Research shows 15 cents of every healthcare dollar is put towards revenue cycle inefficiencies. In other words, $400 billion of the $2.7 trillion the United States spends each year on healthcare goes towards claims processing: ie billing, payments, revenue cycle management, and bad debt.
Why? Well, a part of the reason is attributed to outdated and inefficient manual methods when it comes to payor-provider transactions. The government has made a step in the right direction by passing the Patient Protection and Affordable Care Act (ACA) in 2010. This effort makes healthcare as a whole more consumer-driven and transforms the hospital revenue cycle space. However, with patient liability for costs on the rise and their ability to pay down balances on the decline, strong revenue cycle performance is clearly necessary in order to build up the financial health of providers.
That’s where national revenue cycle management comes in. As regulations get even more confusing and payer requirements more complex, management of the revenue cycle becomes increasingly necessary in casting the largest net possible for national medical service providers, practices and clinics. You can do your part to combat declining cash flows, tightening margins, and increasing bad debt through effective revenue cycle management that ensures a steady stream of income for your business.
Little-Known Advantages to Using a Medical Billing Service
How MHS Helps
Medical Healthcare Solutions, Inc. helps you maximize your potential reimbursements through the use of its unique, comprehensive software. This software gives you the ability to benchmark key National Revenue Cycle Management performance indicators determining the strengths and weaknesses of your practice. It also provides a hassle-free process of reporting by national payers. Effective Revenue Cycle Management improves your bottom line and frees you up to concentrate on the more important areas of your practice, such as patient care.
MHS can help you maximize reimbursements and bring them to the highest levels by evaluating and assessing revenue cycle data for medical services all across the country. It’s no secret we have been outperforming industry standards due to our innovative model for best practice, combining cost and performance ratios. Our full-service organization can customize solutions for your practice by focussing on key performance indicators such as:
- Month-end data
- Contract compliance
- Claim submission
- Payment posting
- Accounts receivable
Our Revenue Cycle Management services include everything from coding reviews and electronic claim submissions to follow-up on all insurances, claims, fully adjudicated payments and the registration of patient information. Keeping everything on one platform also ensures uniformity across the board in national medical billing approaches.
Contact Medical Healthcare Solutions
Want to know more about national medical billing or our specific services that can benefit your business? Contact MHS today or fill out our convenient online form. We apply the latest medical billing technology in order to meet and exceed even your most challenging medical billing needs throughout the year. We handle it all: complete medical billing, electronic health records and practice management services, Credentialing and ASC Revenue Cycle Management services.
