Looking for a way to up profits and save time at your practice? Healthcare revenue cycle management companies are here to save the day.

With the help of the right medical technology, you can access benefits like lower claims denials and increased revenues. You’ll also get the chance to reduce your administrative burden so you can spend more time with patients.

Sound too good to be true? Then, you have to read this guide to learn why practices are increasingly turning to revenue management services.

Reduce Claims Denials

Claims denials are on the rise. According to ProPublica, insurance denial rates can vary from as low as 2% to up to 50% at some practices. And these denials place a greater financial burden on patients.

But patients aren’t the only players in the healthcare game who pay for higher claims denials. Your practice’s revenue may suffer, too. That’s where a practice revenue management company comes in.

Outsourcing revenue cycle management can optimize insurance verification and coding. You will also collect more accurate financial data from patients. Ultimately, that will result in a higher claims approval rate for you.

Increase Practice Revenue

6% of US adults owe $1,000 or more in unpaid medical debt. And three million US  adults report owing more than $10,000 in unpaid medical bills. Is your practice paying the price?

If so, improving your revenue management strategies may be able to help. That’s because reducing claims denials can also lower patient bills.

Not only will you collect more payments upfront. But you will also save countless dollars on expensive collections efforts that may not pay off in the long run.

Offload Administrative Burden

According to the American Academy of Family Physicians (AAFP), practitioners spend up to 50% of their time on administrative tasks. These tasks are a significant contributor to physician burnout.

Coding and billing, prior authorization, and payment tasks are among the top administrative burdens reported by family medicine practitioners. But you don’t have to feel crippled under their load.

Healthcare revenue cycle management companies can offload these tasks for you. You and your staff will spend less time on clerical activities and more time doing what you do best: caring for patients.

Prioritize Quality Care

With the rise of value-based reimbursement, a positive patient experience is more crucial than ever. Yet, providing top-notch care can be difficult with all the other activities on your plate.

What’s more, billing mistakes and claims rejections can sour a previously positive patient experience.

Outsourcing your revenue cycle management processes ensures your patients get the care and attention they deserve. And your practice will reap the benefits in the form of higher reimbursement rates.

This Is How Healthcare Revenue Cycle Management Companies Help You

Healthcare revenue cycle management companies can solve your practice’s biggest financial problems. The result will be higher profit margins and more time spent with patients.

Are you searching for a revenue cycle company? MedMan has over 45 years of experience helping practitioners like you fall in love with medicine again. Talk with us today to learn more about our revenue management services.