Our medical billing and coding company is glad to announce that our article “Improving Accounts Receivable for Effective Revenue Cycle Management” has been published in BC Advantage Magazine’s practice management archived section. The author, Meghann Drella, CPC, is a Senior Solutions Manager at OSI.
“As a company that has been providing medical billing, coding and other support functions such as insurance verifications and authorizations for medical offices in the USA for more than 15 years, we are proud of our accomplishments. Getting featured in BC Advantage Magazine validates our company’s culture of hard work and customer service,” says Rajeev Rajagopal, President of Managed Outsource Solutions.
Monitoring accounts receivable or A/R follow-up – the outstanding amount owed by insurance companies or patients to the healthcare provider for services rendered are medical accounts receivable – has always been a hot topic in medical billing, but became a serious concern after the pandemic broke out, as it worsened RCM challenges like never before.
The November 2021 MGMA Stat poll conducted by the Medical Group Management Association received 587 applicable responses to the question “How have your days in A/R changed in 2021?” and from the responses, up to 49% of medical practice leaders reported that days in A/R increased, compared to 15% who reported a decrease and another 37% who said they remained unchanged.
OSI’s article discusses how collecting amounts that have been billed or account receivable is essential for successful Revenue Cycle Management (RCM). RCM is a complex task that involves several manuals and electronic processes, including policies and procedures to collect the amounts owed by patients and insurance companies.
The article discusses how to measure Days in AR, a key performance indicator and the reasons for an increase in A/R days and factors that can impact revenue cycle and A/R processes, challenging processes involved in RCM, and MGMA’s recommended measures to improve RCM and A/R.
BC Advantage Magazine is a highly acclaimed, CEU-approved national online healthcare publication and the largest independent resource provider in the industry for medical coders and billers, healthcare auditors, practice managers, compliance officers, and clinical documentation experts. It features articles written by industry professionals on a wide range of subjects such as billing/coding, legal issues, marketing, business building, career advantage, coders 20/20, news, reviews and more.
OSI has been successfully providing accurate medical billing, coding, and insurance verification services to the healthcare industry for well over a decade. The company’s AAPC-certified coders have a strong understanding of ICD-10-CM and CPT requirements and procedures and stay up-to-date with coding changes, payer-specific documentation requirements, and state and federal regulations. The company regularly publishes articles and blogs on practice management, medical billing and coding as well as other interesting developments in the field of medicine.
OSI provides customized revenue cycle management solutions for all medical specialities. Their experience and expertise have been continuously recognized and featured by BC Advantage Magazine.
For more information about Outsource Strategies International, please visit www.outsourcestrategies.com.
Since joining our RCM Division in October 2021, Loralee, who is HIT Certified (Health Information Technology/Health Information Management), brings her extensive expertise in medical coding and Health Information Management practices to OSI.