Unlike most medical billing companies, MMS Group offers a variety of medical recovery services to meet the unique needs of each healthcare facility. This allows us to optimize the accounts receivable recovery cycle for you, and increase your bottom line.
Medical bills are expensive, and they have a detrimental effect on your practice’s bottom line. That’s why it’s important to recover these past-due claims.
Accounts Receivable Processes
The accounts receivable cycle is one of the most critical processes in healthcare. While it’s similar to the process in other industries, medical AR faces many unique challenges due to the high deductibles, patient financial responsibility, and insurance company involvement.
As a result, ensuring the timely receipt of payments can be a challenging task for hospitals, physicians’ practices, and billing companies. This is why it’s important to implement an effective AR recovery strategy that meets your organization’s specific needs and goals.
Expert billing specialists offer a streamlined AR recovery solution that helps you improve your revenue stream and reduce the number of denials. They also work with your team to ensure proper data entry and clean claim submissions. They use sophisticated technology to speed up your AR recovery processes and reduce A/R days.
Accurate Patient Information
One of the best ways to improve your bottom line is to ensure that patient records are always accurate and up to date. Keeping a close eye on patients is paramount, especially in this day and age when there is so many competing health care providers. Accurate patient information is critical for a number of reasons, from medical billing to collections and even billing fraud investigations. Having a well-defined data collection process and a robust patient education program are key to success. Lastly, it’s important to make sure your practice is compliant with the latest industry standards and best practices. The best way to accomplish this is by partnering with a dedicated healthcare recovery solutions provider. The right partner can help reduce churn, increase revenue and streamline your patient billing, collections and accounting departments.
Streamline Claims Submissions
Claims submissions represent one of the most intense, time-consuming, and costly workloads in healthcare. The task involves at least a dozen steps before a claim is submitted to the payer and must be done accurately.
The most effective way to streamline this process is by implementing automated form processing. This is achieved through intelligent document processing technology that uses conditional fields and logic rules to generate documents for the specific type of claims being submitted.
Using these technologies, a provider or submitter can be alerted of issues that will lead to denial of the claim — missing or invalid information, coordination of benefits, duplicate claims or procedures, and more. These automated notifications will help the submitter avoid denial and return the claim in a timely manner.
Implement Predictive Analytics and Reporting
Predictive analytics is a powerful tool that can improve business outcomes. It can be used to improve financial decision-making, optimize inventory and staffing levels, manage supply chains, and predict maintenance needs for equipment.
The most effective predictive analytics is based on data analysis, machine learning, and statistical models. These tools use historical data to build a mathematical model that captures important trends and suggests actions to take for optimal outcomes.
To create a successful predictive analytics program, companies need people who understand the problem they are trying to solve, data that is ready for analysis, models that can be built and refined, and leadership to put the predictions into action. This can be a complex process but it’s well worth the effort.
Leverage Technology for Better Communication
If you have ever experienced a debilitating medical debt situation, you know just how frustrating it can be to deal with creditors and collection agencies. Some consumers end up filing for bankruptcy while others are subject to constant harassment from debt collectors who violate federal law. Fortunately, a reputable consumer attorney can help you take back control of your finances by helping you file an FDCPA lawsuit against debt collectors who are acting unethically.
One way that companies can improve their collections is by leveraging technology for better communication with patients. Using text messaging, for example, can be a cost-effective way to communicate with patients about their account status. In addition, software can automatically configure the frequency and volume of outreach most effective for each patient based on their past behavior.
There are a lot of great reasons to consider outsourcing your AR recovery services. From reducing your overhead costs to increasing your chances of success, there are plenty of perks to take advantage of. If you’re looking for a way to improve your bottom line, opting for outsourcing is definitely worth considering.
If you have decided to outsource and you’re looking for a reputable and reliable AR Recovery services billing provider, Medcare MSO is where you should head to. We are a dedicated medical billing services provider with the expertise of over a decade in the industry.