Medical billing is an important part of Revenue Cycle Management (RCM) in the health care industry. The process involves complex procedures including form submission, follow up, request for claims, and more. Tracking claims, insurance verification, collections, and payments can be very frustrating for the health care provider since the system is fraught with many challenges.
Continue reading “5 Challenges in Medical Billing”
According to a Healthcare Information and Management System report, it costs nearly $250 billion to process close to 30 billion transactions every year. Errors in these transactions can cost in terms of time and money for the health care provider. The most oft-repeated problems in these transactions arise due to medical coding errors.
Continue reading “Top 4 Reasons for Errors in Medical Coding”
Did you know that many healthcare organizations lose a substantial chunk of revenue due to payment denials? Claim denials are an undeniable fact of the healthcare industry, but organizations must have effective denial management in place to keep the denial rate low. Well-performing practices typically experience denial rates under 5% while other practices face denied claim rates ranging from 10 to even 30%. The numbers add up, amounting to significant lost revenue.
Continue reading “How to Improve Denial Management in Medical Billing & Healthcare”