Survey Results Pinpoint Missed Revenue Opportunities, Solutions for MGMA 2012 Annual Conference Registrants
BIRMINGHAM, Ala., Oct. 16, 2012 /PRNewswire/ — SuccessEHS today announced that results of a recent survey revealed a majority of Medical Group Management Association (MGMA) 2012 Annual Conference registrants are missing opportunities to maximize revenue due to inefficiencies in four key areas of the medical billing process. The survey revealed serious problems with clean claims, same-day collections, preventable denials and underpayments. A majority of respondents reported high costs for touching non-clean claims, low same-day collection ratios, high revenue loss due to preventable denials and a large percentage of underpayments. In fact, more than 47 percent of survey respondents reported annual loss of revenue due to preventable denials in excess of $25,000, with nearly 18 percent reporting revenue loss of more than $100,000.
These alarming results emphasize the critical need for practices to close gaps in medical billing and focus on improving revenue cycle management (RCM) through process improvements and other steps, including partnering with a RCM service provider. The need for an optimized medical billing process will become more and more critical as the ICD-10 transition approaches.
“The results of this survey underscore the critical need for practices to focus on the integration between clinical and billing processes to maximize revenue,” said Tina Graham, COO at SuccessEHS. “With ICD-10 looming on the horizon, now is the time for practices to optimize billing processes by taking steps such as choosing a revenue cycle management partner.”
SuccessEHS will provide complete survey results at booth #1600 during the MGMA 2012 Annual Conference Oct. 21-24 in San Antonio, Texas.
SuccessEHS is a nationally acclaimed vendor providing Electronic Health Record (EHR) and Practice Management solutions with Integrated Medical Billing Services. SuccessEHS also provides Electronic Dental Record (EDR) and Dental Imaging solutions. Founded in 1995, SuccessEHS established itself as a leader in the emerging practice management applications market by delivering an innovative blend of clinical, operational and financial software paired with a suite of specialized integrated success services. SuccessEHS, entirely in-house developed and supported, has achieved multiple certifications from CCHIT.
SuccessEHS’s SuccessEHS 6.1 is a CCHIT Certified® 2011 Ambulatory EHR additionally certified for Child Health, with a 5-star usability rating.
SuccessEHS 6.1 is also 2011/2012 compliant and was certified as a Complete EHR on September 30, 2010 by the Certification Commission for Health Information Technology (CCHIT®), an ONC-ATCB, in accordance with the applicable certification criteria for Eligible Providers adopted by the Secretary of Health and Human Services. The certification ID number is CC-1112-909422-1. The clinical quality measures certified include: NQF 0421, NQF 0013, NQF 0028, NQF 0041, NQF 0024, NQF 0038, NQF 0043, NQF 0031, and NQF 0034. The additional software used in testing includes Multum, SuccessEHS Patient Portal, ExitCare Patient Education, and Oracle. This certification neither represents an endorsement by the U.S. Department of Health and Human Services nor guarantees the receipt of incentive payments.