Client Situation: Inefficiency in Medical Billing
A California-based Cardiology Clinic was facing the complexities of medical billing. Manual procedures, obsolete systems, and an increase in claim denials – all contributed to the formation of bottlenecks, resulting in revenue loss and inefficiency. To ensure financial stability, the clinic acknowledged the critical need to resolve these issues immediately by outsourcing to Precision Hub.
Challenges: Revenue Leakage
The practice was facing the challenges of revenue loss and inefficient billing practices. The identified challenges include:
- Missed or underpaid claims
- Coding errors
- Inadequate denial management
Due to these issues, the clinic could not earn additional revenue, and its relationships with payers deteriorated.
Delays, lengthier payment times, and a decrease in revenue were identified due to the following:
- Manual data entry
- Paper-based processes
- Lack of automation
Solution: Precision Hub’s Tailored Billing Expertise
Precision Hub provided the clinic with comprehensive billing services to satisfy specific requirements. Utilizing their industry expertise, they streamlined all processes, from claim submission to revenue cycle management.
The services ensure:
- Automated claim processing
- Coding accuracy checks
- Denial management
Precision Hub collaborated closely with the clinic to ensure minimal disruption.
Result: Accelerated Efficiency and Revenue Growth
After outsourcing medical billing to Precision Hub, the Cardiology Clinic achieved transformative results.
Precision Hub rectified instances of underpaid or denied claims, resulting in a substantial reduction in revenue loss. The improved accuracy of the coding alleviated compliance concerns and decreased claim denials.
The automated procedures significantly increased overall efficiency. Precision Hub’s specialists processed claims faster, resulting in shorter payment wait times and increased cash flow. Reimbursement rates increased due to timely and accurate filings, which boosted revenue generation.
Result Summary
- Days in A/R reduced from 75 to 55 days
- Coding accuracy delivered at 98%
- 50% reduction in denied claims
Unlock Your Billing Potential with Precision Hub
Every healthcare organization that is concerned about improving the efficiency of its medical billing operations must outsource it to Precision Hub. Our impressive track record of success, coupled with extensive industry knowledge, makes us the best option.
Schedule a one-on-one consultation to learn how we can transform your medical billing processes.