{"id":8769,"date":"2013-05-29T17:10:36","date_gmt":"2013-05-29T21:10:36","guid":{"rendered":"http:\/\/blog.carecloud.com\/?p=8769"},"modified":"2013-05-29T17:10:36","modified_gmt":"2013-05-29T21:10:36","slug":"perfect-medical-billing-practice-management-pm-system","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/perfect-medical-billing-practice-management-pm-system\/","title":{"rendered":"Perfect Medical Billing with the Right PM System"},"content":{"rendered":"

According to CMS, 18% of claims will never be collected<\/strong>. Compound this with MGMA\u2019s claims that payers underpay practices by an average of 7% to 11%, and you have some unsightly statistics that don\u2019t bode well for maintaining a profitable practice.<\/p>\n

Fortunately, the right practice management (PM) systems can greatly improve your collections by reducing denials and flagging underpayments.<\/p>\n

Better First Pass Resolution Rate<\/strong>
\nEvery denial costs your practice $25 to $30 even if the resubmitted claim is eventually accepted. So it\u2019s crucial to get claims approved the first time around.<\/p>\n

A first-rate PM system helps reduce common errors that trigger denials with features like code scrubbing. Keep in mind that vendors must regularly update these kinds of claims checking apps<\/strong> to adjust for new billing regulations like the upcoming ICD-10 implementation.<\/p>\n

Less Underpayments<\/strong>
\nPractices are so inundated with individual payer contracts it\u2019s difficult to keep track of them all. This makes it easy to overlook underpayments by certain payers.<\/p>\n

A good PM system will have a contracts application that automatically compares the amount of payment received to the agreed-upon contract rate<\/strong>. The system then alerts you when the numbers don\u2019t match.<\/p>\n

Financial Forecasting<\/strong>
\nIt\u2019s tough to address gaps in the billing process when you can\u2019t identify where the weaknesses are. Your PM system should facilitate this by offering intuitive analytics capabilities.<\/p>\n

When a PM system has the ability to generate scheduled reports at dedicated intervals, it allows you to look for areas of improvement<\/strong> and adjust billing practices accordingly.<\/p>\n

Due to declining reimbursements, practices are becoming less profitable than ever. Don\u2019t allow a faulty billing process to exacerbate the problem. Choose a PM system that will maximize your practice\u2019s profitability.<\/p>\n

If you\u2019d like to find out how our\u00a0web-based PM system can boost your bottom line, please contact us at 1-877-342-7517 or\u00a0hello@carecloud.com<\/a>.<\/p>\n

A version of this article was originally published on our sister site, Power Your Practice. <\/strong>Click here<\/strong><\/a>\u00a0to read the original story.\u00a0<\/strong><\/p>\n","protected":false},"excerpt":{"rendered":"

According to CMS, 18% of claims will never be collected. Compound this with MGMA\u2019s claims that payers underpay practices by an average of 7% to 11%, and you have some unsightly statistics that don\u2019t bode well for maintaining a profitable practice. Fortunately, the right practice management (PM) systems can greatly improve your collections by reducing […]<\/p>\n","protected":false},"author":1,"featured_media":32786,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[41],"tags":[38,39],"class_list":["post-8769","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-medical-billing","tag-icd-10","tag-revenue"],"yoast_head":"\nPerfect Medical Billing With the Right PM System - Continuum<\/title>\n<meta name=\"description\" content=\"Finding the right practice management or PM system could reduce common errors and increase profitability by fixing your billing processes.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/carecloud.com\/continuum\/perfect-medical-billing-practice-management-pm-system\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Perfect Medical Billing With the Right PM System - 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