In reviewing the office’s profit and loss statement, the office manager notices a discrepancy between the stated revenue and cash deposits. In fact, it appears that the office may have incorrectly booked $275,000 in revenue for the month. If this error turns out to be a fact, then the office will be unable to meet all of its financial obligations.
Suggest a procedure to ensure timely billing and explain the importance of such procedures for timely billing. Explain how timely billing relates to the medical office’s cash flow.
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Get Help Now!Opportunities for improved billing management can be found in several areas.
- Denials Management – virtually all denials are the results of administrative problems or clinical problems
- Cash acceleration of follow up on unpaid claims
3.Patient payments of copays and deductibles at point of service and enhanced methods of patient payments - Third party payment compliance to ensure that payment received was the correct amount
- Vendor contract coordination to ensure a broad based evaluation of contract term in relation to coordination of benefits
Revenue cycle management conceptualizes the …
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