Healthcare Industry is changed a lot and is affected by trends developed in last decade. Medicare and Medicaid are reducing reimbursement to practices/ providers. Third party payers are horse trading for fee for service contracts with practice/ provider, often reducing reimbursement. Also HIPAA (Health Insurance Portability and Accountability Act) has mandated very stringent claim data submission requirements. Government has also emphasized on healthcare fraud and compliance. Due to all such factors practices have to upgrade their process of Revenue Cycle Management.
Any error at early stage of Revenue Cycle Management upset the process at various points, causing multiple errors in billing and slow payments. Practices in United States failed to be updated on current medical billing rules and regulations are prone in committing billing errors, resulting in roughly $125 billion in uncollected revenue each year.
Incorrect coding of claims and poor management of account collections
can cause significant loss of revenue making practice less profitable, jeopardizing your ability to stay competitive.
Outsourcing the coding and billing to the experienced medical billing company is the perfect way to ensure error free revenue cycle. Medical billing companies can efficiently manage the coding and billing tasks which cannot be handled in-house due to cost and time restrictions.
Consider X-Factor Healthcare Solutions LLC as your Medical & Dental Billing Partner
You are at the right place for a Medical & Dental Billing Partner who can focus on your Revenue Cycle Management and make the technology and implementation just as simple.