POPULAR FAQs
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Do you provide a summary of your current ‘Accounts Receivable’?
Keeping your monthly AR under 1.5 times the monthly charges is our ideal target. Measuring Accounts Receivable (Days in AR): Days in AR = Total AR ÷ Avg. daily charges (Where: Avg. daily charges = total charges in last 6 months ÷ number of days in those 6 months) As the AR days increase, cash flow to your healthcare organization decreases. This limits your ability to pay or hire better staff and physicians. It also affects your practice’s ability to invest in modern tools and technology. So, the higher your average AR days, the more negative the impact on your ability to provide better patient care.
Do you offer ‘Denial Management’ on your existing claims?
An Analytics survey found: “44% of participating hospital executives use revenue cycle management vendor solutions to manage denials, 31% use manual processes, 18% use homegrown tools, and 7% are unsure about their denial practices.” Should your billing company handle denied claims, or should your practice manage them internally? A proven fact is that a dedicated medical billing company is more efficient at managing payer denials than a medical practice.
Can you keep track of and analyze your ‘Rejected Claims’?
Research shows: “20–30% of claims are rejected regularly.” Another report suggests: “Nearly 80% of rejected claims are left unprocessed.” This means healthcare organizations may lose tens of thousands of dollars annually due to rejections. From poor documentation to coding errors (upcoding/undercoding), there are many reasons claims get rejected.
Can you offer a ‘Code Analysis’ based on your existing medical practice’s history?
Claim rejections, denials, and low reimbursements are major causes of revenue loss. Reports like: Top used codes Top paying codes Most denied codes help track and improve revenue flow. A strong billing partner not only analyzes these but also provides alternative coding solutions to improve outcomes. We stay updated with the latest industry changes and continuously train our team to ensure your organization has an edge in revenue management.
How good are you at ‘Contract Analysis’?
Coverage plans vary by state. Some offer extended benefits, while others only meet minimum federal requirements. Understanding the pros and cons of these contracts can significantly improve your revenue performance.
Can your billing company add value with ‘Fee Scheduling’ knowledge?
Medicare fee schedules are updated annually and directly impact reimbursements. Your billing partner must understand these updates in detail. Example: A doctor sees 1000 patients/month 500 billed under CPT code: 99241 Medicare pays $150 per claim → Total = $75,000 If updated to $100 per claim → New total = $50,000 ➡️ Loss = $25,000 This shows how critical fee schedule knowledge is.
Still Have Questions?
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