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Upfront Realization as the Catalyst for Accelerating Physician Reimbursement

Upfront Realization as the Catalyst for Accelerating Physician Reimbursement

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Published by Jacob Thomas
As physicians juggle with their core medical focus and issues related Upfront Collections, there would eventually be an adverse impact on their ability to afford quality medical care. Therefore, sooner or later, they would have to decide on outsourcing the competent services that can offer the best upfront Collection as part of the comprehensive Revenue Cycle Management
As physicians juggle with their core medical focus and issues related Upfront Collections, there would eventually be an adverse impact on their ability to afford quality medical care. Therefore, sooner or later, they would have to decide on outsourcing the competent services that can offer the best upfront Collection as part of the comprehensive Revenue Cycle Management

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Published by: Jacob Thomas on Feb 03, 2012
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02/03/2012

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www.medicalbillersandcoders.com
 
Upfront Realization as the catalyst for accelerating Physicianreimbursement 
 ³As physicians juggle with their core medical focus and issues related Upfront Collections,there would eventually be an adverse impact on their ability to afford quality medical care.Therefore, sooner or later, they would have to decide on outsourcing the competentservices that can offer the best upfront Collection as part of the comprehensiveRevenueCycle Management.´ Seamless reimbursements have remained pivotal to sustenance and growth of medicalpractices large and small, and will remain so in future also. As the ability to render qualitymedical services primarily hinges on physicians¶ capacity to fund and install the requisiteinfrastructure, an efficient Revenue Cycle Management becomes indispensable. Amongstmany approaches to successful Revenue Cycle Management, Upfront Realization of theeventual cost of medical care has consistently been more effective.Upfront Collection thrives on the ground that patient understand the importance of supporting physicians¶ endeavors for qualitymedical care; also, being realized duringscheduling and admitting, the cost of realization would seem negligible. Although it mightseem an easier task than done, alas, the actual execution can be exhausting and tricky ±ascertaining and communicating financial obligation upfront is altogether a differentproposition involving structured financial clearance prior to service, metrics for performanceimprovement, and crucial strategies for developing a culture of collection.One popular way doing this is using a price estimator of the eventual cost of medical careduring pre-registration based on the incidental medical benefits. But, because most of thepatients would not be able to fulfill their financial obligation fully, physicians may well haveto either operate on discounted fee or serving on good faith. Alternatively, CPT codecorrelated estimation, wherein the actual description of medical services is tallied againstthe conforming CPT code for arriving at the eventual cost of medical care, may also befollowed. And for those patients who cannot afford the immediate payment, long-termpayment plans may prove to be suitable option.In normal course, these reimbursement exercises would not have been so demanding. But,because of the intricacies involved in medical insurance policy arrangements ± co-pays,deductibles, the extend of coverage, communication void between the providers and theinsurance carriers ± the Upfront Realization has tended to be grueling exercise for thephysician fraternity.As preemptive solution for easing the complexity, physicians can have recourse to:

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