Power Your Practice

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 A/R Best Practices series, we’re describing the must-have features managers need to look for in practice management systems to manage and collect all of their receivables.

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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 treating patients, you can’t afford not to reduce expenses by using electronic claims processing and other e-billing tools.

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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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