When it comes to managing your revenue cycle, one weakness can lead to several issues. That’s why it’s important to have a system in place that can ensure your solvency. Even small errors can lead to loss in revenue.
One common error is failing to monitor the claims process. The claim life cycle is complex, so mistakes are easy to make yet hard to pinpoint. Monitoring a claim through each step can not only catch errors earlier, it can also save your staff from hours of research.
In addition to these costs, your accounts receivable can also suffer. One study found that practices spend 8 to 14 percent of their revenue following up on rejected claims. Luckily, there are plenty of resources available that can help you implement an efficient system.
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