Managing medical claims can be an exhausting experience for medical practices. With more practices struggling to stay afloat it is imperative that practices not leave any money on the table. In fact, most medical practices are leaving up to 30% of their potential revenue on the table due to insufficient internal resources, processes, and/or technology.
With the ICD-10 transition less than a year away, almost 60% of practices find it increasing difficult for coding staff to choose the right diagnostic codes. With denials expected to rise by 100-200% and A/R days by 20-40%, improving your payer processes will be vital to getting paid correctly on the first time.
The following infographic created by CareCloud illustrates the key areas where medical practices are losing money in the medical claims process (pre visit, visit, and post visit) and where to improve your bottom line.
Where Medical Practices Lose Money Infographic
Want to know which areas to look at when trying to improve your revenue cycle? Check out “5 Must Track Metrics for Practice Profitability” whitepaper.
