Repetitive collections errors jeopardize the revenue and profitability of medical practices. This malaise is further aggravated by delays in submitting insurance claims, incorrect submission of claims, denied claims, ineptitude in following up of denied claims, and lack of experience in revenue cycle management\u00a0\u00a0(RCM) and denial management analysis (DMA). The ramifications are further amplified with decrease in reimbursement and increase in overheads.<\/p>\n
More than 47% of medical practitioners surveyed during the Medical Group Management (MGMA) 2012 Annual Conference reported annual loss of revenue due to preventable denials in excess of $25,000, with nearly 18% reporting revenue loss of more than $100,000.<\/strong><\/p>\n According to a survey in 2011 by the American Medical Group Association,<\/strong> physicians suffered continued financial losses in most regions of the U.S. Northern region suffered the worst losses, averaging -$10,669 per physician, compared to -$9,943 per physician the previous year.<\/strong><\/p>\n Hospitals on an average suffer revenue loss of more than $550,000 per annum due to increased patient discharge times,<\/strong> according to a survey of 577 healthcare professionals,<\/strong> conducted by the Michigan-based Ponemon Institute.<\/p>\n The American Hospital Association (AHA) study report of 2011 has depicted that 1,454 general medical\/surgical acute care hospitals, long-term acute care hospitals, inpatient rehabilitation hospitals and inpatient psychiatric hospitals reported an aggregate of $86 million in claims denied.<\/strong><\/p>\n Missed patient appointments cost $150 billion a year,<\/strong> according to a 2013 report from the Centre for Health Affairs<\/p>\n Increased coding complexity, Recovery Audit Contractor (RAC) Program, and increasing claims from an aging population result in erosion of revenue, according to AHA. Collecting payment for services rendered is essential for the survival of healthcare organizations, and coders are key drivers in that process.<\/p>\nFive cardinal mistakes<\/b> committed by medical practices in collection of reimbursement are:<\/span><\/h2>\n
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9 key guidelines to maximise revenue<\/b><\/span><\/h2>\n