentialing Services in California

From less than 5% on denials and 98% clean claims submission to daily claims status reporting and timely collections, there are several ways in which this offer will benefit chiropractors get their revenue cycle management back on track.

Philip Morgan also added - “As Medicare investigators and contractors have increased the scrutiny of chiropractic practices across the US, submission of clean claims has become vital if providers want to avoid denials or scrutiny. To meet this requirement and to help chiropractors grow, this 1-month free trial offer by 247MBS will prove to be beneficial. It will not only help providers boost revenue by 30% but also reduce their operational costs by 50%.”

A dedicated Medical billers and coders team will be assigned to the practice for a month that will be taking care of revenue generation for rendered services. The team will not only handle timely payments but also assist in identifying revenue cycle issues and how to tackle them.  

 To Know More About @ http://bit.ly/2B2Ydme

  About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

How To Avoid Mistakes in Revenue Cycle Management?

In order to ensure smooth operations, they need prompt payments from patients as well as insurers. Providers need to improve their revenue cycle processes for accommodating the changes in the healthcare industry. They need to manage the revenue cycle effectively because even though the financial impact on one claim may seem small, the effect on the bottom line will be huge when multiplied by hundreds of visits a week.

Here are some common RCM mistakes that can halt the progress of your practice:

Don’t make the mistake of relying on your existing staff for handling increased A/R activities. At times, lack of skilled professionals and budget constraint force providers to “make do” with existing staff to manage increased A/R volume. What they don’t realize is when the volume of patient’s increases, the staff can’t touch all accounts in a timely manner and this will affect the revenue cycle. Finding experienced Medical Billing Company and A/R experts maybe a challenging task but you need to have the right people if you want to keep your revenue cycle humming.

If you are expecting self-pay results when you practice has only sent statements, then you are in trouble. Unfortunately, a patient-friendly billing statement may not be sufficient for getting patients to pay on time. Even the process of getting payments via inbound calls isn’t an effective way of maximizing returns. To solve this problem, practices need to build an effective outbound calling strategy that will not only drive more payments from patients but also improve the overall experience of patients.

One of the biggest RCM mistakes that providers make is not providing enough payment options to patients. It has become necessary for healthcare facilities to leverage new technologies and trends instead of sticking to traditional, outdated strategies. Payment procedures need to be simplified for patients if you want to get timely payments for rendered services.

When you are setting up RCM system for your practice, you need to implement coding function for flagging all possible coding errors. Before claims are officially filed, employees will be flagged for common mistakes. Even information filing will have to be spruced up. The RCM system will be combing patient files and flagging billing information. This is necessary because the most common mistakes can happen in billing.

So if you are witnessing mistakes in your RCM, then start making necessary changes today.

 About 247 Medical Billing Services: We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses.

 Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Effective A/R Management Is More Revenue

We 24/7 medical billing services are a group of adroit people with over a decade of experience in multi-specialty; multiplatform medical billing and coding had arrived with a new strategy for getting your account receivables.

It is very important for medical practices to assess the efficiency of their revenue cycle management practices on a regular basis. Reviewing of A/R is required for the bigger picture assessment of the practices’ financial health. According to the industry experts, this evaluation needs to be done almost every month or every 3 or 6 months. The more frequently the review is done, the better it is for the practice.

According to the CMS (Centre for Medicare and Medicaid Services), only 70% claims get paid the first time they are submitted. Approximately 30% claims are either denied, lost or ignored. That’s a lot of money left on the table. By minimizing accounts’ days in A/R, medical practices can improve their bottom line because they will be collecting everything they have earned.

Here are some of the benefits of reviewing A/R on a regular basis for your practice:

It will help in ensuring the financial stability of your practice that is dependent on maintaining a positive cash flow. To cover expenses, there is a need to maintain steady flow of revenue and the A/R team will help in ensuring the same.

Timely reviewing will help in recovering payments that are overdue and also minimize time for outstanding accounts. With regular A/R reviewing, claims will never go missing. When claims are not received, payments get delayed. But if claims have been followed-up and you know that the claims haven’t been received, then it will be easier to send another request.

Perks of Having an A/R Team

Practices need to have an A/R team for looking after denied claims. This team will be responsible for reopening the denied claims to help practices receive maximum reimbursement from insurance companies.

Ideally, there are two departments in an A/R team:

A/R analytics

A/R follow-up.

There are mainly three stages in medical billing A/R follow-up procedure- initial evaluation, analysis and prioritizing and collection. Under initial evaluation, claims listed on the A/R aging report are identified and analysed. The claims are then prioritised and third stage involves collection.

Another way of reclaiming the missing funds is to simplify and automate the process of revenue cycle management. With the help of new technologies such as, patient portals, EHR and practice management systems, practices become enabled to cut operating costs and deliver quality care.

