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Tips to avoid revenue cycle management errors
- 1. www.mgsionline.com Tips to Avoid Revenue Cycle Management Errors
- 2. With new advances, medical data is deciphered, managed, and transferred; innovation has made more factors to a provider’s prosperity than ever before. Claim submission, managing claims denials are major processes in medical billing services. Adapting technologies like EHR, PMS, and electronic tools would enhance the Revenue Cycle Process. Revenue cycle management systems help to streamline the medical billing process like coding, changing and documenting claims, etc. By controlling the billing process most common revenue cycle management errors are avoided. It leads to profitability and productivity. www.mgsionline.com
- 3. Keeping up a steady flow of income for the physician is very important. With margins tightening and income declining, holding a steady income may seem tricky. Many things have changed in the revenue cycle. To subsist with the changes in the healthcare industry, the revenue cycle process has gradually improved, to mention a few — changing from paper works to EHR, adapting to ICD 10 coding, Automated medical billing, Computer-assisted Coding(CAC), Web-based or cloud-based Softwares, etc. With these constant changes, errors might seem inevitable. Let’s discuss the revenue cycle errors and how to fix them. www.mgsionline.com
- 4. Errors are a major reason for claim denials. Before submitting the claims, have to double-check the claim to prevent denials. Incorrect and missing details lead to claim denials. During the claim submission, double-check the following details to eradicate errors: Patient Name Addresses Date of Birth Insurance information Dates of treatment etc Verify coverage details Identify the Missing or Incorrect Information Insurance carrier name ID number Group number Type of plan and coverage details Patient policy status and effective date www.mgsionline.com
- 5. Insurance Eligibility Verification Physicians have to verify the patient’s eligibility to ensure they will get paid for service rendered. To reduce the physician’s burden, the medical billing company offers Insurance eligibility verification services. They help to increase revenue, prevent denials. www.mgsionline.com
- 6. Maximize billing collections Reduce billing errors Reduce denial rates Improve patient satisfaction Save operational costs Benefit of Eligibility Verification Services www.mgsionline.com
- 7. Avoid Delayed Claim Filing Understand the claim filing deadlines as per the third-party payer contracts. Some payer agreements may require a short timeline, with an inability to meet these imperatives result in claim rejection. To avoid the delayed claim filling, follow below things. Provide Accurate Patient Demographics Verify Insurance Eligibility Obtain Pre-authorization Appealing Timely Filing Denials www.mgsionline.com
- 8. About Us MGSI is the best medical billing company in Florida, US. Our company has 25+ years of experience in the healthcare domain. We provide medical billing and coding services that include revenue cycle management, denial management, AR follow-ups, Medical claim submission, etc. We use the latest technologies for medical claims processing. We help you to get quick reimbursement. To learn more about our services visit us on www.mgsionline.com www.mgsionline.com
- 9. CREDITS: This presentation template was created by Slidesgo, including icons by Flaticon, and infographics & images by Freepik and illustrations by Stories Do you have any questions? Follow the project updates Mail: info@mgsionline.com Call: +1 877 896 6474 Visit: www.mgsionline.com THANKS!