A medical claim is a piece of document or a bill that healthcare providers submit to the insurance provider of a patient. This medical claim contains comprehensive data regarding the care and services provided to the patient in the form of unique medical codes. Such a medical claim generated by medical billing professionals serves as […]
Improve Patient Retention and Revenue Cycle with These Strategies
The success of a healthcare facility depends on its patient walk-ins of its existing and new patients. If you want your healthcare facility to have a regular flow of patient appointments, you must focus on patient retention and ensure that your existing patients do come back to you when they have any further issues. According […]
Rational Ways to Get Faster Insurance Payments
Your healthcare facility’s financial health depends largely on the medical billing process that collects the money due to you. You can regularly assess your financial performance by checking the accounts receivable reports focusing on the number of claims over 120 days. To check if your revenue cycle management process is performing effectively, you need to […]
What Is Revenue Cycle Management In Healthcare Facilities?
Revenue cycle management (RCM) is the management of finances, a crucial process that keeps an organization going on a daily basis. Medical billing plays a major role in the efficient functioning of the RCM process and thus the healthcare facility. If facilities do not focus on their financials they would be floundering no matter how […]
Create an Efficient Revenue Cycle with Effective Denial Management
A healthcare facility’s health depends on its revenues from reimbursements and out-of-pocket payments from the patients. While payments from patients can be collected with a little ease with a few processes in place, reimbursements from insurance payers are not that easy and they become even more difficult in cases where the claims are denied. A […]
How Can Medical Billers Avoid Claim Denials?
Medical billing is a critical process in the revenue cycle management of every healthcare providing organization and helps the healthcare provider get its dues in the form of timely claim reimbursements for the services provided. A medical billing denial results in revenue losses for the provider and affects the bottom line negatively. A medical bill […]
Common Revenue Cycle Myths that Affect Healthcare Providers
Healthcare providers have a tough task in optimizing their revenue cycle because of the nature of business they are in that deals with the health of people. Although it is challenging in the beginning stages, it is not entirely difficult to drive revenues to increase cash flow if healthcare facilities are capable of making their […]
Dealing with Pre-Authorization in Medical Industry
Among the many frustrating and time-consuming processes, physicians are required to complete as part of their job is to deal with the pre-authorization. Getting pre-authorization for procedures to be performed is expensive in terms of time and productivity as it takes a considerable amount of time in getting it from the payers. Receiving pre-authorization for […]
Revenue Cycle Risks Healthcare Providers Should Deal With
Every now and then, healthcare facilities have to deal with various risks that hinder any of the critical areas of a healthcare facility in achieving its goals. As per the revenue cycle management experts, the critical areas of a healthcare facility that could be affected by risk are; quality patient care, operations, compliance with regulations, […]
Revenue Cycle Management and Why HealthCare facilities should find an RCM partner today! -Avontix
Did you know that Insurers reject nearly 26% of all claims and up to 40% of those claims are never resubmitted? This means every physician can lose up to 10% revenue. Introduction of Revenue Cycle Management Systems can increase payments and decrease the bad debt write-offs. Let us see what RCM is and why it […]