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How Does Medical Billing and Coding Increase Cash Flow?

June 8, 2021
Accurate medical billing and coding are critical aspects of an optimized revenue cycle system. Proper billing and coding are not only necessary in terms of compliance, but are also crucial in reducing claim denials and rejections.

When you take a more proactive approach to your billing and coding process, you not only get to prevent problems before they happen, but also maximize your cash flow. Coronis Health understands how fine-tuning your facility’s medical billing and coding practices can help better ensure proper reimbursements for your facility so you can continue delivering quality care to your communities. With over 100 years of combined experience in various niches, including rural hospitals, we offer customers tailored solutions and high-touch relationships you won’t find at a “Big Box” medical billing company. We recognize the tremendous need for your services and have made it our mission to assist rural facilities like yours in achieving your financial goals. Below, we share simple ways you can improve your medical billing and coding processes so that you can increase your revenue and remain financially independent.

Stop Revenue Drain by Keeping Up with Changes 

Claims that your facility does not file correctly will, of course, not be paid. It is essential to ensure all codes are accurate and that you meet all the critical requirements, including compliance with the most current healthcare laws, insurer contracts, and federal and state regulations. Failure to comply with medical billing and coding changes will only result in errors, delayed submissions, and ultimately revenue loss. Practices must responsibly delegate the job of keeping up with rules, regulations, and deadlines to ensure compliance. And by staying on top of changes in the healthcare industry, your billing process can remain accurate and efficient.

Scrub Claims to Minimize Rejections 

You must be conscientious about claim preparation. Scrub claims to ensure they’re clean, meaning the procedure, diagnosis, codes, and other data are present, complete, and accurate before submission. This minimizes rejections and reimbursement delays. A little bit of management and efficiency up front will go a long way in reducing claim denials, and fewer rejections will lead to an accelerated cash flow.

Go Online for Faster Payments

The amount of time spent making collections will impact your facility’s cash flow. Manual collections involve lots of paperwork, mail and postage, and staff overtime—all of which lower your operational profits daily. By adopting information technology such as online bill pay, you create a paperless and interconnected system that can enable better accuracy and speed. Online bill payment services allow your patients to pay their bills at home, day or night, securely and conveniently. This often leads to faster payments and quicker revenue influx while you reduce costs associated with paper statements.

Improve Collection Rates to Increase Revenue 

The collection process is time-consuming and complicated because of the number of ways that procedures can go wrong. From inaccurate patient information to coding errors and processing delays, these mistakes can lead to denials. There’s also the fact that you must deal with insurance companies to keep track of any unpaid claims.

For your facility, outsourcing won’t just free up more time for patient care. It will allow you to gain the ability to identify and implement improvements necessary for enhancing revenue capture. An experienced medical billing company can adequately manage all denials and appeals. Their knowledgeable and professional staff can develop collecting strategies designed to minimize your outstanding AR, reduce denials, optimize collection, and improve the billing process.

Outsource Your Medical Billing to Increase Your Revenue

Unless you have staff members who are experienced in billing and are trained in searching for errors and correcting them, there is a good chance you are losing revenue. With outsourcing to Coronis Health, not only do we take care of medical billing, but we also work toward improving every part of your revenue cycle. Our forward-thinking team of financial consultants looks below the surface. 

We work on identifying and helping you fix the workflow issues that negatively affect your reimbursements, including the front desk, provider medical coding, practice management (PM) system optimization, account management, and extensive denials management. By going beyond the billing department, we can identify the source of cash leaks then work with your team to stop them at the source. Our goal is to remove the burden of medical billing so you can enjoy a healthy bottom line that leads to the growth and expansion of patient services. 

Connect With A Financial Consultant Today

We know navigating today’s healthcare environment can be daunting. With many reforms on the horizon, now is the time for your facility to optimize its revenue cycle performance. To learn more about the best practices for medical billing and coding, contact the financial consultants at Coronis Health to request your free financial checkup.

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