Is your outdated revenue cycle technology causing billing and reimbursement issues

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Is your outdated revenue cycle technology
causing billing and reimbursement issues?
Ineffective revenue cycle management technology can lead to disrupted cash flow and
negative profitability.
 According to a study released by market researcher, Black Book, approximately
72% practices (whether running independently, in a network or as a part of a
large hospital system) expect a sharp decline in profitability in 2014 due to
inefficient or underutilized billing technology.
 86% of business managers believe their RCM technology will be unable to
accommodate future regulatory updates.

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Practices need to improve revenue cycle efficiency at every patient/provider interaction.
From initial contact and clinical documentation to collections, a robust revenue cycle
management technology is required at every phase that will address critical margin
challenges faced by physicians in today’s reimbursement environment.
If you don’t plan on upgrading the billing and collections system of your practice, it will
either cause your practice to dissolve or result in the sale of your practice to a hospital
or large physician group. Don’t want this happening?
 Make sure your RCM technology is update or else it will affect the claims
processing, payment and revenue generation process adversely

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 Only with the latest RCM technology, you will be able to keep track of the claims
process at every point, following the billing process and addressing issues, if any,
to ensure timely payments
 Quality RCM technology will help in ensuring speedy collections and address
claim denial issues that cause approximately 90% of missed revenue
opportunities
 It will also help in determining patient insurance eligibility and co-pay collection
to code claims in a proper manner, post ICD-10 implementation
 Efficiency and time management is extremely important for effective revenue
cycle management and this can be made possible only when the latest
technology is being used

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How to enhance your revenue cycle?
Your practice can get paid in a timely manner only when your revenue cycle
management is in place. Gathering data and using updated, correct CPT, ICD and HCPCS
codes is extremely important to enhance the revenue cycle efficiency. You will have to
hire certified coders and staff having in-depth knowledge of billing and medical
terminologies. They will not only require the latest electronic health record system but
also need training on a regular basis.
Hiring inexperienced coders, billers and staff with limited knowledge can prove
dangerous for your revenue cycle. If you want to eliminate the headache of hiring,
training, buying health IT, following-up with insurance companies and other
administrative tasks, seek assistance from a reputed billing company.

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Companies like Medicalbillersandcoders.com have a team of skilled billers and coders
who are proficient in managing revenue cycle of medical practices. MBC has been
offering revenue cycle management and solutions to practices across 50 states in the
US. Our team is skilled in scrutinizing various stages of RCM and identify issues that
cause inefficiencies and revenue leakages. You can rely on us for timely and error-free
claim submission, maximum revenue generation, HIPAA compliance, reduced claim
denials and effective implementation of electronic health record system.
Related Posts:
 How Can Outsourcing Solve Medical Billing and Reimbursement
Challenges for Physicians in 2014?

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