In the urgent care center, the collection is a vital area of concern for most of the healthcare practice. The ideal collection rate across the industry is considered to be a 96 % net collection rate and any percentage below that means your practice is losing out revenue and it’s time to take a look.
If your urgent care billing rate is somewhere varies between 75% and 85% that indicated each month around 15 – 25% of claims submitted have to be reworked on.
In fact, optimizing on the 15-25% of the claims and the collection can point out areas that your urgent care practice is losing out revenue and needs more attention on.
Tips to improve your urgent care billing rate and your medical practice’s financial health:
The basic steps in improving one’s collection rate start with understanding the payment policies, auditing claims, coordinating more closely with payers while ensuring continuous follow up and keeping a stringent check in every billing and collection process. However, we can further be careful by ensuring:
- Proper front end management process – this includes starting from proper collection of all the documentation that is needed for your urgent care billing process. A correct documentation not only does half of your work but also ensures seamless billing operation without being stopped due to claims rejection etc.
- Full operational transparency – having an operational transparency just not only help you identify your billing and collection mistakes but further facilitate you with the root cause of the errors and also evaluating the reasons for a low net collection rate so that you can work on it.
- Complete awareness of the urgent care billing process – most of the time billers have a vague understanding of how healthcare practices collect payments from insurance providers, about recent billing regulation, or at the time new codes which cause a huge error in the billing process and a huge loss of amount for your practice. This is why it is quite necessary to have a billing team who is not only an expert on how the claims and payment process works but also with billing regulation etc and Sunknowledge Services Inc is the team of your goal.
Ensuring an end to end billing process to improve a lackluster net collection rate, Sunknowledge Services Inc is the RCM solution with the highest productivity metrics. With excellent industry references across the US, we today stay ahead of any revenue challenges.
Following up on your claims, we further maintain no write-offs without the consent of our clients. Maintaining clean operational transparency with a 99.9% accuracy rate, customized reporting, we are the only RCM platform that helps our clients reducing the operational cost by 80% at a cost effective rate.
So what is stopping you? We also have a no binding contract which is a win-win situation for you. We are the ultimate RCM solution taking care of all your urgent care billing needs.