Medical organizations and related businesses should be extremely careful about managing money. If they don’t have a proper system in place, they will lose their hard-earned money and they wouldn’t even be able to predict where the loss is happening. If you don’t have access to skilled professionals, then medical billing can be a demanding task and can even put your business in peril. Do not allow that to happen, instead, hire the services of a medical billing company.
(more…)
Managing Revenue Cycle Management (RCM) is very difficult and complex. There are literally hundreds of ways to lose reimbursement here a little loss and there a little loss, all adding up to the point where almost all practices are continually financially squeezed. Reimbursement rates have dropped for years, while all other expenses–rent, personnel costs, medical supplies–continue to rise. So a medical group’s only way to maintain its net profits is to control costs and reduce missed reimbursements. For medical practices, here are the top 9 sources of lost revenue and expense drain (leakage), in order:
(more…)