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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!EvaluationAnalysis and Segregation based on PriorityCollectionWhy 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 here are some more compelling reasons why you must make A/R follow-ups a key focus area of your practice.1.A smooth cash flow ensures that your healthcare business is financially resilient to external shocks in the healthcare landscape.2.Better financial health with improved metrics Improved revenues and steady cash flows boost the financial health of your healthcare practice.Better tracking of unprocessed claimsNext to denials, the major reason for delayed payments could be that some claims are not received, or not processed for reasons as simple as a lack of information or oversight.
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The one question that looms large over your sky at this point is this: ‘To outsource or not to outsource?’Before arriving at an answer let us look at some factsNearly 80% of all medical bills have errors and in around one-fourth of these bills, the errors involved a significant amount of money.The average cost to file an initial claim is $ 6.75 while the average cost to rework a denied claim is around 25 $In the last seven years, there has been a 70% increase in data breaches in the healthcare industrySo what do these data tell us?And we know that efficiency improves when any task is handled with more specialized knowledge and expertise.Medical billing companies with an exclusive focus on billing, tend to collect more revenue at a lesser cost.The benefits of increased efficiency are not only limited to savings in cost but also spill over to other aspects of healthcare operations.They have well-established processes and workflows that expedite collections.More Focus on Patient CareWhen you outsource your medical billing process, you free your staff from cumbersome repetitive tasks associated with billing including identifying and rectifying errors, monitoring the process, and claim reviews.This in turn lets them focus on the more important goal of improving patient care quality.Stable Billing supportLong and frequent vacations taken by one of your staff or a sudden sickness that keeps more than one employee from work means that your bills are not raised on time.
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And as we all know, most of this information exchange happens through the World Wide Web.While the majority of the information on the web is superfluous there is a small percentage of it that is of immense value.For a business operating in today’s world finding and utilizing this valuable portion of information from the web is highly critical because it’s survival and growth are dependent on it.That is why most businesses today have included web research as an essential tool of strategy and planning.Just as you need deep-sea divers and special equipment to get pearls from the ocean, you need specialized skills and expertise to divine timely information from the web.Web research is the skill or function that makes it possible for businesses to cull out relevant information from the internet when needed to make better business decisions.Here are a few of them: Data Mining & ExtractionData mining involves collecting data based on specific criteria and analyzing the data to identify patterns in consumer behavior and other areas.
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True to the saying, the Covid-19 crisis we face today has ushered in many changes in the US healthcare system.This year the pandemic is slowly yet forcefully pushing this number closer to 100.From big multispecialty hospitals to small single physician practices, every player in the healthcare business is now looking at telehealth as a viable way to continue serving the community with quality healthcare.But climbing on to the telemedicine wagon is far from easy!The billing guidelines for telemedicine are evolving at such a rapid pace that it is quite tough to keep pace with them.For physicians and healthcare executives, already pinched for time, it could be an overwhelming challenge.Have you added telehealth to your services recently with not enough time to deal with the billing uncertainties and continuous training requirements that accompany it?The simple solution could be to outsource Telehealth Billing to established billing companies.Why should you outsource Telehealth Billing?When you entrust Telehealth billing to experts like us you getAccess to World-class Expertise: We employ billing professionals with years of intensive experience in medical billing and invest in the latest billing technology.Handling billing for healthcare clients across different specializations and locations has helped our teams master all the nuances of medical coding and billingSpecialized knowledge: We train our billing teams continuously on changing regulations in specific specializations of medicine.
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But it is not any less important.As the first context of contact with the patient, it strongly affects the entire experience that a patient has with your healthcare service.A 2017 study by the University of Utah reports that 39% of patients surveyed considered scheduling a timely doctor appointment as the most important expectation they have from a healthcare service.That is not quite surprising when you consider the results of another study.Confirm appointments by text or emailWhen a patient misses his/her appointment, it is not only the patient who suffers the consequence but the physician’s office too.Leverage the potential of data analytics  Data analytics has opened up unique solutions for problems in every industry and specialization and it could be very well explored for rectifying hitches in Patient scheduling too.
