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Revenue cycle management is crucial in the medical industry. One of the most important aspects of the revenue cycle is the bill amount receivable by the hospital. Ineffectual practices in medical institutions often lead to many bills remaining unpaid. Synergy HCLS is adept when it comes to Account receivables and the management of Denials. We have managed to vanquish all the hindrances that can decrease the cash flow and have ensured to reduce the amount of remuneration lost and also increase coherence when it comes to the collection of unpaid dues.
When it comes to the management of the revenue cycle, our track record has been impeccable. It is our duty that 90% of the submitted claims get accepted right away without any hassle. We have an experienced team who are proficient at analyzing claims that have been denied and the reason behind them, they also make sure to provide a solution for it. Our process includes gathering financial data, applying the proper business intelligence tools, and finally assessing the monetary performance of your practice to get the best results possible.
Our team of experts helps in understanding the Accounts receivable along with the cashflow through reports to the management team:
At Synergy HCLS we generate the Aging report right from the billing process, separating the top payers and analyzing every claim. We are medical billing specialists who also make sure all of the claims that are outstanding get re-billed and sent to their respective insurance companies by making all the necessary corrections. We then keep a track of the reimbursement process so that it gets fulfilled quickly.
Our team keeps a track of the denied claims through the process of a “denial status code report” for each payer. The reason for denial is then analyzed and henceforth corrected. We also ensure to track the progress of all the claims until the payment process is complete. We observe the pattern of payments from different payers and have set up an alert mechanism whenever a digression occurs.
Reviewing every claim that has to be appealed is crucial and we make sure that it is done thoroughly. All of the appeal letters are prepared in a manner that has proper documentation which is shared with the respective clients for approval.
Obtaining all of the insurance information, outstanding collectibles, and other information from the patients through the follow-up process is an important step. We have a dedicated telephone number that answers patient calls. The staff at Synergy HCLS is skilled at tracking the bills of the patients and following up with each of them until the outstanding balance is received.
