05/11/2023

Revenue Lost in the Administrative Shuffle

We all know the revenue cycle management (RCM) process is complicated. And launching into that process requires a practice to track patient encounters. Tracking encounters goes hand-in-hand with submitting claims to insurance, collecting patient co-pays, and collecting patient balances. But nearly 80 % of medical practice administrators struggle to keep track of and reconcile patient encounters.

The result of this struggle is a falloff in the crucial step of submitting claims for billing. According to a survey by the Medical Group Management Association, 7 % of medical claims are never submitted to insurance companies for reimbursement. These encounters get lost in the shuffle. And in that shuffle, money is lost, for medical practices and hospitals alike.

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