4 Ways A Medical Practice Can Boost Revenue Cycle Management

4 Ways A Medical Practice Can Boost Revenue Cycle Management

With the introduction of EMR and advanced practice management software the general belief is that the standards of billing and collection will be like never before and every claim should be billed out accurately and collected upon in a timely manner. Unfortunately, according to industry sources, independent medical practices are still leaving as much as 30% potential revenue on the table due to the inefficiencies in their billing and collection process. This happens because, the rejection and denial rate is still too high and almost 50% of denials never get re-worked resulting in 5-7% loss of potential revenue. When you have too many denials your revenue can pretty easily get locked in the Accounts Receivable and that can have serious impact on your cash flow.With the introduction of EMR and advanced practice management software the general belief is that the standards of billing and collection will be like never before and every claim should be billed out accurately and collected upon in a timely manner. Unfortunately, according to industry sources, independent medical practices are still leaving as much as 30% potential revenue on the table due to the inefficiencies in their billing and collection process. This happens because, the rejection and denial rate is still too high and almost 50% of denials never get re-worked resulting in 5-7% loss of potential revenue. When you have too many denials your revenue can pretty easily get locked in the Accounts Receivable and that can have serious impact on your cash flow.