If your practice has accumulated or has unresolved payments due to improper follow up from either in house billing or from another medical billing company, you could potentially lose a substantial amount of money. If you are looking to follow up on patient contract compliance or payment compliance, you may want to consider investing in a revenue recovery agency. Revenue recovery agencies cover everything from audits of managed care and managed care review to payment reviews, freeing your practice from pursuing revenue recovery on your own.
One of the major problems faced by several providers, is that a large portion of rejected or denied claims go unattended and are never reprocessed. Working with a revenue recovery team will help your practice to resolve any problems which led to these denials, and ensure the recovery of these funds. If your practice is in need of accounts receivable collections, record and document retention, or direct collection contacts, a revenue recovery team is a viable option to help you with all of these tasks.
If you are not familiar with the process, typically companies will conduct audits to spot the problems and then utilize back office operations to re bill for unbilled or under billed items. Typically the process starts with a recovery analysis where the level of possible revenue recovery is assessed. You then determine the scope of the project based upon the opportunity identified. Whether you are looking to audit as a one time project, or are looking for a more permanent revenue recovery service, there are several options available for your practice.
Revenue recovery is an option for any company attempting to work through medical billing, patient contract compliance, or payment compliance issues. Contacting a revenue recovery company could not only save you time, but also help you to recover funds that can be put back into your business. Find out more here: www.onlinebls.com