Account Receivable & Denial management
A lot of medical facilities face revenue leakage issues without releasing accounts receivable and denial management problems. Billing companies do not furnish timely reports on the aging resulting in the owner’s loss in revenue due to account receivable and denials issues. Medical doctors and practice managers must know what services are they getting paid for and at what rate. Also, they should know what services they are not getting paid for. it is very important to know about the financial health of the practice.
Sometimes biller does not know how to fix the denials and sometimes they take inappropriate action resulting in lost revenue. A good insurance model assists healthcare organizations in recovering late payments from insurance carriers promptly and conveniently. In this case, accounts receivable (A/R) and denial management are required. It enables healthcare providers to run their companies easily and successfully, while also ensuring that money is reimbursed more quickly.
You will earn more money if you outsource your AR and Denial Management responsibilities to a professional medical billing company like RhinoMDs.