You must know how much accounts receivable can be older, i.e., 60, 90, or even 120 days. Besides, over 60% of patients' owed never get collected. You must understand how much money you are losing on the A/R. Claims are denied upon the initial submission. This equates to millions in lost provider revenue. If your firm fails to catch up on payment processing, this can lead to bad debt.

The challenge of today's healthcare environment can hinder the practice's profitability and take away from the quality of patient care. If you and your business need help to handle all administrative tasks, you must keep up with the ever-changing guidelines for insurance claims and medical billing codes.

Outsource RCM

There's a way to lower the claim denial rate, increase the A/R collection and improve the profitability, all while saving time and money. Outsourcing it to revenue cycle management companies is the best option. Their only focus is to stay up-to-date on payer guidelines and medical codes, ensuring your practice is as financially healthy as possible.

Here are top tips healthcare debt collection agencies run that can benefit your practice:

Increase upfront collection

How much time does the staff spend when it comes to verifying coverage, co-pays, and deductibles? Outsourcing revenue cycle management companies help you ensure you are collecting the correct amount upfront from a patient.

Lower operating costs

Engaging with revenue cycle management companies isn't expensive. Standard industry practice is that the RCM gets a percentage of revenue collected; as a result, when you get paid, they get paid. Considering the cost of paying staff, offering benefits, and continued training for in-house medical billing professionals, it's more cost-effective to partner with a healthcare debt collection agency.

Revenue growth

There are several ways RCM helps enhance your revenue. For example, when you ensure you are collecting the correct amount upfront, submitting clean claims reduces the number of denials, and having a team helps you promptly follow up on any denials. Here you can collect revenue, thus improving the practice's financial health.

Coding and documentation

Medical billing codes and guidelines are constantly upgraded. Your firm must keep up with this change and ensure everything gets submitted correctly and on time. When you have revenue cycle management companies as a partner, they'll take the stress of this off your plate. Moreover, a team of certified coders is on staff to ensure clean and compliant claims are filed.

Save time and money

With a team of medical billing professionals on your side, you can save a considerable amount of time and money. You don't need to worry about training the staff on guidelines, coding updates, or billing procedures. The medical billing company also works within the PMS. They'll ensure all information is in one place, making it easily accessible.

Reporting

A significant advantage of having an RCM is reporting. They run analyses on account receivables, denials, and actionable data that help improve the practice's financial health.

AI for healthcare

AI is being utilized to enhance healthcare outcomes. However, it's more about increasing efficiency in a variety of ways. For example, artificial intelligence has advanced when it comes to diagnosis and treatment planning. AI algorithms can also help find patterns where you can provide treatment recommendations by evaluating massive volumes of data, including medical records, imaging studies, and lab results.

AI also evaluates data from electronic health records and other sources to identify risk factors. As a result, they can forecast future health difficulties, enabling preventive actions.

One of the most significant aspects here is data analysis for decision-making. AI can evaluate clinical trial data to provide recommendations for future developments. AI can also be used to evaluate population health data, where you can find trends and drive public-health initiatives. AI is being used to enhance healthcare results in personalized medicine. This entails adapting treatment programs to individual patients' specific needs and features.

Conclusion

You must know that revenue cycle management is more than billing and coding. Revenue cycle management companies should become strategic partners to help you grow your practice.

The dedicated team works hard to ensure that claims stay clean.