How Do These Errors Affect Your Revenue?
Submitting claims and following up on them effectively through the use of an electronic health records software can be time consuming and often complex. If your practice is switching to a new EHR with minimal training on the practice management module, the medical billing collections can suffer. Here we'll discuss 7 tips to help your practice optimize and maximize your revenue cycle collections using an EHR software.
A news story out of North Carolina proves that regular audits may not be enough to prevent embezzlement, and that longtime medical office employees aren't necessarily trustworthy. According to The Star newspaper, Marlene Rice Hoyle, 45, has been charged with embezzling $1.2 million from Jones Family Practice, where she worked for nearly 20 years, most recently as office manager.
Medical practices seeking additional revenue should consider partnering with a professional medical billing firm.
As many as half of all health insurance claim rejection appeals are successful, according to a Government Accountability Office report that studied insurer rejection rates, the AP/Washington Post reports.
Many medical practices focus on cost when evaluating options. In many cases, the fees charged by a larger medical billing firm will be less than the cost of the in-house option. However, the real focus should be placed on the success of the billing process. Because of the amount of money involved in the average medical claim, even a slight 5% improvement in collections means exponentially more to the bottom line than a 5% reduction in billing fees. For the average provider:
For medical practices that were with GroupOne for all of 2010, GroupOne’s overall net collection rate for 2010 exceeded 99.9%. Based on industry survey reports, the average net collection rate for all medical practices is slightly better than 96.3%. The rate for the better performing medical groups according to industry criteria is slightly more than 99.7%.
By Keith Lage, CPA