Does Your In House Team Lack Deep Insights Into The Revenue Cycle?

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Does Your In house Team Lack Deep Insights into
the Revenue Cycle?
Irrespective of the size of the services they
provide, many healthcare facilities have been
grappling with failure to manage their revenues
with the in-house team. It is quite possible that
despite all the efforts that the in-house medical
billing and coding team is putting into managing
the revenue cycle ends up with nothing. The
failure is not because they are reluctant to do
the job but due to the insights caused by the
multiple changes and disruptions in the medical
billing system. Added to this, they face
continuous obstacles when it comes to payment
collection due to the changed behavior of the
patients and the insurance providers. Often
ignoring all these, the in-house team struggles
with the revenue cycle management resulting in
the practices to upend their business to stay
afloat. So if your in-house medical billing and
coding team is also constantly fighting to keep
the revenue cycle on track, miserably failing can
be due to any one of multiple of the following
reasons- Read moregtgt
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Does Your In house Team Lack Deep Insights into
the Revenue Cycle?
HTTPS//WWW.247MEDICALBILLINGSERVICES.COM/
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Does Your In house Team Lack Deep Insights into
the Revenue Cycle?
1. Lack of training Most of the medical billing
and coding companies fail to provide constant
training to their staff and upgrade their
knowledge about the changes related to medical
billing, coding, reimbursements, and insurance
policies. In addition, as more experienced staff
exits the practice, the necessity of training
diminishes with the focus on how to work out the
staff deficit along with working with the
inexperienced staff. 2. Not validating the
information The in-house medical billing and
coding department is the first line of contact in
getting the correct data. The staffs need to know
the changes that can be made before submission.
For each claim, they need to know the information
to be put in to ensure it is acceptable to the
payer.
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Does Your In house Team Lack Deep Insights into
the Revenue Cycle?
3. Failure to monitor data The in-house team
must be trained to identify and correct any
billing errors before submitting them. When they
fail to monitor these errors, the result is an
increase in denials and a decrease in revenue.
Hence, any training material you have for the
in-house revenue management team needs to be
updated constantly, which will reflect the
changing protocols in the medical billing and
coding system, the changes in the policies of the
insurances, and a scrub. Including the scrub
would also allow the team to monitor and make the
correction and necessary modifications before the
claim so it doesn't get denied. 4. Failure to
work the denials Despite doing all the good
work, denial is something that will happen once
in a while. It has been a constant battle for
most of the facilities and often forces them back
to go old school of tracking the confirmation,
faxing the details, or finding a solution that
can be done to receive the payment. But all these
mean losses of labor, time, and delays in the
payment, affecting the overall long-term revenue.

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Does Your In house Team Lack Deep Insights into
the Revenue Cycle?
5. Not understanding the payer contracts Payer
accountability is one of the critical areas that
help manage the revenue cycle. The staff's job is
to monitor and understand the contracts, do a
regular audit, and ensure the payer is upheld. It
would be a rare situation when a payer will
contact you for the underpayment or notify
renewal timeframe. But with the right billing
software in place, reports can be extracted to
recognize any negative behavior by a payer. This
data can be used to act upon to manage the
revenue.
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Does Your In house Team Lack Deep Insights
into the Revenue Cycle?
How to Get Out of the Cycle of Failure? One
of the best ways to ensure that your in-house
medical billing and coding team is not dragging
you down regarding revenue cycle management is by
outsourcing the entire procedure to the
experienced team of 24/7 Medical Billing
Services. 24/7 Medical Billing Services is one
such organization that manages the medical
billing and coding of medical service providers
and ensures the revenue collection is on time. In
addition, intelligent insights are offered with a
proper data collection system. Also, there is
very less scope for claim rejection due to the
trained and dedicated staff to take care of the
billing system with due follow-up for every
claim. 24/7 Medical Billing Services as the
medical billing partner will create a profitable
revenue cycle management while the practice can
focus on patients and the in-house team on other
administrative works.
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About Us
We are a medical billing company that offers
24/7 Medical Billing Services and support
physicians, hospitals, medical institutions and
group practices with our end to end medical
billing solutions. We help you earn more revenue
with our quick and affordable services. Our
customized Revenue Cycle Management (RCM)
solutions allow physicians to attract additional
revenue and reduce administrative burden or
losses.
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Contact Us
Media Contact 24/7 Medical Billing
Services Georgia 3001 Greenfield Drive, Marietta
GA Ohio 28405 Osborn Road, Cleveland, OH
4414030068 Texas 2028 E Ben White Blvd,
240-1030 Austin TX, 78741 Delaware 16192
Coastal Highway, Lewes, Delaware 19958, United
States Phone no / Fax [phone]
Email us info_at_247medicalbillin
gservices.com
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