{"id":9884,"date":"2013-11-06T17:50:58","date_gmt":"2013-11-06T22:50:58","guid":{"rendered":"http:\/\/www.poweryourpractice.com\/?p=9884"},"modified":"2025-06-26T14:59:13","modified_gmt":"2025-06-26T14:59:13","slug":"4-practices-hurt-your-revenue-cycle","status":"publish","type":"post","link":"https:\/\/carecloud.com\/continuum\/4-practices-hurt-your-revenue-cycle\/","title":{"rendered":"4 Practices That Hurt Your Revenue Cycle"},"content":{"rendered":"<p>There are plenty of revenue cycle techniques meant to help practices boost profits. While many focus on ways to bring more money in, sometimes saving money is just as important.<\/p>\n<p>The problem is <strong>many practices engage in processes that diminish the net returns<\/strong> they see from their medical billing operations. Today, we\u2019ll take a look at these \u201cworst practices\u201d and how your practice can do away with them.<\/p>\n<h3><strong><!--more-->Not Resubmitting Denied Claims<\/strong><\/h3>\n<p>All practices experience claim denials, some more than others of course. Those that incur regular denials should look into solutions like practice management software and <a href=\"https:\/\/www.carecloud.com\/continuum\/outsourcing-your-medical-billing-reason\/\">outsourcing<\/a> to fix the issue. But <strong>even practices that rarely experience denials should always resubmit when it does occur<\/strong>.<\/p>\n<p>Although resubmittal isn\u2019t cheap \u2013 it costs about $25 to $30 to manage the average denial \u2013resubmitting denied claims will prove profitable to your practices as long as the reimbursement is higher than the costs. This is one of those situations where the adage \u201cevery penny counts\u201d fits perfectly.<\/p>\n<h3><strong>Manual Claims Processes<\/strong><\/h3>\n<p>As mentioned earlier, PM software can help reduce errors, but that\u2019s not the only benefit of electronic billing. According to the American Medical Association,<strong> it costs $3.73 more to submit a clean manual claim than an electronic one<\/strong>.<\/p>\n<p>Multiply that amount by the thousands of claims you\u2019re likely to submit each year and that\u2019s how much you\u2019ll save by switching to PM software. Automation brings savings by taking care of tasks electronically, cutting staffing costs and submitting clean claims at a faster rate.<\/p>\n<h3><strong>Failing to Collect at Point of Service<\/strong><\/h3>\n<p>Once patients leave the office, the chances of collecting copays not only decrease, but the financial investment needed to secure the copays increases. Think about all of the <a href=\"https:\/\/www.carecloud.com\/continuum\/writing-a-medical-collection-letter-that-will-get-you-paid\/\">collections letters<\/a> and phone calls you spend time and money on to collect copays. And if these don\u2019t end up working, you may have to hire a collections agency, which will take a percentage of the money it collects.<\/p>\n<p>That\u2019s why it\u2019s imperative to collect at the time of service. <strong>Telling patients what they should expect to pay out-of-pocket goes a long way toward securing payment<\/strong>. Also, asking them \u201chow\u201d rather than \u201cif\u201d they\u2019d like to pay increases the likelihood of collecting.<\/p>\n<h3><strong>Weekly Claims Submission<\/strong><\/h3>\n<p>Filing claims weekly don\u2019t seem like a bad idea at first thought, but it increases the turnaround time for seeing returns on your claims. Leaving claims for the end of the week increases the chances of them getting lost in the shuffle, which can lead to timely filing denials.<\/p>\n<p>Instead, <strong>claims should be batched and submitted at the end of each day<\/strong>. While it\u2019s possible to do this manually, <a href=\"https:\/\/www.carecloud.com\/continuum\/practice-management-system-switch-replace\/\">PM software<\/a> makes the task much easier. It all goes back to automation. Simply put, claims submittal goes from a long, written process to something that\u2019s taken care of with a few clicks of the mouse.<\/p>\n<p>The revenue cycle is the life-blood of your practice. It\u2019s important to optimize it from multiple angles to ensure your practice is as profitable as possible. So, don\u2019t forget to keep these common faults in mind when trying to grow a financially healthy practice.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>There are plenty of revenue cycle techniques meant to help practices boost profits. While many focus on ways to bring more money in, sometimes saving money is just as important. The problem is many practices engage in processes that diminish the net returns they see from their medical billing operations. Today, we\u2019ll take a look [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":32787,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[4],"tags":[39],"class_list":["post-9884","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-revenue","tag-revenue"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.3 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>4 Practices that Hurt your Revenue Cycle \u2013 Continuum<\/title>\n<meta name=\"description\" content=\"Four ways that medical practices are ruining their revenue cycle. 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