Explore BrainMass
Share

how timely billing relates to the medical office's cash flow

This content was COPIED from BrainMass.com - View the original, and get the already-completed solution here!

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.

© BrainMass Inc. brainmass.com March 21, 2019, 10:52 pm ad1c9bdddf
https://brainmass.com/health-sciences/health-care-ethics/435610

Solution Preview

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 ...

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.

$2.19