Top Six Ways to increase your Practice Collections in 2022

1. Top Six Ways to increase your Practice Collections in 2022 https://www.247medicalbillingservices.com | +1 888-502-0537

2. Top Six Ways to increase your Practice Collections in 2022 The recently updated US healthcare system has brought in fresh challenges for the patients and the healthcare providers alike. Several aspects of the reform in healthcare, like the value-based compensation models and the introduction of time-consuming medical billing rules and regulations, can cause loss of revenue for insurance providers across the US. Failure to stay up to date on the various medical billing rules and regulations along with the medical billing errors can result in letting go of $125 billion uncollected revenue for the US healthcare providers each year. Did you know? As per the survey reports of Commonwealth, patients have experienced a 150% increase in the deductible costs, and only 62% of the adults are confident about affording their healthcare bills if needed. https://www.247medicalbillingservices.com | +1 888-502-0537

3. Top Six Ways to increase your Practice Collections in 2022 How to help your practice over the hurdle? Although the above data pinpoint a miserable condition of the financial aspects of the healthcare domain, all is not lost. To mitigate the compliance risks and the financial issues faced, the medical practices ensure a more proactive approach towards their medical billing procedures. If you can prevent problems before they occur, it will only help you maximize your revenues. Establish a clear collections process You must have a proper collection process in place for your medical practice to ensure better financial conditions for your business. Establishing a step-by-step approach will streamline all the procedures involved. It can be great for improving the overall revenue cycles by informing the patients of their rights and responsibilities in time. https://www.247medicalbillingservices.com | +1 888-502-0537

4. Top Six Ways to increase your Practice Collections in 2022 2. Manage all the claims properly An overwhelming 80% of the medical bills contain some kind of error in them. And since the insurance companies are rather stringent about correct and accurate medical billing and coding practices, these erroneous bills usually get rejected. 3. Minimize coding errors The experienced medical coders use and describe the performed services using the standardized codes within a claim, thereby making it easier to process and decipher. These codes are used with various classification systems like ICD-10, CPT, or the HCPCS Level II. 4. Prompt handling of the denied claims Repeated checking for errors in the claim before final submission can minimize the rejections and denials. But in case of errors, you must handle them quickly and promptly. Get in touch with the insurance payers to clarify the problem and provide the correct information. https://www.247medicalbillingservices.com | +1 888-502-0537

5. Top Six Ways to increase your Practice Collections in 2022 • 5. Find out ways to improve • If you want to maximize efficiency and revenue in your practice, you have to be updated with the regular changes that happen in the healthcare domain. • Enhance the accuracy and follow optimum efficiency by following the below-mentioned steps: • Stay informed • Track any pending accounts receivable • Identify any problem accounts • 6. Know when to outsource • As a medical practice, you must constantly bother about the patients and the latest trends in the medicine domain. You must also ensure excellent staff management. All your employees must know about the latest rules on medical coding standards, medical billing regulations, and changes in the insurance companies. https://www.247medicalbillingservices.com | +1 888-502-0537

6. Top Six Ways to increase your Practice Collections in 2022 Conclusion: • The best solution in such a scenario is to choose an outsourcing medical billing and coding company just like 24/7 Medical Billing Services if you want to cut down on your labor costs and keep on track with the multiple rules and regulations. These third-party specialists can effectively manage your revenues and bring back your financial condition to a better position. https://www.247medicalbillingservices.com | +1 888-502-0537

7. Top Six Ways to increase your Practice Collections in 2022 • About 24/7 Medical Billing Services: • 24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%.  • Media Contact: • Hari Sudan,  • 24/7 Medical Billing Services, • 16192 Coastal Hwy, Lewes, DE – 19958 • Tel: + 1 -888-502-0537 • Email - info@247medicalbillingservices.com https://www.247medicalbillingservices.com | +1 888-502-0537