Tips to Avoid Revenue Cycle Management Errors

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Tips to Avoid Revenue Cycle Management Errors

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• With new advances, medical data is deciphered,
  managed, and transferred innovation has made
  more factors to a providers prosperity than ever
  before.
• Claim submission, managing claims denials are
  major processes in medical billing services.
• Adapting technologies like EHR, PMS, and
  electronic tools would enhance the Revenue Cycle
  Process. 
• Revenue cycle management systems help to
  streamline the medical billing process like
  coding, changing and documenting claims, etc.
• By controlling the billing process most common
  revenue cycle management errors are avoided.
• It leads to profitability and productivity.

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• Keeping up a steady flow of income for the
  physician is very important.
• With margins tightening and income declining,
  holding a steady income may seem tricky. Many
  things have changed in the revenue cycle.
• To subsist with the changes in the healthcare
  industry, the revenue cycle process has gradually
  improved, to mention a few changing from paper
  works to EHR, adapting to ICD 10 coding,
  Automated medical billing, Computer-assisted
  Coding(CAC), Web-based or cloud-based Softwares,
  etc.
• With these constant changes, errors might seem
  inevitable.
• Lets discuss the revenue cycle errors and how to
  fix them.

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Identify the Missing or Incorrect Information

• Errors are a major reason for claim denials.
  Before submitting the claims, have to
  double-check the claim to prevent denials.
  Incorrect and missing details lead to claim
  denials. During the claim submission,
  double-check the following details to eradicate
  errors

• Patient Name
• Addresses
• Date of Birth
• Insurance information
• Dates of treatment etc
• Verify coverage details

• Insurance carrier name
• ID number
• Group number
• Type of plan and coverage details
• Patient policy status and effective date

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Insurance Eligibility Verification

• Physicians have to verify the patients
  eligibility to ensure they will get paid for
  service rendered.
• To reduce the physicians burden, the medical
  billing company offers Insurance eligibility
  verification services.
• They help to increase revenue, prevent denials.

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Benefit of Eligibility Verification Services

• Maximize billing collections
• Reduce billing errors
• Reduce denial rates
• Improve patient satisfaction
• Save operational costs

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Avoid Delayed Claim Filing

• Understand the claim filing deadlines as per the
  third-party payer contracts. Some payer
  agreements may require a short timeline, with an
  inability to meet these imperatives result in
  claim rejection. To avoid the delayed claim
  filling, follow below things.

• Provide Accurate Patient Demographics
• Verify Insurance Eligibility
• Obtain Pre-authorization
• Appealing Timely Filing Denials

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About Us

• MGSI is the best medical billing company in
  Florida, US. Our company has 25 years of
  experience in the healthcare domain.
• We provide medical billing and coding services
  that include revenue cycle management, denial
  management, AR follow-ups, Medical claim
  submission, etc.
• We use the latest technologies for medical claims
  processing. We help you to get quick
  reimbursement. 
• To learn more about our services visit us on
  www.mgsionline.com

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THANKS!

• Do you have any questions?
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• Mail info_at_mgsionline.com
• Call 1 877 896 6474
• Visit www.mgsionline.com