How to improve your obgyn practice revenue

HOW TO IMPROVE YOUR OB-GYN PRACTICES REVENUE BY 60% IN 3 MONTH

Inconsistent Revenue Audits Most ob-gyn practices overlook a crucial aspect of running a financially successful institution – regular revenue audits. Sometimes the cause for revenue leakage can be as simple as poor data collection efforts Nine out of ten times an audit reveals several areas for incremental revenue opportunities.

Coding Issues That Go Unnoticed

A coding audit of an ob-gyn practice in Florida brought to the surface that a high number of claims were rejected by insure rs because the medical coding team failed to add modifier QW for screening services. Another audit revealed that codes assigned by registered nurses (RN) of a ob-gyn facility were inconsistent and not in compliance with NCCI guidelines. And not very surprisinglybundling/unbundling claims is also an error prone zone.

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Inadequate knowledge of timely filing limits A lot many ob-gyn specialists are blissfully unaware of timely filing limits. But an average provider works with 20-40 insurers. So it is only natural confusion over TFLs arise as each insurer marches to a different beat. But to ensure SLAs are adhered to and that claims don’t slip through the cracks for minor oversights it is essential that ob-gyn practices stay abreast of TFLs and ensure their billers stick to the deadlines given. www.billingparadise.com | Copyright © 2018 BillingParadise www.billingparadise.com | Copyright © 2018 BillingParadise

Improper Billing for Antepartum Care And NST Services An e-statement pathway was created And guess what? 97% of the patients paid. Most practices do not bill with the number of visits while billing for prenatal visits. Errors while billing for prenatal visits is revenue drainer.

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Patient Billing Mistakes

Patient billing errors result not only in a loss of revenue but patients as well. An ob-gyn practice found this the hard way when nearly 20% of their patients left due to conflicting and opaque patient statements .The practice had to fire their billing office and look for an alternative. Major damage control had to be done before the practice could increase its patient flow.

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Small Things Matter Do you know that automating just one minuscule part of your billi ng cycle can grow revenue? That’s true. By enrolling an ob-gyn group for ERAs they saw a drastic decrease in cycle times and operational costs. Another ob-gyn centre increased its first pass claim acceptance rate by 67% by investing in a simple claim scrubbing solution that costed them less than $200 a month. www.billingparadise.com | Copyright © 2018 BillingParadise www.billingparadise.com | Copyright © 2018 BillingParadise

Conclusi on It doesn’t require an entire overhaul of your operations to see a difference in revenue. Strategies that are well planned and executed, offer the key to financial stability and success. Automating processes, conducting revenue audits, improving coding accuracy and focusing on patient billing, save your ob-gyn practice from financial fluctuations and inefficiency

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