Think of your revenue cycle like a pipeline that moves from patient scheduling, to billing and collections, and finally to deposits in the bank.
This pipeline allows for a smooth revenue flow, but there are plenty of places where leaks can occur.
Here are five common ways your practice may be losing revenue. See TMA’s Pipeline to Payment infographic for the complete list.
- Patient scheduling: Although 79 percent of practices verify billing information for new patients, only 25 percent verify this information in subsequent visits.
- Time-of-service collections: The likelihood of collecting a patient’s full balance drops 20 percent as soon as he or she walks out the door.
- Timely claims submission and rejections: Submitting claims more than three days after a date of service significantly increases potential errors and delays payment.
- Accounts receivable management and appeals: Of the 30 percent of claims payers deny or ignore, 60 percent are never appealed or resubmitted.
- Bad-debt management: Practices can expect to receive only 14 cents of every dollar for accounts turned over to collection agencies.
Don’t let your hard-earned revenue drip away.
Turn to TMA’s Billing Services to weigh your options for boosting your bottom line. Or, opt to outsource all or part of your revenue cycle management to trusted billing experts — saving time and administrative burden.
For more information, visit www.texmed.org/TMABilling, or call (800) 822-8930.
Last Updated On
July 12, 2018
Originally Published On
March 26, 2018