Healthcare RCM

Any business, even if it’s a noble service like healthcare can come to naught if payments are not received on time. Mounting accounts receivables and erratic cash flows are problems that many healthcare services are grappling with today. But surprisingly, the solution to these can be quite simple – diligent A/R follow-ups! Industry statistics tell us that not following up on unpaid claims results in nearly a 25% loss in revenue. Then a clear corollary that we can infer from this fact is that  A/R follow-ups  can significantly ramp up your health practice’s revenues.  What Do A/R Follow-ups entail? A/R follow-ups is a systematic process that billing teams or medical billing companies follow to collect the outstanding payments. An A/R follow up process typically includes three main stages.  Evaluation Analysis and Segregation based on Priority Collection Why are A/R follow-ups important? And if the boost in revenue is not enough reason for healthcare companies to focus on A/R follow-ups

Challenges and the US Healthcare Industry go hand in hand. From constantly evolving payment systems, increasingly labyrinthine regulations to the terrifying Covid-19 Crisis that’s before us today, the challenges we need to counter are many and possibly, never-ending. To surmount these problems and be ever-ready to meet new ones, we must build strength and resilience from within. One way to do that is to focus on improving our  core operational efficiency .  “Operational Excellence remains a greater imperative than most companies and most executives acknowledge,”   says    Gene Tyndall, President Supply Chain Excellence Advisors. This is especially true of the US Healthcare Industry where administrative costs far exceed those of healthcare industries in other comparable countries.  The Centre for American Progress (CAP) estimates that the annual  Billing and Insurance related costs borne by providers and payers are a startling  $496 Billion, of which $ 248 Billion is excess