How to make your eligibility verification process more efficient

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How to Increase the Efficiency of Your Healthcare
Organizations Revenue Cycle Management?
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Introduction

• Revenue cycle management has an important role in
  the healthcare industry. The revenue cycle
  process includes claim management, accounts
  receivables and revenue production.
• RCM always guarantees the accuracy and idealness
  of claims. It is important that any healthcare
  organization should have proper revenue cycle
  management system for successful and profitable
  business.
• Growing challenges of rising provider cost,
  unpredictable healthcare market and patient
  obligation may appear to be unconquerable however
  that is why the revenue cycle is so significant.

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• Revenue cycle management is progressively
  evolving under a developing value-based approach
  to care as well in an age of digital technology
  and physicians from single specialist practices
  to hospitals are rapidly figuring out how to
  adapt.
• If you want to improve your operations and
  increase claims reimbursement rates, here are few
  strategies to increase the productivity of your
  Revenue cycle management.

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Implement Supporting Technology

• Implementing supporting technology for workflow
  optimization, guarantees consistent transition of
  claims between staff members over the front end
  and back end revenue cycle processes.
• It also smoothest out handoff points between
  various revenue cycle and concentrates on
  improving process flow and imply standardized
  metrics, for example, Denial rate, Days payment
  outstanding/ AR days to increase billing
  collections.

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Focus on reworking claims

• A few practices focus only on new claims coming
  in and are unwary of the fact that the older
  denied or rejected claims are taking a back seat
  affecting the cash flow, If you dont review
  these denied claims you wont take full advantage
  of your revenue cycle.
• The longer it takes for a denied claim to be
  analyzed and resubmitted, the more it ages, and
  your practice will keep on passing up repayment
  from services provided.
• To prioritize and effectively handle denial
  management, start by making an ideal arrangement
  for your billing team to proactively catch up on
  denied claims.
• By having a smoothed out procedure for
  distinguishing common errors, you can guarantee
  revenue isnt lost.

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Track Revenue Cycle Management

• Tracking Healthcare Revenue cycle management is
  fundamental for clinical practices to effectively
  analyze the key performance indicators (KPI). The
  following KPI needs to be tracked for improved
  revenue
• Day sale outstanding
• Clean claim rate
• Billing collection percentage
• Denial write-off percentage
• These KPIs and other information ought to be
  imparted to all staff that is associated with the
  revenue cycle. This helps non-clinical staff
  better comprehend the procedure and improve
  productivity. Ensuring individuals handling
  claims comprehend the revenue cycle and are
  motivated to diminish costs and improve results.

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About MGSI LLC

• MGSI is one of the leading medical billing
  companies in Florida.
• Our company specializes in revenue cycle
  management that includes denial management AR
  follows ups, insurance eligibility verification,
  etc.
• We also provide anesthesia billing, radiology
  medical billing, cardiology medical billing, etc.
  With our expertise, experienced team of billers
  and coders and improvised technology
• We provide rapid reimbursement with fewer
  mistakes. Visit us www.mgsionline.com for more
  information about our billing and coding services
  and get a free consultation today.

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Contact US
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