Top 7 Factors Affecting Your Practice’s Revenue

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Top 7 Factors Affecting Your Practices
Revenue
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Top 7 Factors Affecting Your Practices
Revenue
The Medical Group Management Association (MGMA)
reported that the healthcare practices could save
16.3 billion or 42 of the 39 billion on
administrative transactions with proper revenue
cycle management. If you observe that other
healthcare providers are performing better than
you while providing the same healthcare services,
then something is definitely wrong in terms of
your medical billing and coding. The only thing
you want in such a situation is to dismiss the
happenings like this, mainly when your practice
has started picking up the patients count and
increasing the profits after the pandemic. To
understand how to mitigate the revenue loss
incurred by your practice, you need to know the
factors that lead to financial damage. This
article will look into seven top factors that
affect your practices revenue once you have
identified that you can pay attention to and
improve your revenue cycle management. Read
more
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Top 7 Factors Affecting Your Practices Revenue
Factor 1 Interpreting the Billing Rules
Undoubtedly, there are proper billing rules in
the medical industry but different rules allow
different interpretations of it. It can sometimes
be the reason for the difference in revenues
among practices that offers the same service.
Factor 2 Failure to Credentialing Enrollment
There are only few practices that often ignore
updating the credentials and the enrolment of the
new providers on time. But it has a huge impact
as the failure to do so results in delayed
payments, claim denials, out-of-network services,
and eventually loss of revenue for such
practices. Therefore, it is vital that updating
the credentials and enrollment at regular
intervals should be part of the revenue
management system of any practice.
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Top 7 Factors Affecting Your Practices
Revenue
Factor 3 Mitigating Denials Even though the
most common issue faced by a medical practice is
the claim denials. But it doesnt mean that you
should give up on following them up. There are
several reasons that can result in claim denials
such as coding errors, lack of information in the
billing, duplicate claims, failure to file the
claim on time, eligibility, to name a few.
Factor 4 Understanding Your Agreement In a
medical practice, each disciple has their own
agreement and set of rules. With these customized
particulars in place for the practice, you must
understand the agreement and its details. This
factor also includes the amendments made and new
rules and regulations that need to be implemented
in the contract. Failure to follow such rules set
in the agreement, your practice would result in
revenue loss and increased liability in terms of
heavy fines.  
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Top 7 Factors Affecting Your Practices
Revenue
Factor 5 Selecting the Right Software
Undoubtedly, there are many medical billing
software in the market, but finding the right one
is your job. Software that helps with billing
optimization is a must. For instance, the
software can notify when data is missing from the
billing and update or change the codes. In
addition, using intelligent and updated software
helps in preventing revenue losses. Any practice
that fails to do so is putting them at a
disadvantage since they cannot capture the
benefits of the revenue system. Factor 6
Verifying Patient Eligibility When you need to
get paid by the insurer and manage the revenue
system, verifying the patients edibility is
necessary. Many patients nowadays are required to
make the payment during service, especially when
they are in cost-sharing and high-deductible
insurance plans.
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Top 7 Factors Affecting Your Practices
Revenue

• Factor 7 Tracking the Financial Performance
• For having a successful practice, regular
  tracking and monitoring of financial performance
  are essential. To do that, you must regularly
  analyze the KPIs and keep a keen eye on the areas
  causing revenue leaks. This process will help you
  enjoy a consistent cash flow for your practice.
  Also, the best way to get a track of such areas
  is to go in for customized reporting as prepared
  by the outsourcing medical billing and coding
  partners.

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Top 7 Factors Affecting Your Practices Revenue

• Conclusion
• Undoubtedly, all these seven factors can help you
  mitigate the impact that can affect your
  practices revenue. But one of the best ways to
  move ahead is to outsource your medical billing
  and coding services to a knowledgeable third
  party who can take care of it all while you can
  concentrate on providing the best service to your
  patients. 24/7 Medical Billing Services can be
  one such outsourcing partner for all your medical
  billing and coding needs with a team of
  professionals.

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1 888-502-0537
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Top 7 Factors Affecting Your Practices Revenue
About 24/7 Medical Billing Services 24/7
Medical Billing Services is the nations leading
medical billing service provider catering
services to more than 43 specialties across the
entire 50 states. You can rely on us for
end-to-end revenue cycle management. We guarantee
up to 10-20 increase in the revenue with cost
reduction of your practice for up to
50.  Media Contact Hari Sudan,  24/7 Medical
Billing Services, 16192 Coastal Hwy, Lewes, DE
19958 Tel [phone] Email -
info_at_247medicalbillingservices.com
https//www.247medicalbillingservices.com
1 888-502-0537