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It is no secret that on average, doctors collect 30 cents on every dollar they are entitled due to inadequate collections processes and inaccurate billing procedures. When managed professionally, improvements in these two categories can contribute to a 25% revenue increase.
The practice of forecasting by analyzing historical data and trying to predict future performance will help you manage negative external factors that threaten your business. Forecasting will also allow you to make better business decisions, after careful deliberation instead of reacting poorly to negative factors or crises that arise, resulting in a more successful business.
The easier you make it for your patients to pay, the more likely you will receive what you are owed. Payment options that are flexible, easy to use and comprehensive will dramatically improve your payment performance.
AssuranceMD is your trusted partner for end-to-end revenue process support to protect the financial health of your practice. With the advent of the CMS Quality Payment Program, the MIPS performance categories – quality, cost, advancing care information (ACI), and improvement activities (IA) – will impact your practice’s financial health.