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Importance of Timely Collection of Patient Balances on Practice Financials

Handling the finances while also taking care of the patients can be a headache. Therefore, having an expert team trained to deal with medical billing and collection can be a rewarding investment for your practice.

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Importance of Timely Collection of Patient Balances on Practice Financials

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  1. 7 Ways How Outsourcing RCM Improves Your Patient Retention

  2. Providing Free Time to Your Staff Running a successful practice requires your staff and management teams to feel relaxed and supported by the higher-ups. These are the people who are dealing with the patients that come to your practice, which is why it is important that they are in a pleasant mood and not overwhelmed with the amount of work at hand.

  3. AR Calling, Training and Management When you outsource RCM services to a vendor with professionals such as Practolytics and AdvancedMD, AR management will be one of the perks you receive. These vendors focus on reducing AR days with appropriate protocols for follow up and timely use of collection agencies.

  4. Improved Patient Information Outsourcing to Practolytics facilitates easy exchange of patient information and real-time updates through electronic medical records software. The software streamlines the process of information collection.

  5. HIPAA Compliance and change in focus of accountability Outsourcing RCM has its own pros and cons. One of the biggest concerns with outsourcing is HIPAA compliance as a lot of sensitive patient information is exchanged between entities. This information is confidential and protected by HIPAA laws

  6. Handling Denials and Audits Outsourcing Healthcare Revenue Cycle Management services provides increased focus on accountability for denials due to coding and billing errors. If your practice constantly faces claim denials as a result of coding or billing errors.

  7. Effective Patient Engagement and Feedback Review Patient engagement is crucial for your practice’s success because that is what determines patient retention. If the patient doesn’t feel heard or understood, they will not engage and provide their feedback. 

  8. Answering Patient Questions Patients aren’t always insured and may need to pay for some services themselves. These payments, especially at the time of sickness can prove to be quite a challenging and confusing task for your patients.

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