Don’t Let Revenue Leakages Affect Your Patient Care


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Uploaded on Dec 14, 2022

Don’t Let Revenue Leakages Affect Your Patient Care Read Through several methods to halt revenue leakage from your hospital and make the profit and loss statement look more promising than ever ! at http://bit.ly/3YjlwSK Reach out to Medisys Data Solutions Billing and coding experts Call Now at +1 888-720-8884 (Toll-Free ) / [email protected] contact us at http://bit.ly/3W5qCAc Media Contact Abby, Medisys Data Solutions Inc, 8 The Green STE A, Dover, Delaware - 19901 Tel: +1 888-720-8884 Email – [email protected] Website – https://www.medisysdata.com/

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Don’t Let Revenue Leakages Affect Your Patient Care

Don’t Let Revenue Leakage s Affect Your Patient Care INTRODUCTION ❏ Tracking, overseeing, and managing the entire revenue cycle of a hospital is known as revenue cycle management. ❏ A hospital’s income cycle is universal. You can choose to effectively manage it or not. It would be similar to not caring for your body if you didn’t manage your revenue cycle. Even though you may believe everything is alright, you are probably losing money and misusing your time. ❏ Mismanagement of your revenue cycle will have devastating effects for a https://wwwh.omsedpisityasdla itfa .cito mis/? uitgmn_sooruercde= fsocri aal&nu temx_mtedniudme=dbl og&utm_cam paign=Medisysmt period of time. ❏ Read Through several methods to halt revenue leakage from your hospital and make the profit and loss statement look more promising than ever ! at http://bit.ly/3YjlwSK Potential Revenue Cycle Issues 1. Billing mistakes 2. Timekeeping mistakes 3. Mistakes in data entry in general 4. Errors in contract renewal https://www.medisysdata.com/?utm_source=social&utm_medium=blog&utm_campaign=Medisysmt How to stop revenue leakage? ● There are scores of measures that can cause the drips that are leading to loss of your profitability. Every hospital experiences some sort of revenue leakage, which results in a loss of considerable income and profitability. You already have plenty to worry about, from rivalry to emerging trends, so stop worrying about these process and system problems. Can you, however, afford to ignore it? ● Here are several methods to halt revenue leakage from your hospital and make the profit and loss statement look more promising than ever after studying the typical revenue leak points in a https://wwwh.moedsispysidtaatal..c om/?utm_source=social&utm_medium=blog&utm_campaign=Medisysmt ● Let’s jump right in, shall we? 1. Process Optimization ● Even before the patient’s revenue cycle starts, there can be incidents that result in revenue leakage. ● Providers run the risk of payors rejecting claims immediately away if staff members enter patient and health insurance information inaccurately. ● Making errors when adding line items for services provided and equipment utilized to claims further increases the likelihood that a claim will be denied. https://www.medisysdata.com/?utm_source=social&utm_medium=blog&utm_campaign=Me disysmt 2. Outsourcing RCM and AR ● Consider outsourcing your revenue cycle and receivables manageme nt if your healthcare firm experiences revenue leakage.Clinicians can concentrate on providing care while others take on the responsibility of limiting losses when they collaborate with an RCM business like Medisys Data Solutions. ● The primary sources of income leakage for your company can be found by using RCM firms’ experience and analysis of your processes and data. ●httpsR://CwwMw. mfierdmisyssd agta.icvome/ ?iuntms_isgouhrcte =asoncidal &sutemr_mveidciuems= btlohga&uttm a_ciadm ppairgon=vMieddiesyrssm tin minimizing losses, from insights exposing how to optimize the follow-up operations for accounts receivable to renegotiating payor contracts due to persistent underpayments. 3. Big Data analysis ● Big Data Analysis is the term used to describe large data sets that have been gathered from many sources and reveal trends and patterns but are too complex to be processed by a regular computer. ● Big data analytics can be used by providers to alert them to oversights that lead to revenue leakage and find fresh ways to get paid. ● Big data analytics enables service providers to compile reports highlighting problems like: -Inaccurate insurance data -Payor reimbursement adjustments and underpayments for comparable services https://www.medisysda-tCa.coomn/?suitsmt_esonurtc ec=sloaciiaml&u tdme_mnediaiuml =fbalocgt&outrms_c a(mep.agig.n,= Minedcisoysrmrtect codes) 4.Improving Services ● Building customer loyalty and gaining additional patients through word-of-mouth advertising can be accomplished by enticing customers to seek out in-person therapy once more and keeping them involved in the treatment process. ● Although these strategies can undoubtedly increase healthcare revenue, providers should also work to improve their services. https://www.medisysdata.com/?utm_source=social&utm_medium=blog&utm_campaign=Medisysmt 5. Bid adieu to the underachievers ● It is important to identify non-performers—whether they be persons, machines, or materials—give them a chance to succeed, and in the event of failure, replace them. ● Nobody works for free at your hospital; you are required to pay a salary, which is money. Spend it on the appropriate personnel and resources. ● Ask your HR department to create your appraisal system so that you can distinguish between contributors and non-contributors with accuracy. ● Be prepared to occasionally make tough judgments. https://www.medisysdata.com/?utm_source=social&utm_medium=blog&utm_campaign=Medisysmt ● For a clinic to see an increase in revenue, medical billing services muCsto bne copltuimsizieodn. Ist h:elps to pinpoint potential latencies and boost efficiency. ● By contracting with experienced service providers for medical billing, you may streamline your billing procedure. ● They have experience with bills and are aware of all potential areas for error. ● Making the correct outsourcing firm selection will undoubtedly improve the practice’s billing cycle and increase revenue. ● What are you waiting for, Medisys Data Solutions is merely one click away! Why choose Medisys Data ●SHoiglhuly tqiuoalinfiesd pfroofres sMionealds wicitha elx tBenislivlei ng knowledge of mSeedicravl aincde DsM?E billing ● Easy and hassle-free onboarding for new customers ● Excellent control over pending, and rejected claims and receivables ● Communication that is smooth and open at every stage of the medical billing process ● Devoted, knowledgeable, and certified billing and coding team for your DME facility with top-notch claim management system ● Your questions and clarifications will be answered https://wwiwm.memdiseysdaita.ctoem/l?yut ma_snoudrc ei=nso criael&autlm-_tmimediuem=blog&utm_campaign=Medisysmt About Us Medisys Data Solutions is a leading medical billing company providing complete assistance in medical billing and coding. We can assist you in receiving accurate insurance reimbursement from private and government payers. With our services like benefits verification and credentialing & enrollment, you can add more providers in your practice. To know more about our specialty specific medical billing and coding services, contact us at [email protected]/ +1 888-720-8884 . GET IN TOUCH +1 888-720-8884 Address: Medisys Data Solutions Inc. 8 The Green STE A, Dover, Delaware 19901,USA Email: [email protected] Thanks Do you have any questions? [email protected] +1 888-720-8884 medisysdata.com CREDITS: This presentation template was created by Slidesgo, including icons by Flaticon, and infographics & images by Freepik.