Accounts Receivable Best Practices: Advanced Collections Applications
The MGMA estimates that, on average, U.S. medical practices are failing to collect 25% of the money they’re owed for treating patients. That means $125 billion is left on the table every year. Power Your Practice understands the challenges medical practices are facing in accounts receivable and is here to help. Every week during our […]
Accounts Receivable Best Practices: Electronic Claims Tools
According to the American Medical Association, physicians who switch to electronic claims processing can dramatically reduce the cost of submitting claims from as much as 14 percent of revenue to roughly one percent. With the MGMA estimating that U.S. medical practices are, on average, failing to collect 25 percent of the money they’re owed for […]
Accounts Receivable Best Practices: Measure Your Data
Thomson Reuters found that the medical industry wastes $700 billion annually on avoidable, identifiable issues. How much of that comes from your practice every year? The only way to pinpoint wasted spending, or any other area of weakness, is to consistently monitor and track business performance data.
Accounts Receivable Best Practices: Automated Workflow Engine
The entire physician revenue cycle, from scheduling patients to collecting final reimbursement, involves many steps, several of them requiring tedious paperwork. This convoluted workflow can allow underpayments, denials and ignored claims to fall through the cracks. With the MGMA estimating that U.S. medical practices are, on average, failing to collect 25% of the money they’re […]
Accounts Receivable Best Practices: Daily Aging of Receivables
Traditionally, receivables are tracked based on 30-day increments – different actions are scheduled depending on whether a receivable is 30 days old, 60 days old, 90 days old, etc. But each payer a medical practice deals with operates on its own schedule. Only a software system that enables the daily aging of your receivables can […]
Accounts Receivable Best Practices: Manage Payer Contracts
If you’re consistently getting remittance on your submitted claims, you may think your billing system is working just fine. But how accurate are your reimbursements? The Medical Group Management Association (MGMA) estimates that payers underpay practices in the U.S. by an average of 7%-11%. The main cause of underpayment is the complexity of all the […]
Accounts Receivable Best Practices: Comprehensive Rules Engine
According the Medical Group Management Association, on average, U.S. medical practices are failing to collect 25% of the money they’re owed for treating patients. That means $125 billion is left on the table every year. The convoluted processes of revenue cycle management and accounts receivable allow too many underpayments, denials and ignored claims to fall […]