Medical Billing Blogs

  South Carolina 24/7 Medical Billing Services has proved to be a pioneer in the field of medical billing and revenue cycle management (RCM) services for over a decade. It has been a key pillar of support for several healthcare organizations and medical billing companies through quality outsourcing services. Its recent contract with a South Carolina based medical billing company is a successful stride in the same direction poised to take both stakeholders to new heights. The healthcare industry has seen a paradigm shift over the last couple of years, leading organizations to rethink many traditional aspects of their daily work keeping resource efficiency in mind.   “While having separate in-house departments for each function of an organization could seem like a mark of size and success, it poses a huge challenge in terms of humongous resources spent on hiring’s, management, operations, and replacements in-house,” notes Hariharsudan, Founder & CEO, 24/7 Medical Bi...

  Did you know? The Medical Group Management Association (MGMA) reported that the healthcare practices could save $16.3 billion or 42% of the $39 billion on administrative transactions with proper revenue cycle management. If you observe that other healthcare providers are performing better than you while providing the same healthcare services, then something is definitely wrong in terms of your medical billing and coding. The only thing you want in such a situation is to dismiss the happenings like this, mainly when your practice has started picking up the patients count and increasing the profits after the pandemic. To understand how to mitigate the revenue loss incurred by your practice, you need to know the factors that lead to financial damage. This article will look into seven top factors that affect your practice’s revenue once you have identified that you can pay attention to and improve your revenue cycle management. Factor 1: Interpreting the Billing Rules Undo...

  The intricacies of medical billing appear to have no end in today’s complex and difficult reimbursement situations. Regardless of the challenges, you must be ready to guarantee that collections are optimized and streamlined. As a result, keeping track of your practice’s financial performance while providing excellent patient care is critical to the success of your medical billing practice. How do you know if your business and the people you choose to execute your medical billing practice is running at full speed? Creating a dashboard of key performance indicators might help you stay focused on your goals. Medical billing metrics, also known as Key Performance Indicator (KPI’s), assist practitioners in gaining a better understanding of their revenue cycle and providing insight into how to boost collections. This is why so many practices will concentrate on medical billing key performance indicators. 1. Identify bad debts One of the most important medical billing KPIs to ke...

  Do you know that the payers reject up to 10% of all the claims submitted in healthcare practice? However, approximately 90% of the claims that are denied are preventable. The rules and regulations for the claim submission can also vary based on the payer and the patient conditions, and the services offered. But even the most meticulous medical billers experience claim denials. Is denial management a significant issue? Once you are aware of the most common denial reasons, you can certainly avoid them and reduce the number of claim denials. Here are the common ways by which you can prevent the claim denials: 1.       Always verify the eligibility and the insurance Around 24% of the denials happen because of ineligibility. Just like people change their jobs, people change their insurance plans as well. So it is always important to check the coverage of the patient before rendering any service. Also, check- is their coverage still active, do they hav...