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Perks of Reviewing A/R On a Regular Basis

It is very important for medical practices to assess the efficiency of their revenue cycle management practices on a regular basis.

jennyvergeese
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Perks of Reviewing A/R On a Regular Basis

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  1. It is very important for medical practices to assess the efficiency of their revenue cycle management practices on a regular basis. Reviewing of A/R is required for the bigger picture assessment of the practices’ financial health. According to the industry experts, this evaluation needs to be done almost every month or every 3 or 6 months. The more frequently the review is done, the better it is for the practice. According to the CMS (Centre for Medicare and Medicaid Services), only 70% claims get paid the first time they are submitted. Approximately 30% claims are either denied, lost or ignored. That’s a lot of money left on the table. By minimizing accounts’ days in A/R, medical practices can improve their bottom line because they will be collecting everything they have earned. Here are some of the benefits of reviewing A/R on a regular basis for your practice: To cover expenses, there is a need to maintain steady flow of revenue and the A/R team will help in ensuring the same. With regular A/R reviewing, claims will never go missing. Perks of Reviewing A/R On a Regular Basis http://www.247medicalbillingservices.com

  2. Perks of Having an A/R Team Practices need to have an A/R team for looking after denied claims. This team will be responsible for reopening the denied claims to help practices receive maximum reimbursement from insurance companies. Ideally, there are two departments in an A/R team: A/R analytics A/R follow-up. There are mainly three stages in medical billing A/R follow-up procedure- initial evaluation, analysis and prioritizing and collection. Under initial evaluation, claims listed on the A/R aging report are identified and analysedinvolvescollection. Perks of Reviewing A/R On a Regular Basis http://www.247medicalbillingservices.com

  3. About 247 Medical Billing Services:We are a medical billing company that offers ‘24/7 Medical Billing Services’ and support physicians, hospitals, medical institutions and group practices with our end to end medical billing solutions. We help you earn more revenue with our quick and affordable services. Our customized Revenue Cycle Management (RCM) solutions allow physicians to attract additional revenue and reduce administrative burden or losses. Contact: 247 Medical Billing ServicesTel: +1 888-502-0537Email: info@247medicalbillingservices.com Perks of Reviewing A/R On a Regular Basis http://www.247medicalbillingservices.com

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