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This oft-quoted line by Ray Croc, founder of McDonald’s captures clearly the importance of recruiting for the growth and success of any business!But what makes businesses spend too much time and effort on recruiting is not just because it is important, but also because it is tough.So what can we do to find the right talent at the right time and the right cost in a competitive market?We could perhaps use a little help from the experts!Professional staffing and recruitment agencies have sharpened their expertise in talent search through extensive networking and intensive study of the industry.With the comparatively higher scale of operation, they are in a better position to achieve time and cost-efficiency in recruitment and staffing than an in-house hiring team.But how do you know when you need such expertise?Your HR team is stumped with quite a few Hard-to-Fill RolesLet’s admit it.
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Though most of the investors’ money that exceeded a trillion dollars wiped out in the crash was soon recovered, the episode left everyone involved in the financial markets stunned.This and many incidents like these prove time and again the importance of accurate data entry in this age of information.Boost Business & Operational EfficiencyThe most important benefit of data entry is that it saves you time and money.In other words, it boosts efficiency.Digitization also streamlines processes and workflows, thereby reducing the time and cost of operations.But for data to be analyzed, it must be generated and stored.
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Challenges and the US Healthcare Industry go hand in hand.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.These typically include expenses incurred towards documentation, billing, clinical and other supplies, power,  maintenance, transport, sanitation, and other non-clinical expenses.When you clearly categorize and allocate overheads, it will be easier to identify and eliminate costs that are not incurred towards improving or maintaining the quality of care you provided.Consolidating and centralizing non-clinical functions can lower costs through economies of scale.
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In his words, “this is no longer only a global health crisis, it is also a major labor market and economic crisis that is having a huge impact on people”.Technology Biggie Google’s CEO, Sundar Pichai in a recent email communication sent to employees, has talked about a significant slowdown in the company’s hiring pace for the rest of 2020.When established companies are resorting to downsizing workforce as a cost-cutting measure to get them past this storm, small businesses that face bigger risks are more likely to follow suit.Bernard Baumohl, Chief Global Economist of the Economic Outlook Group estimates that the pandemic may slow average monthly job growth from about 185,000 to about 115,000 in the next few months.Businesses are leaning more heavily on advanced technology to immunize themselves from unexpected shocks in the future.This may prove to be beneficial for tech companies that provide such advanced solutions.
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A tiny microscopic virus has precipitated a crisis of such unimaginably large magnitude that it has affected almost every aspect of our lives – health, travel, social interactions, work, and business.The effect of this crisis is sure to be particularly long-lasting in the business sector where experts say that the reverberations might be felt for months or maybe even years.Federal Emergency Management Agency (FEMA) has released a research report on disaster preparedness which says that 40 % to 60% of small businesses affected by a disaster never re-open!Documents are critical assets that are of immense value to any organization and losing them or not having access to them during a crisis can bring business operations to a grinding halt.Paper-based physical document management systems are more likely to put your business at such a risk.A professionally managed digital document management system, on the other hand, makes it easier for you to recover from the crisis.
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Healthcare service calls for a high degree of compassion and selflessness.This shift poses a big challenge for healthcare providers because collecting from patients is more difficult than collecting from insurance companies.According to the American Hospital Association, since 2000, hospitals have provided unpaid services worth more than $ 500 billion.If you are a healthcare service provider with the need to improve your patient collections, here are 5 practices that must be part of your patient payment collection plan.1.Prime your staff for pre-appointment actionThe action starts much before the patient enters your doors.Your staff can also use this information to verify coverage and follow up with the patient through every stage of the payment collection process2.
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Before we get to the reasons why outsourcing medical billing services is good, here are some facts to mull overAn American Hospitals Association 2019 report has pegged the value of uncompensated hospital care since 2000 at more than $620 billion.A Mckinsey article has reported that out of medical bills exceeding 3000$, a startling 99 % were not paid in full.According to Bloomberg, bankruptcies in the health care sector have more than tripled in 2017.Here are some reasons why engaging an offshore medical billing service is a smart move for healthcare providers.1.Savings in Time:Outsourcing medical billing saves time in more ways than one i) healthcare staff spend less time on administrative duties, ii) many incoming phone calls are diverted to the billing company iii) time spent on training staff on changing regulations is saved iv) accurate claims mean faster claim settlements2.Savings in Cost:Using a professional billing service guarantees a positive ROI.Healthcare providers can also save on office infrastructure and storage infrastructure for medical records.Constant Upgradation in Technology and Knowledge:Medical billing companies are in a better position than hospitals and doctor offices to make capital investments in upgrading their technology on time.
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