About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact: 247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

[jennyvergeese]

Hospitals Selectively Choosing Revenue Cycle Vendors

Hospitals are increasingly attuned to the need for forward-looking revenue cycle management technology and are eying vendors very closely according to a peer60 report. In doing so, they are becoming increasing picky about the vendors they select reports HealthCare Dive.

“Healthcare is being pushed to a 90 percent adoption rate of value-based reimbursements by the end of the decade,” said Jeremy Bikman, CEO of research firm peer60. “Our research indicates that as providers transition to this new world, vendors that fail to innovate on this front are being viewed as deadwood, and CFOs are about to pick up their axes.”

The report found that although 35 percent of the hospitals surveyed have contracted with companies for RCM tools, 61 percent of them are still on the fence when it comes to choosing a technology partner. As hospitals look to cut costs and find vendors to help, the study found that 46 percent of hospital CFOs would consider outsourcing collections, while 24 percent cited contract management and 23 percent denial management as services most likely to be outsourced.

Among the most critical areas to address in order to improve revenue cycle management, CFOs named ICD-10 migration, improving the patient experience, and point-of-sale collections. To meet these goals, hospitals are searching for innovative vendor partners.

“The revenue cycle management market is growing and providers’ needs are changing,” explain the report’s author. “This is prompted by the consolidation of healthcare providers, a decline in reimbursement rates and changes in how hospitals are paid. As providers face the challenges presented by these new payment models, they will require help from RCM vendors far beyond what’s historically been provided from these firms.”

Some of the companies with current market share include the Advisory Board, OptumInsight and Truven Health Analytics, MedAssets, Aetna/ActiveHealth, Verisk Health, Lumeris, Phytel, Wellcentive, Emdeon, MedeAnalytics, Availity, Lightbeam, and Xerox.

 To Know More About@ http://bit.ly/2B2Ydme

 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow doctors to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com

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How Is Your Accounts Receivable Health?

Running a financially healthy healthcare unit amidst all the healthcare regulatory changes that take place regularly is an arduous task. Keeping up and incorporating the changes is as essential as keeping a tab on the practice’s performance, especially on the revenue cycle. Your accounts receivable (AR) health shows whether or not you are covering up for your expenses and for the services you rendered.

Although most medical practices conduct a yearly AR report, we at 24/7MBS believe a monthly report goes a long way in having superior control over the revenue cycle management (RCM). A poor accounts receivable status can lead to serious depletion of revenue. The following are some collection metrics from our experts to help you monitor your AR health.

 Accounts Receivable Monitoring Metrics

There are many metrics that can be used to monitor a practice’s performance and AR status but these are amongst the easiest ones and helpful too. Incorporate these in order to have a firm grip over your AR and you will see a remarkable difference in your RCM.

 1. Average Days Delinquent (ADD) / Average Days

The average AR days are a crucial indicator as it indicates the number of days your claim in lying unpaid. Being aware of the number will help you streamline the medical billing process and try to lower the days. The more time claims lie around in the payer’s office; it is likely to go unpaid.

 2. Days Sales Outstanding / Aging AR

Aging report reveals the amount your practice is due to get from your payers. Lower the AR age, higher the chances of getting reimbursed. Thus, it is imperative to try to maintain the bucket within 30 of the 30/60/90/120 brackets. A quarterly analysis report can help to a great extent.

 3. Patient AR

Since the majority of payment is made by the primary and secondary payers, monitoring the patient AR takes a back seat. Nevertheless, it does form an essential part of your income as well as to know your patient better. A patient with bad payment or credit record can be dealt differently.

 4.Rejection Statistics

Claims that pass through the scrubbers can be rejected by certain payers for various reasons including silly mistakes and compliance issues. Working on the rejections is double work so, it is necessary to know the common reasons behind them and work on them at the source itself.

 5. Denials Percentage

Denials are nothing but major time consumers that demands immediate attention for appealing and it also takes your in-house team days to follow up on it. Physicians can’t afford to run behind denials because it hampers the fresh inflow of money too due to administrative reasons. The percentage of denials can be reduced if the reason for rejections are known and rectified.

 6. Payers Analysis

Every payer has a peculiarity or pattern in reimbursing typical kinds of claims given the percentage of coverage and insurance policies of patients. Noting the trend and issues you face with them can drastically increase the chances of improvement in filing claims according to their convenience. Insurance companies have a lot to cater to, why not help yourself by assisting them with the appropriately filed claims?

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 About 247 Medical Billing Services:

We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow doctors to attract additional revenue and reduce administrative burden or losses. Contact:  247 Medical Billing Services Tel: +1 888-502-0537 Email: info@247medicalbillingservices.com