Are you collecting what you should from insurance companies? Is your office being managed as cost-effectively as possible?
The key to answering “yes” to both of these questions lies in applying industry best practices to your office’s revenue cycle, according to experts at the Medical Group Management Association (MGMA).
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Since the dawn of photography, thinkers have questioned the meaning of art and how humans should interpret it. Aesthetics were no longer thought of as mimetic and impulsive – suddenly there was a method to artistic whimsy.
Have you ever thought of your practice in terms of aesthetics, however? Perhaps the arrangement of the furniture in your lobby and the art you chose to hang up on your walls were artistic choices. Do you think of your revenue cycle management system as ‘pretty’?
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With the advent of practice management software, there is no limit to the data your practice can measure.
Deciding exactly what reports and statistics are the most meaningful is important. Your practice will be focused on bottom-line stats like net collection percentages, but your office manager and billing staff may focus on clean claims or how long it takes to capture demographics on a new patient.
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The Centers for Medicare and Medicaid Services estimates that 20 percent of claims are denied by payers the first time they’re submitted.
Since only 35 percent of providers appeal denied claims, chances are most of your denied claims end up unpaid altogether. That’s all the more reason to make sure your claims are paid the first time they’re submitted.
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