Are You Missing Revenue Opportunities?
A SuccessEHS survey of MGMA 2012 Annual Conference Registrants finds a majority are missing out on revenue opportunities. Are you?
SuccessEHS recently surveyed registrants of the Medical Group Management (MGMA) 2012 Annual Conference in an effort to gauge current industry benchmarks and factors that impact revenue for medical practices. What we found was stunning. The survey revealed that a majority of the 2012 MGMA conference registrants are missing opportunities to maximize revenue due to inefficiencies in four key areas of the medical billing process, including clean claims, same-day collections, preventable denials and underpayments.
A majority of respondents reported high costs for touching non-clean claims, low same-day collection ratios, high revenue loss due to preventable denials and a large percentage of underpayments. In fact, more than 47 percent of survey respondents reported annual loss of revenue due to preventable denials in excess of $25,000, with nearly 18 percent reporting revenue loss of more than $100,000. And that wasn’t the only shocking statistic.
While alarming, these survey results highlight opportunities for practices to increase revenue by focusing on revenue cycle management (RCM). The survey results emphasize the critical need for practices to close gaps in medical billing and improve processes, which will only become more and more critical as the ICD-10 transition approaches.
How does your practice compare? If you, like most of the survey respondents, are losing out on revenue due to inefficiencies in the billing process, the time to act is now. So what can you do to start optimizing your revenue cycle? Choosing a revenue cycle management partner is one way to work towards closing gaps and correcting inefficiencies in the medical billing process.
At SuccessEHS, we work with clients to improve clean claims ratios, increase same-day collections, reduce preventable denials and recover underpayments. We go beyond performing billing functions for our clients and work to actually transform the entire billing cycle through education and continuous feedback. We don’t just flag and fix mistakes; we work to make sure they don’t happen in the first place. As a result of our expertise with these issues, among others, we’ve helped clients increase revenue by up to 10 percent.
Want to find out how your practice’s metrics stack up to those of MGMA 2012 Annual Conference registrants? See how your practice compares by downloading the survey results at http://info.successehs.com/rcm-survey-results/.