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The Impact of Outdated Obstetrics Billing Services on Revenue
Entry posted by UShealthCareServices in Obstetrics Billing
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Are your outdated obstetrics billing services eating up your revenue? Ineffective revenue cycle management systems can lead you to claim denials, revenue loss, and impaired functionality of your practice.
Let’s understand how outdated billing and coding practices affect your revenue and why it is essential to upgrade your processes for a better future.
How Outdated Obstetrics Billing Services are Affecting Your Revenue
In the dynamic landscape of the healthcare industry, clinical and administrative protocols are always evolving. To cope with that, accuracy in the practice management processes is essential.
However, several obstetricians and gynecologists rely on the traditional approach to obstetrics billing and coding processes. In fact, it has been identified that they prefer handling administrative tasks on their own to have better control of revenue.
On the contrary, the actual scenario says something else. Not only are the providers suffering from burdening patient volume but also often quality of care is compromised.
As a result, your patients are dissatisfied, and your practice’s reputation is hampered. Furthermore, the burdening billing and coding challenges make it more arduous to optimize revenue.
According to a survey by Black Book Market Research, 92% of healthcare providers have analyzed their revenue cycle management process as outdated and inefficient, leading to substantial financial losses.
3 Common Problems with Outdated OBGYN Medical Billing
Failing to keep up with regulations: As the industry is constantly evolving, understanding the current coding regulations and payors’ claim submission guidelines is essential to sustain accuracy in obstetrics billing services.
If you don’t understand the current procedures and are unaware of the industry's comprehensive practices and technology, then you will fall behind the revenue curve.
Revenue leakage: Due to inefficiencies in obstetrics billing and coding services, there can be a significant revenue leakage in your practice.
High denial rates: Erroneous documentation, coding, missing patient information, and lack of compliance always lead to high denial rates. An outdated OBGYN medical billing system is a major reason for these claim denials.
Moving Towards a Better Solution with Sunknowledge
Transition to an outsourced organization like Sunknowledge Services Inc. can eliminate the challenges in your obstetrics billing services.
The organization has been providing cutting-edge solutions to some of the biggest providers within the country in 30+ specialties for more than a decade with great versatility and references.
The company works as an extended operational arm of your practice with their cutting-edge technology and industry comprehensive practices that is best suited for your practice.
To get started, give their RCM specialists a call for a free consultation to learn how they can increase the production, efficiency, and income of your obstetrics and gynecology practice all at once.
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