The Foundation Of Revenue Cycle Management
Every provider needs a good base on which to build a revenue cycle. The foundation includes basic tools for your practice, along with greater common sense. Patient relations by providers and staff go a long way to maintaining a loyal patient base, and to build and maintain a solid practice management system.
According to the AAPC, the average claim error rate is above 40% on a first-time insurance claim. On analyzing, the top 20 billing errors involve minor details: Such as the proper address for the insurance, a patient’s date of birth, or failing to signify male or female. The average denial rate is above 25%and 48% of denied claims are never followed up– leaving the bulk of a practice’s profits left uncollected. Furthermore, up to 25% of a practice’s revenue being turned down to patient pay.
Revenue Enhancement Requires A Billing Specialist
With all of the pressures you face running your practice or Durable Medical Equipment Supplier in the most profitable, efficient manner; you shouldn’t have to worry about medical billing. At Opry Medial Group, our specialists enable you to focus more on patient care while we provide you with the responsive, elite medical billing service you need.
Our revenue enrichment services include:
- Strategic pricing – This is a process that considers market conditions, administrative input, pricing survey data, and net revenue at the departmental and procedural levels.
- Group Fee Schedule Development – As a medical group, you need a more strategic pricing methodology to effectively increase your profit margin. We consider several factors, including third-party payer reimbursement and strategic pricing options and constraints.
- Coding analysis – Our consultants provide certain recommendations that will improve the charging process and increase the accuracy of ICD-9 and CPT-4 coding.
- Fee Schedule Analysis – Opry Medical Group offers a complete fee schedule analysis of your current fees versus the carrier allowed amounts and adjust your fees accordingly. This ensures that your fees are above the carrier’s reimbursement for the services you provide.
Reimbursement practices have been impacted by numerous trends and changes in the healthcare industry over the last decade. Medicaid and Medicare programs have started reducing reimbursements. In addition, third-party payers have negotiated fee-for-service contracts with providers, which has resulted in less reimbursement. Because of these issues, many medical practices are searching for ways to improve their revenue cycle processes if not pushed in other words.
At Opry Medical Group, we simplify medical billing service and enhance revenue with faster, more accurate claims. Customized services and dedicated, trained coders and billing specialists are what make us distinguished specialists, our team has a sole purpose – to improve your bottom line.
Get In Touch To Understand How Opry Medical Group drives Profitability.
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Take some time – Get in touch, and we’ll show you the difference Opry Medical Group can construct with your Revenue cycle. Fill out the form below to hear from a member of our team within 24 hours.