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.
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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 owed for treating patients, you can’t afford to let your workflow work against you.
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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 allow you to take action with each payer at the right time.
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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 contracts a medical practice has signed. If you’re not using software that manages those contracts, you’re almost certainly losing money.
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