Stuck in errors, delays and denials, you must have written off your accounts receivable as bad debts too many times! That’s perhaps why a comprehensive revenue cycle management system is in demand more than ever. The US Healthcare system has witnessed some dramatic changes in the past few years. In the recent scenario, there are chances that some Urgent Care centers will go out of business in spite of effective care management solutions and a healthy clientele. The reason is simple – they will run out of cash!
The only solution to this problem and of course, your anxiety is effective management of accounts. If the biggest barrier to improving the financial health of your Urgent Care Center is irregular cash flow, here are some tips that can help boost collections instantly:
Proper Claims Submission: Error-free claims submission is vital if you are looking for better collection and the procedure starts from correct coding and billing. It’s important that all your services are recorded through appropriate codes complying with ICD-10 standards and are sent to the designated payer within 48 hours of services rendered to a patient.
Get a Billing Partner: The claims you prepare must meet the industry standards and abide by the technical protocols. Medical billing, these days, asks for greater involvement. So, collecting error-free data, training staff & managing denials have become the bane of life for the Urgent Care Centers. Consider hiring a billing partner if revenue cycle management has become a challenge for you. Today, a number of companies offer easy way outs from these complexities with their experts and advanced software solutions.
Better Denial Management: Revamp the claim denial management process. It’s important because managing your claim denials effectively is the easiest way to boost your organization’s revenue. In addition, it will lead you to fewer denials and bad debts in the future. But without an organized system in place to understand, handle and improve the denial management system, there are chances of losing track and claims piling up.
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