Getting Ready for Revenue Cycle Challenges in 2023

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Getting Ready for Revenue Cycle
Challenges in 2023
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Getting Ready for Revenue Cycle Challenges in 2023
In a recent Revenue Cycle Management Virtual
Summit, c-suite executives, revenue cycle
directors, and other leaders from healthcare
organizations discussed the most significant
challenges and opportunities in revenue cycle
management. These RCM experts pinpointed key
revenue cycle challenges like patient financial
experience, medical coding, and payroll expenses.
We will discuss how outsourcing your medical
billing services can help you get ready for
revenue cycle challenges in 2023. Improving
Patient Financial Experience With more and more
patients choosing high deductible health plans
(HDHP) patient responsibility is increasing
exponentially. Healthcare providers are aware of
this trend and have been working on aligning
their billing and collection workflows to account
for such a dramatic increase in patient financial
responsibility. But while collecting patient
responsibility, providing excellent patient
financial experience ensures better customer
satisfaction. Rather than looking at every
patient interaction as an opportunity to collect,
look at an opportunity to provide excellent
patient financial experience. Most practices are
not sure whether they are allowed to collect
patient responsibility as it depends upon payer
contracts and state laws. When you outsource your
billing services to us, we share patient coverage
reports with an accurate patient responsibility
portion. With an insurance coverage report and
accurate patient responsibility portion, your
front desk team can collect this amount with
higher patient satisfaction. You can also share
patients insurance coverage reports prior to
their visit and discuss them over a call about
patient responsibility.
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Getting Ready for Revenue Cycle Challenges in 2023
You can also available a mode of payment so that
patient will be well prepared and you can also
collect the maximum portion at the time of
service only. Educating patients on their
insurance and benefits coverage helps in better
customer engagement. Improving Medical
Coding Accurate medical coding ensures a higher
collection of insurance reimbursements. If coding
goes in cleanly and accurately, then a healthcare
organizations chances of recouping payment from
claim denials are higher. When healthcare
practices rely on their physicians and other
clinicians to do medical coding then it becomes
really difficult to collect denied amounts.
Healthcare providers should actively monitor
coding performance but they should not be doing
coding all by themselves. Its quite common for
healthcare practices to bill a fixed set of
procedure codes for their patient visits. When
you outsource your medical billing to us, our
certified coders along with years of
specialty-wise experience ensure the accurate
selection of procedure codes. Our coders
constantly stay updated on payer-wise guidelines,
state-specific policies, and specialty-wise
regulations. Our team is well versed with coding
guidelines for commercial as well as government
payers. We work together with the providers
office to ensure an accurate selection of
procedures and diagnosis codes. When you
outsource, you can save various costs like office
space, supplies, and costs associated with
hiring, training, supervising, licensing, and
insurance.
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Getting Ready for Revenue Cycle Challenges in 2023
Reducing Payroll Expenses According to the
American Academy of Professional Coders (AAPC),
the average salary for a medical coder is 52,411
annually. Apart from payroll, practices have to
bear employer-paid taxes and benefits like health
insurance, retirement benefits and paid time off.
As a practice owner, you will also have expenses
such as office space and supplies and intangible
costs like those associated with hiring,
training, supervising, licensing, and insurance.
You also need to consider the opportunity costs
for the time youll spend hiring, training,
managing, and otherwise investing in your
internal coding team. When you outsource your
medical billing services to us, you dont have to
worry about such high payroll and other workforce
expenses. Based on your billing and coding
requirements, we will assign expert billers and
coders for your account. As per your business
requirements, you can even hire full-time
resources also. Our expert billers and coders
have great experience in billing for your medical
specialty and are aware of payer reimbursement
policies for your state. Plus you dont have to
worry about workload management as we have a pool
of trained RCM experts. As per your billing
requirements can add or remove resources
dedicated to your account. Legion Healthcare
Solutions is a leading medical billing company
providing complete billing and coding services.
Our billing services could help you in getting
ready for revenue cycle challenges in 2023. To
know more about our billing and coding services,
contact us at 727-475-1834 or email us at
info_at_legionhealthcaresoltions.com
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