With the revenue cycle industry evolving every day, RCM practitioners and decision-makers need to stay updated on the trends. Trust Revel, a Revenue Cycle Industry Newsletter from Medical Billing Wholesalers, to bring you updates on issues impacting the revenue cycle business.
How to Arrest Revenue Leakage in Medical Billing?
Unbilled payments, unmonitored denials & claims, and inefficiency in training can cause revenue leakage, resulting in the loss of enormous amounts of money for providers. In this whitepaper from Medical Billing Wholesalers, we bring you ten things that you can implement to reduce revenue leakage in your practice. Implementing these best practices into your healthcare organization will help you improve revenue and reduce costs.
Improving Days in A/R – A Best Practices Guide to Improve Your Revenue Cycle
The days in accounts receivable (A/R) is a critical performance indicator that measures the average time taken for a claim to be paid based on average daily charge volume. While the measure may vary for different types of care and medical specialties, the suggested benchmark by the Medical Group Management Association (MGMA) is fewer than 40 days. Improving days in A/R to MGMA benchmark requires a comprehensive relook at the entire revenue cycle and concerted efforts to improve. In this article, Medical Billing Wholesalers brings you insights on how to reduce the number of days in AR.
Improved Revenue Cycle Workflow and Reporting Functionality Accelerates Cash Flow
A revenue cycle system is only as good as its implementation. Most revenue cycle professionals utilize less than half of the capabilities of the RCM system. Often, important functionalities that can reduce workload significantly are overlooked. Revenue Cycle Professionals should look at their workload as well as performance data to understand how they can ease their work processes and exceed benchmark KPIs by taking advantage of dormant features of the revenue cycle platform. Read more in this case study on how improving the functionalities can help you focus on improving reimbursements.
Industry News
- How to evaluate a telehealth platform today — a guide for IT CVS names new president for Aetna
- AMA releases CPT codes for coronavirus immunizations Providers, payers struggling to meet ONC, CMS deadlines CMS Details Medicare Payment for New COVID-19 Antibody Drug
- Prior Authorization Burden Continues to rising, Physicians Report
- Healthcare CFOs Looking to Technology to Boost Waning Margins
- CIOs seek analytics, automation, and EHR integration for healthier supply chains
- The University of Rochester serves rural patients, reduces ED burden with telebehavioral health
- AI models from Mount Sinai can predict critical COVID-19 cases
