How to Have a Successful Healthcare Revenue Cycle Management?

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How to Have a Successful Healthcare Revenue Cycle
Management?
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Introduction

• Almost every physician and practice thrive
  towards adopting a Successful Healthcare Revenue
  Cycle Management Solutions, however handling both
  patient care and billing together might be
  distressing, affecting the quality of both areas
  and creating stress in the work environment.
• Outsourcing has proved to be the best practice to
  handle medical billing and coding successfully.

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• While deciding to outsource most of them miss the
  mark in working towards the best interest of
  their practice and financial goals, in fear of
  losing control over the business.
• Running a successful revenue cycle management
  requires you to spend quality time with your
  billing and coding team ensuring each and every
  claim is worked productively to reduce the denial
  percentage.
• However, as a physician whose core focus is on
  patient care and patient satisfaction, at times
  billing can take a back seat during your busy
  schedule with the patients.

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• Outsourcing revenue cycle management proves to be
  successful by increasing your overall billing and
  patient care experience as discussed below
• Saves you a lot of time involved in the tedious
  process of medical billing.
• Takes care of your day to day billing and keep
  them intact even during your busy schedules.
• Provide continued service during tough times so
  your billing is not affected by staff absenteeism
  or attrition..

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• Outsourcing also saves you from the time and cost
  involved in hiring and training billing and
  coding staffs.
• The new era of medical billing is accustomed with
  outsourcing and its benefits outsourcing does
  not only help you focus on patient care.
• It also helps you tackle obstacles that impede
  the successful revenue cycle.

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Benefits of Outsourcing Medical Billing

• Outsourcing produces greater cost savings
• Increases the overall productivity using a
  streamlined workflow
• Reduces workforce worries
• Provides the most experienced, trained and
  skilled staffs
• Reduces claim denials and increase Quality
• Increases reimbursement and monthly collections
• Keeps you updated on the billing and regulatory
  changes
• Keeping on top of the changes in fees schedule
• Adheres by HIPPA compliance and State regulations
• Provides you with a safe and secured billing
  experience

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• Outsourcing can effectively increase your overall
  billing experience, focusing on the core areas as
  discussed below
• Timely filing of claims
• A medical billing company has an experienced team
  of billers and coders working for you, who are
  trained to handle every scope of service in a
  streamlined process and submit them within the
  given Turnaround Time (TAT) to ensure timely
  filing of claims, thereby avoiding denials due to
  late filing.
• .

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• Denial Management
• Denial Management process from an outsourcing
  company has expertise monitoring, tracking and
  handling denials effectively.
• Setting up a standardized process to minimize
  denial percentage and implement best practices to
  decrease denial, AR Follow up are essential steps
  to increase revenue.

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• Eligibility Verification and Prior Authorization
• Missing on Insurance Eligibility Verification and
  not obtaining required Prior Authorization sums
  up the major part of denials.
• A medical billing company considers Insurance
  Eligibility Verification as the first and
  foremost step in the billing cycle to reduce the
  denial percentage.
• They have a separate team handling the
  verification process with experience on areas to
  be verified before claim submission.

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• Regular Audits and Training
• Running regular audits on each scope of revenue
  cycle management is quintessential to maintain
  the billing quality.
• A well-established medical billing company has a
  dedicated audit team assigned to each scope of
  revenue cycle management.
• The audit team ensures to track and audit your
  billing and coding files regularly and share a
  consolidated report on root cause for claim
  denials to help curb the issue.

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• About MGSI
• MGSI with over 25 years of experience in the
  industry provides successful healthcare revenue
  cycle management services to more than 600
  physicians across US.
• MGSI has hands on experience working on various
  medical billing software and expertise handling
  several major specialties. Compliant with HIPPA,
  and certified by LIVE Compliance to protect its
  network security and PHI matters MGSI ensures to
  offer you the best outsourcing experience. To
  know more about the benefits of outsourcing to
  MGSI log on to https//www.mgsionline.com/why-outs
  ource.html

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