Revenue generation in any medical practice depends on its efficiency in the medical billing process. Offering reliable medical service being their primary objective, practices need to have sufficient cash flow to make ends meet financially. In this connection, it is imperative that medical practices employ effective strategies for collection of the amount for services provided, failing which may lead to put the practice under jeopardy.
Factors that Influence Practice Revenue
While a well-maintained medical billing strategy ensures healthy revenue cycle and a financially stable practice, there are certain factors that when not cautiously handled, might lead to reduced revenue generation:
Efficient Claims Management: It is imperative that you have an effective claims management apparatus in place – this helps achieve a positive growth of practice revenues
Proper revenue collection: One way of enhancing revenue in practices is ensuring an efficient collection procedure and checking the revenue generated
Managing self-pay Effectively: With changes in insurance plans, a significant amount of patient payments is borne by patients themselves by way of co-pays and deductibles – it is essential to manage these self-pays prudently
Trained and qualified staff: A satisfactory revenue cycle management can be achieved by employing qualified and trained resources
Challenges in Medical Billing Process that Need to be Met
Accurate Patient Information: Failure to gather patient data properly may lead to inaccurate and incomplete information which makes it hard to collect payments
Inaccurate Quotes for Services: Changes in the health insurance setting has resulted in insurance plans having higher deductibles than before – when patients are not informed completely about their payment responsibility, they may be taken aback when they receive medical bill for services provided- the likelihood of their making prompt payment is reduced
Lack of Proper Claims Management: Insurance claim filing is a complex process and keeps continuously evolving – it is essential to make your claims management process efficient
Avoiding Errors in Medical Billing: Billing errors are one of the common causes for claims denial – with changes in codes and regulatory requirements, it is tough avoiding erroneous coding and billing
By making use of latest medical billing software that takes care of updated solutions, or by outsourcing your medical billing task to skilled and experienced medical billing service providers, you may avoid unpleasant eventualities.
Numinatrans is the market leader in providing efficient medical billing solutions to different types of medical practices and medical professionals. We have been offering unmatched medical billing and coding services to global medical organizations since more than a decade. Visit our website www.numinatrans.com for further details.
Effective management of Accounts Receivable is one of the vital areas in medical practices and it consumes a lot of time. It is imperative either to devote quality time on this vital process or outsource the task to reliable third-party revenue cycle management service providers.
Significance of Accounts Receivable in Health Care Facilities
It proves tough and time-consuming to track down the old balances and denied claims. With shortage of resources, not all the practices will be able to spare the time and staff for handling this laborious, yet important task. As it is well-known that the chances of collecting balance payments shrinks with time, it is essential that practices make an all-out effort to avoid delays and denials in colleting payments for services provided.
This demands a focused effort toward achieving an efficient accounts receivable management process that helps maximize practice collections and thus lead to better cash flow. Improvement in collection naturally results in improved bottom line of the practices.
Accounts Receivable Management Best Practices
By following certain A R management best practices, it will be possible to achieve the expected level of payment collection in medical practices. A few of these have been mentioned below:
Timely and comprehensive statement generation: sending out accurate and timely statements to patients is the first step in efficient payment collection
Alternate payment channels: Patient-specific payment options will improve payment collection greatly
Skilled representatives for negotiation: By engaging personnel with high negotiation skills will help speed up the collection process
Regular Follow-up on Payment: Keeping track of pending payments and following up regularly is the best way to improve collection
Smooth Communication: Creating multi-faceted communication channels helps reach out to patients easily, thus resulting in improved payment
Numinatrans handles revenue cycle management of medical practices in an efficient and reliable manner. We have regular training programs that enable our billing and coding staff to be up-to-date.
Numinatrans specializes in providing accounts receivable management solutions to medical practices of all sizes and different specialties. Visit our website www.numinatrans.com for more details.