how timely billing relates to the medical office's cash flow
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In reviewing the office's profit and loss statement, the office manager notices a discrepancy between the stated revenue and cash deposits. In fact, it appears that the office may have incorrectly booked $275,000 in revenue for the month. If this error turns out to be a fact, then the office will be unable to meet all of its financial obligations.
Suggest a procedure to ensure timely billing and explain the importance of such procedures for timely billing. Explain how timely billing relates to the medical office's cash flow.
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Solution Summary
This tutorial proposes a procedure to ensure timely billing and explain the importance of such procedures for timely billing. It also explain how timely billing relates to the medical office's cash flow.
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Opportunities for improved billing management can be found in several areas.
1. Denials Management - virtually all denials are the results of administrative problems or clinical problems
2. Cash acceleration of follow up on unpaid claims
3.Patient payments of copays and deductibles at point of service and enhanced methods of patient payments
4. Third party payment compliance to ensure that payment received was the correct amount
5. Vendor contract coordination to ensure a broad based evaluation of contract term in relation to coordination of benefits
Revenue cycle management conceptualizes the ...
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