An experienced medical billing service company can help you maximize collection from all the sources by filing it on a timely basis correctly with the correct use of ICD, CPT, and related modifiers. This way your monthly collection will improve and claim denial rate will reduce.
This whitepaper will give you specific details to improve your medical billing processes to realize additional revenue -1. Window Time of Service Collections
Industry best practices show an average of 90% or higher time of service collections, with some practices coming close to 100% success.2. Days from Time of Service to Billing
Top performing medical practices accomplish their insurance billing in three days or less from the time of service, which is only possible if you have an efficient system for data capture, coding, claims scrubbing, and electronic submission.3. Average Days in Accounts Receivable
Industry benchmarking shows that top performing medical practices have an average of 40 days in Accounts Receivable. If your Average Days in A/R is higher than it should be, look at your carriers and see if you can pinpoint problems with slow payment.4. Percentage of Claims Paid Within 45 days
A good benchmark for this revenue cycle metric is to achieve 85% to 90% claims resolution within 45 days from time of service. If you have a higher than average percentage of claims going beyond this window of golden opportunity,
Download the whitepaper to get more details on these processes and how you can realize additional revenue by 10% or more.