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Healthcare Collectors Benefit with Left and Right Brain Skills

By RMK HOLDINGS INC. | January 21, 2020

These days, healthcare providers are catering to more patients, which may be as a result of the significant rise in today’s aging population and or changes in healthcare insurance coverage. With such a tremendous increase in patients needing healthcare services, one would think there will be a corresponding increase in the profits generated by the…

How to Identify Causes of Denied Claims

By RMK HOLDINGS INC. | December 17, 2019

According to industry statistics, about 200 million health claims are denied every year in the United States. With such staggering numbers, it is therefore important for your healthcare practice to not only track the major reasons for these denials but also take steps to prevent subsequent occurrences. Here are key areas to identify and reduce…

How to Reduce Preauthorization Denials

By RMK HOLDINGS INC. | October 11, 2019

With all of its benefits, such as a significant reduction in unnecessary spending, prior authorizations still come with a lot of burdens, according to the 2018 AMA Survey. For instance, over 75% of respondents are burdened by the preauthorization process for patient treatment. Response wait time averages from one to three business days. The process…

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How to Reduce Billing Issue Calls

By RMK HOLDINGS INC. | February 24, 2019

After Medicare and Medicaid, the patient is payer number three for most healthcare providers! This means your healthcare business must evolve to ensure revenue stability while maintaining operational expenses. Rather than hiring additional staff to tackle mounting self-pay accounts, or worse, writing off collectible balances that that are charged off to bad debt, use these…

How to Jump Start 1st Quarter Revenue

By RMK HOLDINGS INC. | January 16, 2019

The number of high deductible health plans (HDHPs) has jumped to 75 million after sitting at just 10 million in 2010. How does this affect your medical business? Employees under an employer plan have an average deductible of $2,296.00 for single coverage and $4,104.00 for family coverage (Employee Benefits Survey: 2018 Results). Individuals under an…

Bridging the Gap to Secure Revenue

By RMK HOLDINGS INC. | December 17, 2018

Keeping your front and back end processes flowing smoothly and bridging gaps where needed, will result in maximizing revenue flow, something very practice desires! Where do you start? Here are a few focal points to champion a strong billing and collections process. FRONT: Start Before the Patient Arrives This means the staff needs to verify insurance…

When is a Child Responsible for the Balance?

By RMK HOLDINGS INC. | October 26, 2018

The general rule is that parents are not responsible for an adult child’s medical debt, but they are responsible for a minor child’s bills. Confusion about Child-Parent Responsibility for Healthcare Bills However, who is responsible for an account if the parent completes the initial patient forms when the child is a minor and the child…

When Does the Revenue Cycle Begin?

By RMK HOLDINGS INC. | October 8, 2018

Your revenue cycle begins at the front desk, as this is the area that typically receives intake information. If your practice uses a self-service kiosk, your patients can also benefit when you arm your front desk team with essential billing knowledge. Front Desk Professional A front desk pro can make a big difference within the…

Early Out from Bad Debt

By RMK HOLDINGS INC. | September 19, 2018

Implementing an early out strategy is an underused key to timely and efficient collection action, avoiding unnecessary aging of accounts. Below are some recent survey statistics to make you think about the state of collections in the medical practice field: Less than one in 10 of healthcare organizations will recover more than 20% of outstanding…

Overcoming Objections to Collecting Patient Balances

By RMK HOLDINGS INC. | June 29, 2018

Your practice or medical organization may be finding itself up against the wall in the face of operational expense increases, decreased reimbursement, and larger patient balances. Consumers can resist collections approaches and it might not be due to a simple unwillingness to pay. It may be tied to emotions and personality types. With this in…

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