First Source Medical Resources
LeavingMoney on the Table?
According to CMS, only 70% of claims are processed the first time they are submitted. The remaining 30% of claims are either denied, lost or ignored. And of those claims, 60% are never resubmitted to payers. That means medical practices never collect on approximately 18% of claims. This business dilemma does not end here. Even when a physician’s office is compensated, they are sometimes underpaid by contracted payers. The MGMA estimates that payers underpay medical practices by an average of 7% - 11%. Adding the 18% of uncollected claims to the 7% underpayments, at least 25% of physician’s revenue is never received. The loss of revenue does not end there when you consider the additional sum of secondary payer receivables, patient co-pays, deductibles, inaccurate data capture, clerical errors or lack of knowledge and follow-up procedures the revenue loss to physician's offices can be unimaginable.
To stay ahead of the financial and regulatory challenges, physicians must rethink their approach toward revenue cycle management. They must start collecting everything they earn. Efficient billing and collections is the key to a profitable medical business. A collaborative effort between internal staff and third party billing and collections will yield the greatest results.
First Source MedicalResources brings a host of assets to their clients. We employ experienced and proactive billers and coders who utilize the most proficient technology available, always maintaining HIPAA compliance. We understand the global business of healthcare as well as the importance of your personal office staff. We are a full-service medical billing and recovery service with the ultimate goal to help you lower costs, improve productivity, and increase your profits and cash flow. With professional billers, coders and collectors a physician’s office becomes well-positioned to maximize revenue, allowing you to focus on treating your patients and concentrate on growing your practice.