Healthcare Revenue Cycle Management News & Trends

Unlocking Financial Vitality: A Deep Dive into Accounts Receivable in Medical Billing by Wakefield

Adapt To Shrinking Margins: The True Cost Of Automation Read Time: 6 Min What You’ll Learn: Navigate the nuances of medical billing and maximize your revenue cycle. Source: Wakefield Accounts Receivable in Medical Billing The financial health of a medical practice largely hinges on the successful management of its accounts receivable (A/R). This encompasses a broad array of activities, from accurately coding procedures to meticulous billing and vigilant follow-ups on pending payments. The aim of this guide by Wakefield is to provide a detailed overview and actionable insights into optimizing accounts and receivable management in medical billing, backed by proven expertise and cutting-edge methodologies. Defining Accounts Receivable and Its Importance

Out-Of-Network Vs. In-Network Strategies

Out-Of-Network Vs. In-Network Strategies Read Time: 2 Min The Out-of-Network VS. In-Network world in healthcare is changingSource: Wakefield It’s No Longer Black & White The Out-of-Network VS. In-Network world in healthcare is changing, and some providers are no longer finding a single approach works to maximizing their bottom line. Finding the right mix of in and out-of-network strategy can allow providers to find the sweet spot of reimbursement. Sometimes this means that providers leave contracts that are no longer serving them well. This could be simply an agreement where the rates are no longer covering costs, or the requirements of the contract make it unnecessarily burdensome from an administrative perspective

Adapt To Shrinking Margins: The True Cost Of Automation

Adapt To Shrinking Margins: The True Cost Of Automation Read Time: 2 Min Not to sound “Big Brother-y” Source: Wakefield Our Right Touch, Right Time Philosophy By 2024, it’s predicted that 25% of employee-facing app development will be replaced by the codeless development of just-in-time tasks. Your team can work smarter, not harder, with purpose-built automation that removes unproductive touches and gives you a head start on claim rejections and denials. Our technology allows us to scrape payor websites and EDI feeds to work up to 70% of accounts within minutes. This improves collections, drives efficiency, and reduces the time to collect, we call this our, “right time, right touch,” approach. But

Where Do You Rank With The Payors?

Where Do You Rank With The Payors? Read Time: 2 Min Not to sound “Big Brother-y” Source: Wakefield Yes, They’re Keeping Track of You Not to sound “Big Brother-y” but the payors and their third party vendors keep track of every interaction they have with your staff, especially when it comes to reimbursing out-of-network claims. Here’s what they track: Name, Title, Phone Number of every staff member Who on your staff has authority to grant various levels of discount Who gives the largest discounts and who to avoid How large a bill needs to be before they contact the CFO or Administrator For example, when a payor or vendor reaches out to ‘negotiate’

Ready to Optimize Your Workflow?

Ready to Optimize Your Workflow? Read Time: 2 Min What You Will Learn: Healthcare Receivables Group Joins Revenue Cycle Leader Wakefield Source: Wakefield Revenue Cycle Specialists We don’t just bill & collect…we analyze & optimize! Whether you’re a big or small operation, revenue cycle is a tedious but necessary process in healthcare, especially when dealing with hundreds, if not thousands of claims. We provide healthcare organizations with the services, tools and guidance to assure they are doing everything possible in revenue cycle to optimize their collections. Our Services include: Coding Billing A/R Management Transparent Reporting & Analysis Lost Revenue Recovery Your Financial Success Awaits Save time & money while getting

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Unlocking Financial Vitality: A Deep Dive into Accounts Receivable in Medical Billing by Wakefield

Out-Of-Network Vs. In-Network Strategies

Adapt To Shrinking Margins: The True Cost Of Automation

Where Do You Rank With The Payors?

Ready to Optimize Your Workflow?

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