Tips to Improve Your Revenue Cycle Management in 2020

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Tips to Improve Your Revenue Cycle Management in
2020

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Introduction

• In any scope of work there is always room for
  improvement. Revenue Cycle Management being the
  backbone of healthcare industry has continuous
  room for improvement with the ever changing
  revision of Medical procedures, technological
  developments and Insurance policies.
• The unceasing changes and updates in the
  healthcare industry and the revenue cycle
  management process requires Providers, Medical
  staffs, medical billers and coders to be up to
  date to keep the physicians practice and the
  billing process intact.

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• Revenue cycle management is not just about
  entering and submitting claims, an efficient
  revenue cycle management services starts right
  from the time the patient seeks appointment and
  goes on until the physician rendering the service
  is reimbursed with the allowed amount
  successfully.
• The cycle includes step by step process of
  scheduling, Patient registration, Insurance
  eligibility and benefits verification, Patient
  Demographics, Coding and Billing, Charge Entry,
  Claims submission, Payment Posting, AR follows up
  and Denial Management.
• Let us discuss in details some key areas which
  can pull down your chances of claim getting paid
  at the first submission and some tips to improve
  them.

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Dedicated and Skilled Team of billers and Coders

• To run the billing process effectively and
  productively, a dedicated team to handle each
  scope of service efficiently is indispensable.
• Skilled and experienced team of billers and
  coders can ensure reduced claims denials.
• A dedicated team of AR follow up will ensure to
  bring back denied or lost revenue.
• On the whole having an efficient team to handle
  the entire billing process is the key to keep the
  cash flow unimpaired.

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Insurance Eligibility and Benefits verification

• Verification of each patients insurance coverage
  and benefits is vital as these information will
  help the provider communicate the patients
  responsibility during the first visit and handle
  the procedure suitably.
• Insurance policies and guidelines keep changing
  so it is important to know if the service to be
  rendered is covered under the patients current
  insurance policy.
• Similarly it is also essential to be aware if the
  patient has paid his insurance due to avoid loss
  of payment.
• Research confirm that 90 of claims denials are
  because of rendering patient service without
  proper and accurate insurance information.

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Denial Management

• Neglecting denied and rejected claims can cause
  unpredictable financial drain on your practice.
• Lack of proper insurance coverage, incomplete or
  inaccurate claims documentation, medical billing
  and coding errors, incorrect charges or
  demographic entry etc. are few reason for claim
  denials.
• Submitting cleaner claims and getting them paid
  at the first submission requires experienced team
  of billers and coders who are updated with the
  constant changes in the billing process.
• An experienced and dedicated denial management
  team should be able analyze your billing process
  and appeal for the missed and lost revenue.

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Utilizing Latest Technologies

• To meet the demands of the changes in the
  Healthcare and Medical billing industry, the
  technological industry has been contributing
  various updated advancements to improve and ease
  revenue cycle management service.
• Choosing the right platform that suits your
  requirement will help smoothen your medical
  billing process.

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Outsourcing Revenue Cycle Management

• Physicians and Practices are at loss looking at
  their hiked account receivables.
• While their core responsibility is patient care,
  many physicians and practices fail at effective
  billing thereby missing on cash flow through
  various loop holes.
• As mentioned above the reason for delay, denied
  and rejected claims can be varied.
• Identifying the reason for lost or denied revenue
  can be time consuming and painstaking.
• This is one major reason why majority of the
  physicians agree outsourcing to be the best
  option for a productive revenue cycle management.

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• And outsourced medical billing team have the
  experience and expertise handling every scope of
  services for you effortlessly.
• The outsourced medical billing team is well
  trained to keep themselves current to efficiently
  handle your claims and increase claim first pass
  rate.
• The outsourced medical billing company is fully
  equipped with the latest technology to ease and
  smoothen delivery of end to end billing cycle to
  its client.

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About MGSI

• MGSI has over 25 years of experience providing
  revenue cycle management solutions to physicians,
  physicians group, hospitalist etc.
• MGSI has expertise in billing 25 specialties in
  multiple states across the country.
• MGSI strictly follows the information security
  guidelines in order to protect the
  confidentiality of patient information as
  mandated by HIPAA and has been certified by LIVE
  Compliance as it relates to its network security,
  employee training and all PHI matters. For
  further details about MGIS pls. log on to
  www.mgsionline.com

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