Precision Hub

  For a healthcare practice, its smooth functioning depends on overcoming and filling all hurdles or loopholes in the revenue cycle. The biggest obstacle for every clinic or physician is insurance claim denials. This refers to claims that were received, processed, assessed for the payer (such as insurance companies), and regarded as unpayable. Denied claims cannot be submitting again before identifying the cause of denial. Insurance companies provide their reasons or rationale for denial against which clinics can file reconsideration requests. While reconsideration requests can also be sent back, the entire process of converting a denied claim into one without issues takes up a lot of effort and time. Let’s look at how medical billing consulting services overcome claim denials to stay on top of the game. Staff Training Providing requisite training to your billing and other staff is essential when it comes to handling claims. This can help reduce the probability of errors in ...

  Revenue cycle management is a fiscal process that tracks patient care stages (from registration to appointment scheduling and final payment) with the help of a customizable medical billing software commonly found in clinics and hospitals. Here we take a look at the top three benefits of Precision Hub’s revenue cycle management services .   Accurate Reimbursement from Payers From a clinic’s viewpoint, its primary financial objective is to collect the right amount of reimbursement from insurance companies (payers). This comes more important when a clinic is dealing with denials and underpayments. As a matter of fact, in healthcare, denials make up for 2-4% of payment inaccuracies, whereas contractual variances account for another 1-2%. Insurance policies and contract terms are becoming more complex which has rendered the clinic’s ability to account for reimbursements more important.   Reduce Bad Debt Reducing debt is just as important for clinics as it is for ...