to streamline the income process of your healthcare practice? Look no further than our proven tips for financial stability
Income Optimization Program to Intact Top Level of Success
To streamline the income of your practice, we focus on improving efficiency, maximizing revenue, and reducing unnecessary costs. Some tactics for a smooth income flow are given below:
Streamline Income Strategies
Essentials of Optimized Revenue System
How Wee Keep Your Income Streamlined, Below is a brief summary of indicators!
Claim Evaluation Before Filing
VitGenix’s billing department follows the SOPs to track blunders prior to the submission of a claim. Our proficient team always double-checks demographic entry, pre-authorization, eligibility, benefits, and coding edits.
Error-Free Claims Transmission
Our team indicates the billing Form (CMS-1500/UB 04) to differentiate the type of services billed. Claims are submitted electronically by following the EDI structure. A few cases are submitted on paper because some particular payers do not acknowledge the claims electronically.
After the successful submission of claims, our Billing staff regularly performs below taks:
1. Monitoring Claims Status
2. Tracking Payment Delays
3. Reconsiderations & Appeals
4. Payers Communications
5. Preventing Future Issues
Denial Management & Outstanding Amounts
Payments are posted in the respective patient's records. Denied and low-paid cases are assigned to the specialized denial management team. They fix and resolve the issues of denied claims and resubmit them again to the correspondent payer. The Account Receivable Department argues with insurance agencies on low-paid claims and submits reconsiderations and appeals for extra payments.
Performing Audit activity is necessary to streamline the income flow. VitGenix has its audit team. They share process loopholes against various activities occurring in Revenue Cycle. This exercise tells what portion of the revenue cycle is frail or needs improvement. Analysts track the cycle at each stage and provide various analytical reports showing the specific progress of an organization.
The compliance department maintains the ongoing process and monitors the Job descriptions of the entire team. They also educate the teams pertaining to legal & regulatory affairs. Latest industry standards are also shared among the teams to keep them aware with upcoming transitions.
Possible Barriers Affecting Streamlined Income
VitGenix deems the following indicators can be destructive for a streamlined income program:
1. INCOMPETENT ACCOUNTABILITY
Consistent and enhanced income can only be achieved by implementing audit procedures and proper accountability checks within the revenue cycle.
2. BILLED & PAID AMOUNTS DISCREPANCIES
Big gaps between billed and paid amounts always affect the income cycle. Coding errors, claim denials, contractual agreements, and patient responsibilities must be observed.
3. INCONSISTENT COLLECTIONS
Consistent and regular income flow reflects the positive face of the practice. Flawless coding & charging needs to be done for streamlined income.
4. INEFFICIENT CLAIM FOLLOW-UPS
Denials of similar reasons indicate that the practice is lacking appropriate denial management.
5. HIGH DENIAL RATIO
A Denial Rate of 10 % or more clearly tells that coding and charging are not up to the mark.
6. DELAY IN CLAIM SUBMISSION
Since each insurance carrier clearly announces its Timely Filling Limits. Claims must be on file within determined timely filing period.
7. DELAYED PAYMENT POSTING
Deferred payment posting provides incorrect metrics and also faces difficulties while tracking down upcoming denials.
8. DOCUMENTATION PROOFS
If insurance regularly wants supporting medical records to validate the given treatment, it implies insufficient homework done by submitting party.
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