3 Reasons Why Physicians Lose Their Revenue from Providers
SummaryTo overcome claim denials and make sure your insurance provider approve your claims and you get a good fund inflow at your practice, you require proper system and audits in place where your pending ARs, claim submission time and approval rate, everything has to be thoroughly checked and to start afresh.
- Author Company: 24/7 Medical billing Services
- Author Name: Jenny Vergeese
- Author Email: email@example.com
- Author Website: https://www.247medicalbillingservices.com/
Recent studies say that approximately 25% to 30% all medical practice lose their income due to incorrect coding, underpricing, missed or never-submitted charges, and some of it due to no/improper follow-ups. Physician practices should always have a comprehensive and strategic approach towards medical billing that involves a combination of skilled personnel, who can handle end-to-end challenges in medical billing. Here are some hidden ways that your practice can lose revenue, which can be highly frustrating.
#1: Some features of Free EHR software can drive patients away
Free EHR systems can be highly tempting, but its features can turn off your patients and may hit your revenue. Sometimes, without the knowledge of physicians, these scheduled software systems can send emails to customers, which may make them think if it is a scam or real, but not actually announced or conveyed by physicians.
This could be a drawback to your practice and may cause damage to your brand reputation.
#2: Mismatched post-treatment medicines with patient follow-up visits
E-prescription can be a huge time-saver but will be successful only if the patient understands it properly. This goes on rounds and routine when the physician tries to synchronize follow-up appointments with a patient’s need for refills. Non-maintenance and coordination of prescription refills and follow-ups, may lead to receiving too many phone calls for meds refill requests, forcing more time and stress on your office staffs.
#3: Overstaffing after successful EHR implementation
You may require more staff while switching over from paper records to EHR system. It takes high time for the system to migrate and your staffs may also take time to get hands-on using the software. Therefore, during the transition stage, you may require more staffs, but once you have implemented EHR software successfully, you don’t have to keep over headcount. This again may mess up your workflow due to different opinions applied on the same activity.
Above all other reasons, ICD-10 coding, the giant of codes is where many practices may go wrong and struggle with denied claims. To overcome claim denials and make sure your insurance provider approve your claims and you get a good fund inflow at your practice, you require proper system and audits in place where your pending ARs, claim submission time and approval rate, everything has to be thoroughly checked and to start afresh.
To ease out your medical billing process and streamline your workflow with high revenue generation, you need one of the best and leading medical billing experts in the USA, 24/7 Medical Billing Services for quick and high quality services addressing your medical billing chaos. Call us at +1-888-502-0537 for a free consultation with our medical billing expert.
About 24/7 Medical Billing Services
24/7 Medical Billing Services is the nation’s leading medical billing service provider catering services to more than 43 specialties across the entire 50 states. You can rely on us for end-to-end revenue cycle management. We guarantee up to 10-20% increase in the revenue with cost reduction of your practice for up to 50%.
Call us today at 888-502-0537 to know more on how we can help boost profitability for your practice.
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