> 7 Best Ways to Improve Cash Flow in Your Practice
7 Best Ways to Improve Cash Flow in Your Practice
White Paper from CareCloud
Even the best run practices are feeling the pressure of delayed payments. And most medical practices are not collecting everything they have earned. Here
are some of the sobering current statistics:
- Only 70% of claims are paid the first time
they’re submitted, according to research by the Centers for Medicare and Medicaid Services (CMS).
- The other 30% of claims are denied, lost or
ignored. And of those claims, 60% of them are never resubmitted to payers. That means medical practices never collect on a full 18% of claims.
- Even when practices are paid, they aren’t
necessarily being paid in full. The Medical Group Management Association
(MGMA) estimates that payers underpay practices in the U.S. by an average of 7% -11%.
So if you add a 7% underpayment to the 18% of claims that aren’t paid at all, that means medical practices are failing to collect, on average, at least 25% of the money they’ve earned by treating patients. That translates to a total of $125 billion left on the table every year by American medical practices.
This whitepaper from CareCloud presents the
best practices to boost collections and streamline operations so that the main
focus can remain on providing quality care to your patients.