SuccessEHS today announced that results of a survey of Medical Group Management Association (MGMA) 2012 Annual Conference registrants have been published online at info.successehs.com/rcm-survey-results. The survey results indicate that a majority of the MGMA 2012 conference registrants are missing opportunities to maximize revenue due to inefficiencies in four key areas of the medical billing process, including 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.
SuccessEHS is publishing the survey results to help practices evaluate the effectiveness of their medical billing processes compared to that of their peers.
“The metrics reported in these survey results directly influence revenue, ” said Tina Graham, COO at SuccessEHS. “Practices whose own metrics are similar to those found in the survey should take steps now to improve billing functions, and should consider choosing a revenue cycle management partner to help. The need to close gaps and optimize billing processes will become increasingly critical as the ICD-10 transition approaches.”
To view the survey results, visit info.successehs.com/rcm-survey-results.